Gold Prices Will Be Priced From These Levels Next Week!

Gold’s rally to a two-month high is creating significant bullish sentiment among Wall Street analysts and retail investors, with some expecting prices to hit $1,850 an ounce in the near term, according to a weekly gold price survey. cryptocoin.com We are giving the details as…

18 analysts are waiting for these for gold prices

The survey shows sentiment among retail investors is also at its highest since mid-November when gold prices were last at current levels. Meanwhile, bullish sentiment among market analysts is at its highest level since May 2018. Analysts said gold was on the rise as investors began to pay more attention to the threat of rising inflation, increased volatility in equity markets, and geopolitical uncertainty as tensions between Russia and the United States continue to heat up.

This week, 18 Wall Street analysts took part in the Kitco gold survey. 89 percent of the respondents thought that gold prices would rise next week. At the same time, 11 percent were bearish for gold in the short term. There were no neutral votes this week. Meanwhile, a total of 1134 votes were cast in online individual investor surveys. 71 percent of them expect gold to rise next week. 17 percent of voters said they expected lower levels, while 12 percent remained neutral.

Not only are retail investors significantly bullish on gold next week, but participation in the most recent survey rose to its highest level since mid-November. The bullish outlook comes as gold prices finished the week above the critical break above $1,830, up about 1 percent from last Friday.

Saxo Bank analyst expects high prices

While gold isn’t at its early-week highs, many analysts expect gold to be well supported in the near term. Ole Hansen, head of commodities strategy at Saxo Bank, said he is looking for higher prices, although gold prices have the potential to consolidate around $1,830 an ounce. The strategist used the following statements:

Given the way stock markets behave and gold continues to challenge rising real returns. I think it could break $1,850 to challenge the 2021 high.

Feneck Consulting CEO: Rate hike could be positive

For many analysts, the biggest driver of gold remains the monetary policy of the Fed, which is getting more aggressive every day. But some analysts say market expectations are getting a little too hot and the US central bank may pull those expectations back at next week’s monetary policy meeting. Gold investors are seeing rising bond yields as the Fed is unlikely to be overly aggressive in 2022. John Feneck, CEO of Feneck Consulting Group, uses the following statements:

As of today, the Fed monitoring tool takes into account 4 rate hikes for 2022. This was repeated by JP Morgan and Goldman Sachs a few days ago. We disagree as the Fed needs to consider more than the CPI. If we see only 2 or 3 increases in 2022, that could be positive for gold, silver and related stocks.

Adrian Day, head of Asset Management, said he also expects the Fed’s monetary policy to continue its upward trend for gold. Day said, “Even if the most aggressive tightening was on the agenda, the Fed’s balance sheet would be more than 50 percent higher than a year ago, and interest rates would continue to be negative in real terms. More so than on the eve of the great inflation of the 1970s. This is bullish for gold,” he said.

Some predict a decline for gold prices

Of course, not all analysts are optimistic about gold. One analyst said that while the Fed is likely to lag behind the inflation curve, real interest rates are likely to rise even higher, which ultimately isn’t a great environment for gold. Marc Chandler, general manager of Bannockburn Global Forex, said that with the tightening monetary policies around the world, the technical chart of gold began to change as the momentum indicators began to change.

I think with a hawkish Federal Reserve and possible rate hike by the Bank of Canada, gold could pull back. While the MACD still looks constructive, the Slow Stochastic (indicator) looks like a potential downtrend and seems to be tipping over anyway.

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