Gold price prediction on August 28, 2023
World gold price this morning tended to increase with spot gold increasing by 0.7 USD compared to last week's closing level to 1,915.5 USD/ounce.
Last week, gold posted modest gains and ended a four-week losing streak. Gold remains resilient despite US Federal Reserve Chairman Jerome Powell signaling on Friday that the central bank will maintain its 2% inflation target and not seek a rate cut anytime soon.
Kitco News's latest weekly gold survey results show that most retail investors expect gold prices to rise in the week ending September 1. Meanwhile, market analysts remain cautious as they head into the final week of August.
Adrian Day, President of Adrian Day Asset Management, has predicted a decline in gold prices this week. True to this expert's forecast, gold was disappointed with the much-awaited speech of Chairman Jerome Powell. Still, Adrian Day said he doesn't expect the disappointment to last too long, "as we're getting closer to a recession in the US and a pause by the Fed, before inflation is beaten." .
Last week, gold posted modest gains and ended a four-week losing streak. Gold remains resilient despite US Federal Reserve Chairman Jerome Powell signaling on Friday that the central bank will maintain its 2% inflation target and not seek a rate cut anytime soon.
Kitco News's latest weekly gold survey results show that most retail investors expect gold prices to rise in the week ending September 1. Meanwhile, market analysts remain cautious as they head into the final week of August.
Adrian Day, President of Adrian Day Asset Management, has predicted a decline in gold prices this week. True to this expert's forecast, gold was disappointed with the much-awaited speech of Chairman Jerome Powell. Still, Adrian Day said he doesn't expect the disappointment to last too long, "as we're getting closer to a recession in the US and a pause by the Fed, before inflation is beaten." .
✅ TP1: 1917
✅ TP2: 1922
⚠️ SL: 1907