Jakarta, CNBC Indonesia – World gold prices have been very close to the level of US $ 1,800 / troy ounce since last week, but still failed to penetrate it. In the last few days the price of gold actually even corrected. Of course the question arises whether gold is able to pass the psychological level.
In trading earlier this week, Monday (07/07/2020), gold traded at the level of US $ 1,775.44 / troy ounce, edging up 0.04% on the spot market, reported Refinitiv data. The position is far compared to last week, when gold reached US $ 1,788.96 / troy ounce.
However, analysts still believe that gold will continue to go up. The price of gold away from the psychological level of US $ 1,800 / troy ounce is said to be only a momentary correction.
Meanwhile, the survey results Kitco against 17 analysts on Wall Street showed 12 people or 70% predict gold will strengthen again this week. As many as 18% predict weakening, and the rest are neutral.
Ole Hansen of Saxo Bank in the research cited CNBC International said gold was able to go up like that in April, but Hansen said patient investors would reap big results in the third quarter of 2020. When the price of gold weakens, it will open up opportunities to re-buy.
“It’s very clear there is a basis in the market, and investors take action buy on dip (buy when the price of gold falls), “said Kevin Grady, President of Phoenix Futures and Option LLC, as reported Kitco. “I will not sell (gold) at this time,” he added.
The decline in the price of gold was also predicted by Sean Lusk from Wals Trading, but more because of profit taking (profit taking). “Outlook gold has never been this good. You might see profit taking in the near future, but the strengthening trend is still maintained, “Lusk said.
Meanwhile, Charlie Nedoss, a senior market strategist from LaSalle Futures Group, looked at the movement of global gold in terms of technical analysis. Nedoss said he would not worry about the weakening of gold prices, until he tested the 20-day moving average indicator (20-day moving average) in the range of US $ 1,750 / troy ounce.
That is, according to Nedoss, gold will still be in a strengthening trend as long as above US $ 1,750 / troy ounce.
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