Gold started the new week with an increase after the fluctuation on Friday. Wall Street analysts are doubting gold’s strength this week. Individual traders, however, do not stop believing.
While analysts turn bearish, the individual maintains his bullish position!
The latest Kitco Weekly Gold Survey showed Wall Street and Main Street diverging on price expectations once again. A majority of retail investors see potential gains this week. However, analysts put forward some reasons for precious metal prices to fall. 14 analysts voted in this week’s Poll. Accordingly, Wall Street analysts see little upside potential for gold in the near term. Only three experts (21%) expect gold prices to rise. The majority of 8 analysts (57%) predict that prices will decrease. Three experts (21%) expect gold to remain flat.
Meanwhile, participants cast 221 votes in online surveys. The majority of Main Street still remains bullish. 94 retail investors (42%) expect gold to rise. Another 72 (33%) predict that gold will fall. The remaining 55 (25%) remained neutral on the precious metal’s near-term prospects.
Darin Newsom and Adam Button predict decline for gold
cryptokoin.comAs you follow from , while the dollar gained strength, gold lost 2 thousand dollars for a short time. According to Barchart.com Senior Market Analyst Darin Newsom, the long-term uptrend of the US dollar index is gaining momentum. Therefore, the analyst says the next downside target for April gold is $1,970.50.
Adam Button, head of foreign exchange strategy at Forexlive.com, also says gold prices will fall. Button said, “I think there are seasonal adjustment problems in the latest CPI and PPI figures. But it will likely take months for this to become clear to the market. “For now, it’s hard to fight a wave of rising Treasury yields and a higher U.S. dollar.” says.
Mark Leibovit predicts a post-correction rally!
Mark Leibovit, publisher of VR Metals/Resource Letter, expects gold prices to rise following a possible correction. In this context, the analyst shares the following assessment:
The question is at what point the gold push will stop to help implement physical purchasing. The first major support range is in the mid-$1,900s, with risk open to the mid-$1,700s. Our cyclical pattern in our VR Forecast Report lays out both possibilities ahead of a rally to 2,700.
Adrian Day expects a sideways trend until the Fed’s stance becomes clear
Adrian Day, President of Adrian Day Asset Management, predicts that gold will continue in the horizontal price channel. The analyst said, “Gold will react up and down to various economic reports until it becomes clear that the Fed will lower interest rates. “We’re not there yet.” says.
James Stanley: Gold bulls will take the price to these levels!
James Stanley, senior market strategist at Forex.com, remains bullish on gold’s near-term prospects. The analyst explains his opinion as follows:
Dollar bulls had a clear runway to make a run this week, but Goolsbee’s comment on Wednesday about ‘not going crazy’ over an inflationary push quickly turned that around. I think we’ll see the Fed continue to be dovish, and that’s a positive for gold.
Stanley says it’s significant that spot gold tested below $2,000 last week. Because he states that he cannot hold on under it for very long. “I think we will see the bulls try to move back towards 2,039 this week,” the analyst says.
Ole Hansen: Gold will likely struggle in the short term!
Ole Hansen, head of commodity strategy at Saxo Bank, will be monitoring Chinese buyers returning from a week-long holiday after welcoming the Year of the Dragon. Hansen said, “Gold will probably struggle in the short term as interest rate cut expectations decrease. But overall I’m looking forward to seeing how Chinese investors react to slightly lower prices this week,” he says.
Marc Chandler expects gold to decline because…
Bannockburn Global Forex Managing Director Marc Chandler expects gold to fall. “US inflation was slightly stronger than expected,” the analyst said. This helped the dollar and US interest rates rise. In my opinion, the dollar and interest rates are a more important driving force than gold’s inflation protection function. (…) I like the $1,950-65 region,” he says.
Jim Wyckoff also sees bearishness in gold technicals
Kitco Senior Analyst Jim Wyckoff predicts that gold prices will drop further this week. “It will decline steadily as the near-term price trend is downward,” says the analyst.
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