Next Week Gold May Surprise With These Numbers! – Cryptokoin.com

The bearish and bullish sentiment among Wall Street analysts is evenly distributed. However, Gold prices closed the week with solid gains above $1,800. It is still unclear what direction the acceleration will take.

Analysts point to Fed decisions

Gold prices closed the week at the highest level in the last four months. However, a study shows that individual investors are still on the rise when it comes to gold. It is true that there is a lot of uncertainty in the market. Therefore, the only factor analysts agree on is that the Federal Reserve’s monetary policy decision on Wednesday will have a significant impact on the precious metal towards the end of the year. In addition, analysts expect the Federal Reserve to reduce the rate of rate hikes to 50 basis points. But some strategists said it would be more important to monitor the central bank’s updated projections.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said gold has been down in the short term as the Federal Reserve hasn’t finished raising interest rates. “Even if the Fed slows the pace of rate hikes, the U.S. dollar could rise,”strates said. However, Adam Button, Forexlive’s chief currency strategist, also shared his views. Button said gold will continue to benefit from less aggressive actions by the Federal Reserve. Alongside the supportive US monetary policy, Button pointed to strong seasonal factors. He said that due to these factors, gold is on the rise and added:

The bond market is signaling that the Federal Reserve has already gone too far. Now is the time to buy gold. You buy gold in December and sell it in February. Seasonal gold trading is the most predictable

Analysts are undecided on gold prices

As we have reported as Kriptokoin.com, Wall Street gold surveys are followed with interest. This week, 17 Wall Street analysts took the gold survey. For the gold price, both the up and down votes were evenly distributed. Analysts voted 7 for each rise and fall. Three analysts abstained. Meanwhile, 661 respondents voted in an online Main Street poll. Of these, 450 respondents, or 68 percent, said that gold will rise next week. Another 115 respondents predicted that prices would be lower. 96 of the respondents maintained their neutrality in the near term.

gold

Sean Lusk, co-director of commercial hedging with Walsh Trading, said that after gold’s solid move on Friday, some investors expect some profits early next week, which will lead to lower prices before the Federal Reserve meeting. However, he said the sentiment in the gold market has shifted from “sell the rally” to “buy the dip”. He also added that this should provide some support for the market and continued:

While there is still a lot of uncertainty out there, investors are going back to what they know and looking for assets with a wealth preservation history.

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