3 Famous Analysts Share Their Short-Term Gold Forecasts - News-Credit-Mortgage-Coin

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Saturday, September 4, 2021

3 Famous Analysts Share Their Short-Term Gold Forecasts

 



Gold futures rallied on Friday as precious metal prices posted a gain for this week, with data showing a lower-than-expected increase in new business in the US in August.


Wolfpack Capital executive: Gold rises on nonfarm payroll data


Jeff Wright, chief investment officer at Wolfpack Capital, said the disappointment in the nonfarm payroll data "cannot be understated and will give the Fed additional justification for withdrawing its efforts to reduce asset purchases. Gold rose on this expectation,” he said. He added that among the next big economic data points will be the August producer price index. The data will be out next Friday.


“Gold found good support above $1,800 and established a solid footing there,” Wright said. Gold moves were mostly tied to the whims of the dollar and yields on US government debt, and the US dollar fell after the US jobs report on Friday. The economy created a small 235,000 new jobs in August amid another major coronavirus outbreak. The increase was the smallest in seven months.


AvaTrade analyst: Dominant direction below, upwards

AvaTrade chief market analyst Naeem Aslam wrote in a daily note that the figure “missed expectations by a large margin.” “The US labor market still has a long way to go to reclaim lost ground.” He said that the dollar index fell and increased the price of gold. “It is clear that the dominant trend in gold price is to the upside,” Aslam said. “Given the fact that the market is dependent on loose monetary policy, it is unlikely that the Fed will tighten its monetary policy belt.”



In a market update, ThinkMarkets market analyst Fawad Razaqzada said employment data is clearly weaker than expected, but unlikely to be "a game changer when it comes to the Fed's policy". “Thanks to the sharp improvement in US employment data in the past, I think the Fed is on track to announce the timeline at its November meeting,” he said. Razaqzada said that outlook will “change if the upcoming employment reports for September and October are badly disappointing.”


KEY: GOLD, GOLD PRICES, GOLD PREDICTIONS

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