According to Jinshi, James Stanley, a senior market strategist at Forex.com, forecasts a rise in gold prices for the upcoming week. Stanley noted that bullish sentiment among investors remains strong, even amid recent fluctuations in the U.S. dollar.
Despite sharp movements in the dollar this week, gold prices only experienced a mild pullback. Stanley emphasized that the fundamentals supporting gold remain bullish, particularly as long as the Federal Reserve's rate cut plans remain intact. He acknowledged that while gold may be considered overbought on both monthly and weekly charts, the underlying market dynamics continue to favor upward movement.
As market conditions evolve, strategists and investors will closely monitor these trends to gauge the potential for gold price increases in the near term.