A potential threat of war in Eastern Europe and fears that central banks would not be able to contain inflation pushed gold prices to an eight-month high of $1,900. To many, the solid bullish sentiment indicates that the price could move higher in the near term. So, what are the thoughts of Wall Street analysts? cryptocoin.com We are presenting the details of a survey that Wall Street experts and individual investors participated in.
Wall Street expects bullish for gold this week!
Kitco’s Weekly Survey shows that a significant majority of market analysts and retail investors are optimistic about gold in the near term. While there are concerns that any easing between the US and Russia could dampen safe-haven demand, analysts say gold remains well supported on the declines.
This week, 18 Wall Street analysts took the gold survey. 13 percent, or 72 percent, of the respondents think that gold prices will rise. On the other hand, three analysts, or 22 percent of respondents, called for lower gold prices next week. One analyst was neutral on the precious metals in the near term. Meanwhile, 864 votes were cast in individual investor surveys conducted online. Of these, 564, or 65, stated that they expect gold to rise next week. Other 196 respondents, ie 23 percent, stated that they expected a decrease; 104 participants, ie 12, remained neutral in the short term.
With the broad-based bullish sentiment, the ounce price of gold closed the week just below $1,900. In the latest gold survey, many analysts said they were optimistic about gold as the price broke through critical technical resistance points. They added that they expect prices to rise above $1,900 per ounce in the near term.
Sean Lusk: Gold could rise to $1,916
Sean Lusk, Director of Commercial Hedging at Walsh Trading, said, “There is strong technical momentum underneath as prices test resistance at $1,900, but you don’t want to chase the market. Look for buying opportunities,” he said. Lusk said he sees the potential for precious metal prices to climb to $1,916 in the near term. Looking beyond the current geopolitical safe-haven demand, Lusk said that the increasing market uncertainty has created some uncertainty in the stock markets as central banks try to tighten their monetary policies around the world, and used the following statements:
The easy money pushing stock prices is coming to an end, a big reset is coming; We don’t know how bad it will be. This uncertainty will continue to support gold in any downturn.
Philip Streible: Prices could fall if geopolitical tensions ease
Phillip Streible, chief market strategist at Blue Line Futures, said he thinks the price of gold could decline if geopolitical tensions subside. However, he also noted that weak equity markets will support gold prices in the near term. “Right now, gold investors need to be patient and buy from the lows,” he said. Darin Newsom, head of Darin Newsom Analysis, said that technically, gold is overbought and a correction needs to be made. However, he added that he will not short-sell gold (will not open a short position) at this time. Newsom used the following statements:
I don’t want to run into a shortage of gold or oil as we head into the long weekend as I have no idea what’s going to happen to Ukraine. Yes, gold has been overbought, but right now I won’t be the one to sell it.
What do bearers and neutrals think?
Adrian Day, head of Asset Management, said lower prices could be seen next week; however, he stated that he would be careful while selling gold in the current environment. “There is a short-term pullback, but events in Ukraine can change things abruptly,” he said.
The only neutral name this week, SIA Wealth Management chief market strategist Colin Cieszynski, said gold’s next move will depend on what happens in Eastern Europe. He states that he actually thinks that gold can make a significant move regarding the rising/falling political tensions in Ukraine, but it is difficult to choose a direction. “Gold rally has been great this week and needs some support, but if the situation worsens, the current rally could take longer,” he said.
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