Last week, gold finished the week with a gain of nearly 1%. Following a severe selloff the week before, gold consolidated in a narrow range last week, mostly trading between $1774 and $1792 and below the 100-day moving average. Gold is expected to face more adverse pressure in the coming weeks, according to OCBC Bank economists.
See Gold Price Forecast: Hidden Inflation Genie to Keep XAU/USD From Rising – Deutsche Bank.
“Following the selloff the week before, gold traded in a relatively narrow range last week. Despite the fact that it has recovered, gold continues to trade below its 100D MA line.”
“We expect gold to resume its downward trend this week as risk sentiment rises and markets focus on the possibility of the Fed tightening monetary policy.”
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