Inflation data guided gold’s price movements last week. Following this, gold markets were once again dominated by the Fed and interest rate expectations. However, traders’ sentiments change day by day.
Wall Street is cautious in the gold survey, Main Street is pumped!
cryptokoin.comAs you follow from , gold lost some altitude after reaching its peak. The latest Kitco News Weekly Gold Survey shows market experts are cautious about gold’s direction. However, individual traders returned to the bullish bandwagon. 15 Wall Street analysts voted in this week’s Gold Survey. Their views were spread pretty evenly across the spectrum. Six experts (40%) expect gold prices to rise this week. Four analysts (27%) predict prices will fall. Five experts, representing 33%, predict that the precious metal will follow a horizontal course.
Meanwhile, in Kitco’s online polls, participants cast 170 votes. The vast majority of Main Street investors expect more gains for gold this week. 117 individual traders, representing 69%, expect gold to rise this week. 25′ (15%) of respondents predict it will fall below. The remaining 28 (16%) remained neutral on gold’s near-term prospects.
Colin Cieszynski prefers to remain neutral on gold!
“I am neutral on gold for this week,” said Colin Cieszynski, Chief Market Strategist at SIA Wealth Management. “It has made a big move recently and may consolidate in the coming days as the US Dollar strengthens, it is the end of the month and this week is a short trading week.” says.
Darin Newsom remains bearish
Barchart.com Senior Market Analyst Darin Newsom remains bearish. The analyst said, “I will continue this for the third week in a row. The April contract looked a bit dubious on Thursday until it fell more than $40 off its session high toward the close. Daily stochastics continue to point to further downside potential in the market. Additionally, the US dollar index is gaining strength. Therefore, it is possible that April gold will trend lower.” says. Also key will be the previous 4-day low at $2,150.20.
Lukman Otunuga: Gold bulls are tired
Gold bulls appear tired, according to Lukman Otunuga, senior market analyst at FXTM. The analyst says a stronger dollar weighed on gold as last week ended.
Everett Millman: Six will rise in the long run, but…
Gainesville Coins Chief Market Analyst Everett Millman states that the Fed’s interest rate cut forecast is the reason for gold’s rise. However, he says this stance is not actually dovish. He also states that the Fed is not being harsh on inflation. Millman notes that the rise in gold prices may encourage traders and investors to take long positions, giving those who follow the trends the opportunity to trade momentum in gold.
The analyst states that from a technical perspective, there are many upward formations on the gold chart. However, he notes that a correction may occur in the near future when approaching the $ 2,200 level. However, according to the analyst, this is a routine correction after the last month of triple-digit gains for gold. Millman says now is a good time to wait for the situation to calm down a bit. He also predicts that gold will rise further in the long run. However, he states that the market needs to take a breather in the short term.
Sean Lusk: Gold will be 10 percent higher within the year!
Sean Lusk, co-director of commercial hedging at Walsh Trading, says he doesn’t believe the Fed will cut 75 basis points. Lusk says the economy is not stronger than thought, given its position in the markets. He also states that the recent increase in the dollar has been interpreted from neutral to dovish, and this situation is interesting. As for gold prices, Lusk notes that there is no technical damage to the charts. It also indicates that there is potential for further upside. In this context, the analyst makes the following statement:
They will pull back here and take some profits, but I don’t see any technical damage to the charts. This thing could drop as low as $2,125 and we are still bullish. We hit our 5 percent mark, we’re hanging out there, maybe a little bit below today. When June starts trading most actively, which will be next week, I think there’s a chance the contract will reach and exceed its high at $2,246 and then move up to around $2,270, $2,280 in that area. This will be 10 percent higher over the course of the year, so that’s the target. But some [Fibonacci] If we start to slide below the numbers, towards $2,125, it could be down by half from February’s lows.
Marc Chandle is expecting a solid dollar!
Bannockburn Global Forex General Manager Marc Chandler states that gold rose to $2,220 as the dollar and US interest rates dropped after the FOMC’s first dovish statement. However, he says the market is taking another look. The analyst draws attention to the following levels:
I expect a solid dollar in the coming days and this could put pressure on the yellow metal. Support is in the $2,145-$50 region. While many are focusing on the central bank’s gold purchases, Chinese and Turkish retail investors are also reportedly eager buyers. Momentum indicators are tense but can relax with prolonged horizontal movement.
Mark Leibovit: Dollar will rise, gold will fall!
Mark Leibovit, publisher of VR Metals/Resource Letter, also expects the strengthening of the dollar to push gold lower. “As the dollar rises, expect a pullback in gold,” says Leibovit.
‘James Stanley’according to gold will experience a retreatk!
James Stanley, senior market strategist at Forex.com, says gold is likely to experience a pullback. In this context, the analyst makes the following statement:
The trend is starting to feel frothy, and despite the Fed turning dovish and holding on to three cuts to forecasts, the bulls have yet to break beyond $2,200. There was an open door for a pullback as gold was holding a descending triangle very near the highs. But the Fed FOMC was surprisingly dovish (imo) on its interest rate decision and this brought a jolt to the USD, which has since been largely priced out.
Jim Wyckoff: Gold prices will fluctuate
Kitco Senior Analyst Jim Wyckoff predicts that gold prices will follow a fluctuating course. “It will trend sideways as the bulls run out of gas in the short term,” says the analyst.
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