According to some analysts, James Stanley, senior market strategist at Forex.com, believes the CPI and ECB are "likely to be the determining factors" in gold's movement next week. “I enter this week with a bullish bias as spot prices are above the 1903-1910 support.” can sustain $1,900 per ounce.
Mark Chandler, CEO of Bannockburn Global Forex, believes gold prices could break out next week. "I thought gold was poised for a move last week as it approached $1,950 a week ago," he said. However, a strong US dollar and high exchange rates put pressure on the precious metal, pushing the price range back to $1,915...
The next resistance level could be at $1,935-$1,940, a break above which could trigger a further rally to $1,950. On the other hand, a break above $1,915 could push gold prices towards $1,900 and retest the August low of $1,885. ”
Mark Chandler, CEO of Bannockburn Global Forex, believes gold prices could break out next week. "I thought gold was poised for a move last week as it approached $1,950 a week ago," he said. However, a strong US dollar and high exchange rates put pressure on the precious metal, pushing the price range back to $1,915...
The next resistance level could be at $1,935-$1,940, a break above which could trigger a further rally to $1,950. On the other hand, a break above $1,915 could push gold prices towards $1,900 and retest the August low of $1,885. ”
TP1: 1927
TP2: 1929
SL: 1918