Gold Surges Past 4,600 USD/Ounce as US Dollar Weakens
Gold prices closed their third consecutive week of increase on August 20, breaking above the 4,600 USD/ounce threshold. The upward momentum is attributed to a weakening US dollar and developments in the US bond market.
Spot gold opened at around 4,381.12 USD/ounce before increasing sharply, reaching its highest level for the week at 4,632.14 USD/ounce. By the end of the trading session, spot gold prices traded around 4,602.99 USD/ounce, up 5.27% in the week and 1.86% in the session.
Experts predict that gold may continue to increase, with some predicting a target of 4,800 USD/ounce. Marc Chandler, CEO of Bannockburn Global Forex, notes that gold's breakthrough above the 200-day moving average is a technical signal and that maintaining above 4,600 USD/ounce could lead to further gains.
However, momentum indicators are at a high level, suggesting a potential correction or accumulation session before establishing the next trend. Market sentiment and individual investor psychology also indicate an upward trend, with over 70% of experts predicting gold prices will increase next week.