Shinobi - XAUUSD: The power of the USD has decreased

Of Wall Street analysts participating in Kitco News' gold survey, 64% forecast gold prices will rise higher this week. 67% of retail investors participating in online Main Street polls shared the same view. The latest survey shows that retail investors expect gold to trade around $1,962 an ounce this week.

Adrian Day, Chairman of Adrian Day Asset Management, sees gold prices going up in the near future. Day said that recent data appears to be supporting gold. He explained that most recent economic reports show that the global economy is weakening. The market has priced in the US interest rate hike cycle as over.

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Data since the most recent policy meeting has raised hopes that the US economy is cooling, reinforcing the possibility that interest rates will not rise further and in turn supporting zero-yield assets such as GOLD

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Craig Erlam, senior market analyst at OANDA, said that at the Fed's upcoming monetary policy meeting on September 19-20, most markets expect rates to be flat.

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A falling dollar index makes gold more valuable to holders of other currencies.

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XAUUSD BUY 1935 - 1933

TP: 1940

SL: 1928