Gold started the week at high levels, driven by the safe haven demand created by the conflicts in the Middle East and the stubborn market perception that interest rate cuts would come sooner or later. However, hawkish central bank comments and the absence of any energy support from geopolitics have weakened investor appetite.
Bulls are ahead in gold survey but sentiment is weakening!
cryptokoin.comAs you follow from , although gold remains above 2 thousand dollars, it cannot gain new momentum. The latest Weekly Gold Survey showed that institutional pundits and individual traders are in near-perfect agreement on their expectations for gold prices next week, with a majority of each predicting gains for the precious metal. However, the bullish sentiment has weakened compared to last week. 14 Wall Street analysts voted in the Poll this week. Analysts showed that last week’s rise has subsided significantly. Six experts (42%) expect an increase in gold prices next week. Four analysts (29%) predict prices will fall. The remaining four analysts (29%) remained neutral on gold for the coming week.
Meanwhile, participants cast 150 votes in Kitco’s online polls. This week, individual investors mirrored experts’ views almost exactly. 66 retail investors (44%) expect gold to rise next week. Another 44 people (29%) predict that gold will fall. 40 respondents (27%) remained neutral on the precious metal’s near-term prospects.
Colin Cieszynski: Gold faces a moderate headwind!
Colin Cieszynski, chief market strategist at SIA Wealth Management, is bearish on gold for the week ahead. “Gold continues to face a moderate headwind as Treasury yields rise and the US Dollar strengthens,” the analyst said. says.
Mark Leibovit: I’ll be skeptical of gold!
Mark Leibovit, publisher of VR Metals/Resource Letter, says he cannot bet against gold next week in the current environment. “With a medium-term upside target of $2,700, I would be skeptical of gold, especially since my overall market analysis is negative and the press is clearly ignoring the ongoing World War 3,” Leibovit says.
Marc Chandler: This news will direct the gold price!
Marc Chandler, General Manager of Bannockburn Global Forex, says that interest rates and economic news will direct prices next week, as the additional conflict premium does not materialize. In this context, Chandler comments:
Gold ends the week near the middle of the week’s range. The high was recorded around $2,058.60 on Monday, and the low was recorded mid-week at just under $2,002. Geopolitics and the expansion of conflicts in the Middle East (including Pakistan and Iran) appear to have less impact than I anticipated.
Sean Lusk: I would be worried if I was long!
Sean Lusk, manager at Walsh Trading, says gold is losing support at current levels. The analyst states that falling below $2,000 will happen really easily. Lusk states that the driving forces of gold’s recent rise are decreasing. He also notes that the seasonal uptick will end soon. Based on this, the analyst makes the following statement:
Usually around this time, from mid-December to Valentine’s Day, we see massive physical demand, buying of gold by world jewelers and everyone else. Physically, it’s been one of the friendlier times where we’ve seen good reactions and good results. There was a rally in mid-February, then they took it all back. This year is a little different. But no one talks about what’s happening in Eastern Europe anymore. Israel-Gaza seems to be under control for now, Iran’s proxies are wreaking havoc, closing the Red Sea and so on, but does it really matter? If I were long below I would be a little worried here.
Darin Newsom: Weekly outlook still bearish!
According to Barchart.com Senior Market Analyst Darin Newsom, it will be interesting. Because just from a technical standpoint, there’s a mix of signals going on right now. The analyst said, “The trend on the weekly chart is still downwards. So what does this tell me? “We will see some of the money coming out of the safe haven idea.” says. Additionally, the analyst makes the following assessment:
I think we will continue to see money move out of commodities, and that includes gold. With so much uncertainty in the world, gold may be one of the last commodities we see out of money. However, the weekly chart still looks bearish. If it fails to establish a short-term uptrend from the low around $2,000 this week, it will surpass this level next week.
Adrian Day: A.gold moves up againe ready!
Adrian Day Asset Management President Adrian Day believes that gold can benefit from this week’s consolidation and achieve new gains next week. “We’ve had a pullback, now it’s possible for the gold price to move up again,” Day says.
James Stanley switched from bearish to bullish because…
James Stanley, senior market strategist at Forex.com, has moved from bear to bull for next week. “I went for the downside last week,” Stanley said. Because there was an early decline structure. “That happened to some extent,” he explains. He also said, “However, the bears could not test below $2,000 in spot. This created a falling wedge formation. These indicate an upward trend. “This combined with the lack of testing below $2,000, I think we will see a higher increase next week.” says. The real question, Stanley says, is “where will the bears emerge for resistance?” For gold; Note the $2,059, $2,075, and $2,082 levels.
Jim Wyckoff also expects the gold price to rise
Kitco Senior Analyst Jim Wyckoff also expects gold prices to rise next week. “As the bulls gain some momentum late this week, it is higher to suggest follow-on strength early next week,” Wyckoff says.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!