Gold prices have fluctuated in a narrow $10 range this week between $2,016 and $2,025. The shiny metal has shown only minor reactions to even the most important data releases and corporate earnings reports. Meanwhile, markets are preparing to enter a very important week for central banks. That’s why there is no clear consensus among analysts and traders about gold’s direction.
Gold survey reflects cautious stance
cryptokoin.comAs you can see from , shiny metal remains unresponsive to data. The latest Kitco Weekly Gold Survey shows institutional pundits and individual traders maintaining their cautious stance. 14 Wall Street analysts voted in the Poll this week. Five experts (36%) expect gold to rise next week. Three analysts representing 21% predict that prices will fall. Six analysts (43%) expect gold to remain flat next week.
Meanwhile, in Kitco’s online polls, participants cast 89 votes. Individual traders are slightly more bullish. However, overall ambivalence is still high. 43 individual investors, representing 48%, expect gold to rise next week. Another 26 (29%) predict gold will fall. 20 people (23%) state that they are undecided about the near-term prospects of the precious metal.
Adrian Day: This development will increase the price of gold!
Adrian Day, President of Adrian Day Asset Management, attaches importance to this week’s moderate inflation figures. The analyst believes that it will increase gold prices next week. “The odds of the Fed hiking interest rates in March have increased (in my opinion) given this week’s lower core PCE numbers,” Day said. This will increase the price of the yellow metal.” says.
Darin Newsom: Shiny metal caught between conflicting techniques!
Barchart.com Senior Market Analyst Darin Newsom says gold is stuck between conflicting technical trends. Newsom makes the following assessment on this issue:
This is a difficult situation as the April contract moved higher after making a new low in Thursday’s session and closed the day higher. This shows that the contract may still try to enter a short-term uptrend and will also have to fight the medium-term downtrend on the weekly chart. The opposite seems to be the case with the US dollar index.
Colin Cieszynski: This development may put a wind in the wind for gold!
Colin Cieszynski, chief market strategist at SIA Wealth Management, is bearish on gold for the week ahead. “My sense is that the Fed will be less dovish than the street is hoping,” the analyst said. This will trigger a rally in the US Dollar. “Also, it is possible for gold to put a wind in its path.”
Frank Cholly: A long horizontal period awaits us!
RJO Futures Senior Market Strategist Frank Cholly said investors should expect an extended period of sideways price movement. According to Cholly, the gold market is just marking time above $2,000 here. In this regard, the analyst makes the following statement:
It’s hard to see the bottom at this level. (…) However, I think technical levels are important and maintaining levels above 2000 is somewhat positive. As long as gold stays above $2,000, I’m somewhat optimistic about price action. If we see gold moving towards $1,950, I think buyers will come in and support this level. Frankly, $2,100 on the upside will be a hurdle to overcome, and I think $1,950 on the downside will be a very supportive level. I can see the market floating in this wide range and spending quite a bit of time between $2,000 and $2,050.
Jameel Ahmad: There is a risk for gold to fall below $2,000
Jameel Ahmad, Chief Analyst at GTC Global Trade Capital, expects gold to fall from the range where it has risen recently. The analyst sees a risk of gold falling below $2,000. He states that the reason for this is that interest rate cut expectations in the USA have largely reversed. He also notes the possibility of further strengthening of the US dollar, given its reversal since late 2023. In this context, the analyst makes the following comment:
Continuing demand for the dollar will further threaten gold downwards. (…) What could help gold is if we experience a very sudden geopolitical fluctuation. But again, if this actually strengthens the dollar as inflation forecasts rise, then gold may not benefit as much. We have a lot of uncertain problems going on in the world.
Adam Button: It will continue its horizontal course!
Adam Button, head of foreign exchange strategy at Forexlive.com, expects gold prices to continue their recent sideways trend. “Seasonal tailwinds have failed this year as the market reassesses the path Fed policy will take,” Button said. “The best bet for the yellow metal next week would be a soft nonfarm payrolls report.” says.
James Stanley: Gold prices will rise because…
James Stanley, senior market strategist at Forex.com, remains bullish for next week. The analyst said, “Sellers still haven’t been able to test below $2,000. Additionally, the falling wedge remains in play. Dollar bulls had ample opportunity to execute a trend when it tested above the 200DMA earlier this week, but failed to sustain the move. “I think the path of least resistance for gold is higher as we head into the FOMC next week,” he says.
Mark Leibovit: The main target is $ 2,700 in 2024
Mark Leibovit, publisher of VR Metals/Resource Letter, still expects a significant upside for gold this year. However, he does not rule out the possibility of a short-term correction. The analyst said, “Stay bullish until 2024. There is a risk of $1,980 for the shiny metal. The main target is $2,700.” says.
Jim Wyckoff: Technicals favor the bulls for gold
Kitco Senior Analyst Jim Wyckoff expects gold prices to rise next week. “Bulls generally have a short-term technical advantage. So it’s constant-high,” he says.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!