The gold market fell for a third week in a row as market expectations shifted from a pause in interest rate hikes by the Federal Reserve to a hike at the Fed’s June meeting. According to a survey by the precious metals website Kitco, Wall Street analysts are currently divided on whether the decline in gold prices has ended. James Knightley, chief international economist at ING, said: “The Fed’s hawks will gradually gain the upper hand. If the debt ceiling problem is resolved smoothly and the non-agricultural employment data next Friday is also good, we have to accept a June rate hike. Of the 14 Wall Street analysts surveyed, 6 expect gold prices to rise and fall next week, and only 2 are neutral. Among the 762 ordinary investors who participated in the survey, 49% expect gold prices to rise next week, 36% are bearish and 15% are neutral.
Weekly Technical Outlook – USDJPY, GBPUSD, NZDUSD
USDJPY faces minor injuries after higher US jobless rate; Powell’s testimony next on the agenda GBPUSD surprasses key obstacle as UK gets new government; monthly GDP data on the agenda NZDUSD waits…