This week, like most of the new year, has seen a steady rise in gold prices. The yellow metal reached an all-time high of $2,330 last week. Even the Fed’s hawkish speakers couldn’t stop it from reaching consecutive new highs as the week progressed.
Wall Street strong bull in gold survey!
The latest Kitco Weekly Gold Survey shows Wall Street sentiment outpacing even the strong optimism of Main Street traders next week. Because greater fears of geopolitical turmoil are outweighing fears of a pullback from recent new highs. 12 Wall Street analysts voted in this week’s Gold Survey. Analyst responses showed that bullish sentiment has completely captured the corporate imagination. Nine experts (75%) expect gold prices to rise further next week. Only one analyst, representing 8%, predicts that prices will fall. The remaining two experts (17%) chose to remain neutral.
Meanwhile, participants cast 240 votes in online polls. 75% of Main Street investors predict further gains or sideways trading. 159 individual traders, representing 65%, expect gold to rise next week. 41 (17%) of the participants predict that gold will fall. The remaining 40 respondents (17%) said they were neutral on gold’s near-term prospects.
Adam Button: It’s impossible to fight the trend!
cryptokoin.comAs you can see from , gold cannot get enough of the records. Whatever investors’ concerns about gold at these levels, resistance is futile, says Adam Button, head of currency strategy at Forexlive.com. The analyst said, “Gold is declining, but it is impossible to fight the trend right now. “Asia buys almost every day.” says.
Darin Newsom: Money is flowing to gold!
Darin Newsom, Senior Market Analyst at Barchart.com, also says he will go with the flow. In this context, the analyst makes the following statement:
It’s another tough call this week, but for now I’ll apply Newton’s First Law of Motion to the markets: A trending market will stay in that trend until prompted by an outside force. This external power is usually investment money. For now, for whatever reason, money seems to be flowing into gold. Can I make a technical argument that the market could fall further next week? Yes, but gold is currently at a stage where charts don’t mean anything. It all comes down to fundamentals, and for now central banks around the world continue to buy.
Adrian Day: There are some big fish buying gold!
Adrian Day, Chairman of Adrian Day Asset Management, says demand now extends beyond government procurement and Asian investors. He also notes that he sees no signs of slowing down yet. In this regard, the analyst makes the following statement:
Although Western investors generally do not participate in the gold market, there are some big fish buying in the market. Moreover, it’s probably not just central banks. Wealthy individuals and families, as well as savvy investors, are accumulating in response to awareness of increasing fragility in the global financial, economic and geopolitical system. As financial markets stumble, more investors will turn to gold.
Colin Cieszynski: Gold will have a contradictory week!
SIA Asset Management Chief Market Strategist Colin Cieszynski expects increased volatility in gold prices. That’s why he’s taking a wait-and-see approach. Cieszynski says gold is still experiencing a big rise. He states that rising Treasury yields will push the dollar up. However, he notes that there are large tailwinds behind gold and therefore it is neutral.
He also points out that the US consumer prices report to be released next week could have an impact in both directions. Cieszynski states that gold will have a contradictory week and that is his expectation. He adds that the sense of neutrality for gold is not about the gold itself, but about what is happening around it.
Marc Chandler: Interest rates and the dollar do not reduce the rise of gold!
Bannockburn Global Forex General Manager Marc Chandler does not think that consumer data to be announced next week will slow down gold. Chandler states that rising interest rates and the US dollar have not reduced gold’s rise. Chandler says trend followers and momentum traders seem to agree, too. In this context, the analyst draws attention to the following levels:
Price action reflects buying on pullbacks and breakouts, which are the hallmarks of a bull market. It is difficult to talk about resistance as the yellow metal is in uncharted waters. Maybe there is a potential towards $2,350. Support appears to be $2,225-$50.
Daniel Pavilonis: It is possible for the gold price to return to $ 2,000!
Daniel Pavilonis, Senior Commodity Broker at RJO Futures, notes that the gold rally is based on several factors. First, it explains some of the strengthening bullion buying in anticipation of interest rate cuts. He also points out that a potentially escalating conflict between Israel and Iran would impact gold. The analyst says that political realities in the USA will also affect gold. He also states that geopolitical uncertainties will cause an increase in gold prices. However, Pavilonis predicts that gold may return to the $2,000 level.
Jim Wyckoff: Gold bulls are stronger on technicals!
Kitco Senior Analyst Jim Wyckoff still sees potential increases in gold prices next week. The analyst said, “Technical data maintains its upward trend. So it’s consistently higher,” he says.
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