Gold price is still stuck below 2,000 USD, the market is "lacking fire", investors are disappointed; Gold price forecast this week?

Gold prices today, June 19, may remain in the neutral zone in the near future, unable to push up to 2,000 USD/ounce because the market sees a very faint optimism. Investors are disappointed with non-yielding assets like gold, after the "unexpected" moves of Fed officials.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 6/19 AND EXCHANGE RATE TODAY 6/19

1. SJC - Updated: June 17, 2023 08:31 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell out
SJC 1L, 10L	66,500	67,100
SJC 5c	66,500	67,120
SJC 2c, 1C, 5 phan	66,500	67,130
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	55,600	56,550
SJC 99.99 gold ring 0.5 chi	55,600	56,650
99.99% Jewelry	55,450	56,150
99% Jewelry	54,394	55,594
Jewelry 68%	36,336	38,336
Jewelry 41.7%	21,567	23,567

World gold prices ended in neutral territory last week, after bouncing from a three-month low following the Fed's decision. Analysts said they do not expect to see any significant price fluctuations in the near future.

At the end of this week's trading session (June 16) on the Kitco floor, the gold price closed at 1,958.20 USD/ounce, a slight increase of 0.2 USD compared to the previous session, down about 0.4% compared to the closing price of last week .

The weekly Kitco News gold survey shows that both Wall Street analysts and retail investors are bearish on gold as the market continues to digest the latest monetary policy decision from the US Federal Reserve after it kept interest rates unchanged at its June rate hike but signaled the possibility of two more rate hikes later this year.

Ole Hansen, head of commodity strategy at Saxo Bank, said that gold's rebound ahead of the weekend shows there is strong buying interest in gold; however, the precious metal "lacks the fire" to trigger a more significant rally.

Giá vàng hôm nay 19/6/2023: Giá vàng còn bị kẹt dưới 2.000 USD, tâm lý

Gold price today June 19, 2023: Gold price is still stuck below 2,000 USD, investors are disappointed, what is the gold price forecast for this week? (Source: Kitco)

Domestic gold prices continued to fluctuate last week, not following the world market trend. SJC gold prices continued to increase for the third consecutive session last weekend and currently the closing price of the week is about 12 million VND/tael higher than the world gold price.

Summary of SJC gold prices at major domestic trading brands at the closing time of last weekend's trading session (June 16):

Saigon Jewelry Company listed SJC gold price at 66.55 - 67.17 million VND/tael.

Doji Group currently lists SJC gold price at: 66.55 - 67.15 million VND/tael.

Phu Quy Group listed at: 66.50 - 67.10 million VND/tael.

PNJ system listed at: 66.50 - 67.10 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.50 - 67.02 million VND/tael; Rong Thang Long gold brand is traded at 55.63 - 56.48 million VND/tael; jewelry gold price is traded at 55.30 - 56.30 million VND/tael.

Converting world gold price according to USD exchange rate at Vietcombank : 1 USD = 23,670 VND, world gold price is equivalent to 55.12 million VND/tael, 11.93 million VND/tael lower than SJC gold selling price at the same time.

Of the 24 Wall Street analysts participating in the Kitco News Gold Survey this week, only 10 analysts (42%) are bullish on gold in the near term; five analysts (21%) predict lower prices; the remaining nine (38%) see sideways prices this week.

Of just 487 votes cast online, 258 small investors (52%) predicted gold would rise this week; another 126 (26%) predicted lower; the remaining 103 (21%) were neutral.

Gold price forecast this week

Analyst Ole Hansen said the market needs to get back above $1,985 before some bullish sentiment returns to gold. "Right now, gold is supported by investors showing disbelief in the Fed's decisions as the yield curve continues to highlight the threat of a recession. But there is no trigger for a larger rally to $2,000 an ounce," he said.

Darin Newsom, senior market analyst at Barchart , reminded investors that, “sideways is still a technical direction.”

“The August gold daily chart is showing a generally sideways pattern. With this in mind, I expect the contract to trade between the recent high of $1,986 and the low of $1,953 and continue to wait for a clear breakout,” said Darin Newsom, an expert.

In the investment trend analysis, the proportion of retail investors who are bullish on gold is still higher this week, but market sentiment has fallen to its lowest level since May. Many retail investors also see limited upside for gold, with prices expected to end this week at around 1,982/ounce.

While most analysts remain cautiously optimistic, some see a bounce off support around $1,930 an ounce as a strong bullish signal.

Michele Schneider, director of research and trading education at MarketGauge , said she is bullish on gold as inflation remains a threat. “After the bearish signal emerged and gold briefly tested below $1,950 (around 1930 low) and held, we see higher potential for gold prices.”

"Drought is affecting food prices; sugar prices are consolidating near highs. Gold prices could eventually break through $1,980 and then $2,000," believes expert Michele Schneider.

James Stanley, senior market strategist at Forex.com , said he still sees room for gold prices to move higher.

"I think the market will see another test - gold will go above $2,000 in August. That support reaction to the $1,936 level around the Fed decision was intense and has not yet shown signs of easing. There are a lot of factors that can push gold higher, so there will be some resistance for gold to overcome, potentially a retest of $2,000 next week," said James Stanley, an expert. speak.

“The bigger question is whether the bulls will show up to bid above $2,000. I think that’s possible, given how active the market is on the back of the Fed’s pause,” the Forex.com strategist added.

Regarding the possibility of gold falling, expert James Stanley said that while most analysts still see gold in a long-term uptrend, gold could be sold off in the short term as the Fed maintains its strong hawkish monetary policy stance.

Naeem Aslam, chief investment officer at Zaye Capital Markets, forecasts gold prices to fall as technical downside momentum appears to be building.

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