The gold market spent the first half of the week in moribund fashion. However, conflicting US CPI and PPI data pushed the gold price to a sharp decline on Wednesday and up again on Thursday. The sudden escalation of conflicts in the Middle East on Thursday evening caused gold to post steady gains. So what path will the gold price follow from now on?
Analysts maintain bullish stance in gold price survey
cryptokoin.comAs you follow from , gold moved first down and then up for the week. The latest Kitco Weekly Gold Price Survey shows a continuation of last week’s sentiment, with half of retail investors predicting gains for gold next week. Market analysts, on the other hand, mostly take a bullish stance on gold’s near-term prospects. 10 Wall Street analysts voted in this week’s Poll. Analysts are more bullish than last week. Seven experts (70%) expect gold prices to rise next week. Only one analyst (10%) predicts that prices will fall. The remaining two experts (20%) remained neutral on gold for the coming week.
Meanwhile, participants cast 121 votes in Kitco’s online polls. Market participants remain cautious about gold’s potential performance. 59 retail investors (49%) expect gold to rise next week. Another 39 (32%) predict gold will fall. The remaining 23 respondents (19%) remained neutral on the precious metal’s near-term prospects.
Marc Chandler: Gold will strengthen next week!
Bannockburn Global Forex General Manager Marc Chandler thinks gold will strengthen further next week. “The threat of a widening war in the Middle East could overshadow the role of the dollar and interest rates in the short term,” Chandler said. says. Additionally, the analyst says momentum indicators are rising. In this context, according to Chandler, a return to the high level of around $2,088 at the end of December is possible.
Adrian Day: The gold price has gone as far as it has gone, but…
Adrian Day, President of Adrian Day Asset Management, thinks gold has gone as far as it can go in the near term. “Gold may need to calm down after the big jump following Friday’s Producer Price Index,” Day said. But the tide of sentiment is turning. “Therefore, it is possible for there to be upward surprises.” says.
Bob Haberkorn: Latest developments will provide good support for gold!
Bob Haberkorn, Senior Commodity Broker at RJO Futures, says there is a lot of safe haven buying coming into the market due to what is happening in the Middle East. The analyst expects this to continue next week. According to the analyst, this concern will likely continue next week. Therefore, it will provide good support to gold.
Colin Cieszynski is also bullish on the gold price
Colin Cieszynski, chief market strategist at SIA Wealth Management, is bullish on gold for the week ahead. The analyst predicts that the headwind from the Bitcoin ETF rally will begin to fade as ETFs trade. Cieszynski said, “Inflation is falling. “If anything, this is less of a tailwind for the gold price.” says. Continuing from here, the analyst makes the following assessment:
Oil is currently rising. Gold provides a hedge against the political turmoil that has begun to rise again in the Middle East. In addition, gold provides a protection against stress in financial markets or financials in the banking sector. Bank earnings are announced, so gold may fluctuate during this period. We’ll see, but only if the banks get into trouble. Otherwise, it’s not a factor for gold unless something happens. I’m still generally bullish on gold. Because the US dollar remained soft in general. Gold has settled into a trading range of, say, $1,960 to $2,140, and I think unless something happens, it will probably stay there for a while to digest the moves it’s made.
James Stanley is waiting for gold to fall because…
James Stanley, senior market strategist at Forex.com, expects gold prices to fall. That’s why he was the only dissenting voice this week. “I think the resistance in 2075/2081 will remain a roadblock of sorts until we retest $2,000,” Stanley said. “We will also see long-term stops being washed to continue,” he says.
James Stanley: The medium-term trend is downward but…
“It’s another tough call this week,” says Barchart.com Senior Market Analyst Darin Newsom. The analyst said, “The medium-term trend is still downwards. However, rising tensions in the Red Sea and elsewhere could pull buyers back into gold next week. I don’t see this as a technical or fundamental play for the gold price. “I see this more as a continuation of entries and exits into the safe haven market.” says. The analyst adds:
Heading into next week, resistance lies at $2,098.20, the previous 4-week high for February, and support lies at this week’s low, $2,017.30.
Mark Leibovit and Jim Wyckof are also on the side of the bulls
Mark Leibovit, publisher of VR Metals/Resource Letter, is bullish on gold’s prospects next week. “I sympathize with the war rally,” the analyst said. “I’m not sure if this is a big rally yet!” says.
Kitco Senior Analyst Jim Wyckoff also expects gold prices to rise next week. “The bulls this weekend have gained some upward momentum suggesting prices will strengthen next week,” Wyckoff comments.
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