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My thought on USD/Gold fundamental analysis 23 Jan 2024

 The market sentiment for USD/Gold this week appears to be mixed, with various analysts providing different perspectives.

Bullish Sentiment: Some market analysts are optimistic about gold prices rising in the coming week. This optimism is based on the observation of bullish patterns and the metal's failure to test below key price levels, such as $2,000 per ounce. For instance, a senior market strategist at Forex.com has turned bullish for the next week, citing a lack of testing below $2k and the formation of a bullish falling wedge. Additionally, Kitco's Senior Analyst, Jim Wyckoff, expects gold prices to trade higher, bolstered by momentum gained late this week.

Bearish and Neutral Views: On the other hand, Darin Newsom from Barchart.com suggests a potential outflow of investment from commodities, including gold, based on technical analysis. The weekly chart indicates a downward trend, and there's an expectation of gold prices extending a downtrend, possibly breaking past recent lows and targeting lower prices. This view is also supported by the strong U.S. dollar which is seen as a restraining factor for gold prices.

Market Data and Upcoming Reports: The market is also awaiting key economic reports, including U.S. Flash PMI data, advance Q4 GDP, and other significant indicators. These reports could influence market sentiment and the direction of gold prices. The overall market conditions, including the performance of equities and other investment channels, will also play a role in determining investor interest in gold.

Divergent Opinions Among Analysts: It's notable that there is a divergence of opinions among analysts, reflecting the complexity and variability of factors influencing the gold market. Some are leaning towards a bullish outlook, expecting a rebound or continuation of the upward trend, while others foresee a bearish scenario, anticipating further declines.

In summary, the market sentiment for USD/Gold this week is characterized by a mix of bullish and bearish outlooks, influenced by technical indicators, economic data, and broader market trends. Investors and traders in the gold market should closely monitor these developments and be prepared for potential volatility in prices.

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