Gold May Be At These Levels Next Week!

Gold could hit $2,000 next week as it sees significant bullish sentiment and exceptional safe-haven demand amid Russia’s ongoing war against Ukraine, which is entering its second week, according to experts. The latest Kitco weekly gold survey shows that all Wall Street analysts surveyed are optimistic about gold next week. A strong majority of retail investors also expect to see higher prices in the near term. cryptocoin.com We convey the details as…

Wall Street analysts are optimistic about gold

“If gold doesn’t reach $2,000 in this environment of so much risk and uncertainty, I don’t know when it will,” said Sean Lusk, director of commercial hedging at Walsh Trading. Lusk said he could see gold prices rise 10 percent from the 2021 closing price. He added that in the current environment, this would create an initial target of about $2,010 per ounce.

14 Wall Street analysts surveyed gold this week and all said they saw higher prices in the near term. Meanwhile, 1,013 votes were cast in online Main Street polls. 714 of them, 70 of them, stated that they think gold will rise next week. While 166 people, or 16 percent, expected lower prices, 113 voters, or 13 percent, remained neutral in the short term.

Darin Newsom: The only thing that makes sense right now is the rise of gold

Strong bullish sentiment comes with the precious metals market ending the week with significant gains. April gold futures were last traded at $1,965.60 an ounce, up 4 percent from last week. Analysts say safe-haven demand driven by escalating conflict in Eastern Europe dominates price action as investors ignore positive economic data.

The gold rally came after the US economy created 678,000 jobs in February. At the same time, the latest nonfarm payrolls report showed the unemployment rate fell to 3.9 percent. Darin Newsom, head of Darin Newsom Analysis, said: “Despite everything that is going on in the world, only the gold rally right now makes sense. It doesn’t matter what the fundamentals or techniques are. “The continued strengthening of the US dollar index means absolutely nothing,” he said. According to the expert, the current situation is “one of those moments where we sacrifice every tool we usually use to understand markets”.

Adrian Day: As long as the war continues in Ukraine, the power of gold will remain

Adrian Day, head of Asset Management, said that while the Federal Reserve is on track to raise interest rates in less than two weeks, gold is also bullish in the near term. According to the expert, as long as the war in Ukraine continues, gold will be strong and for now it eclipses monetary issues.

Although gold prices are expected to rise next week, investors still need to be cautious at these higher levels. Investors should not follow the market, said Phillip Streible, chief market strategist at Blue Line Futures. He pointed out that in this situation where volatility is present, a buying opportunity can be seen. He added that while gold is so popular, investors may want to look at silver as it is underperforming against gold.

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