According to Jinshi, Adrian Day, president of Adrian Day Asset Management, expects gold prices to rise further next week. Day said that as the U.S. economy weakens and the possibility of interest rate cuts increases, gold prices are likely to break through previous highs.
Fed Chairman Powell was almost eager to cut interest rates at his press conference earlier this week, but he was waiting for his chance. Now he has that chance. In the past few rate-cutting cycles, gold prices have risen every time the Fed started to cut interest rates.
Michele Schneider, head of trading education and research at MarketGauge, is also optimistic about gold's performance next week. She believes that gold needs to hold the $2,450 level.
