Due to the seasonal effect, the gold market saw relatively little fluctuation in price movements last week. Spot gold spent most of the week trading between $2,020 and $2,030. However, the weekly chart has a more dramatic outlook. In the latest Kitco Weekly Gold Survey, Wall Street analysts left the bear cave. Thus, they are preparing for a new bull run.
Wall Street made a complete bullish turn in the gold survey!
cryptokoin.comAs you can see from , gold is stuck in a narrow range. However, analysts have been bullish this week. 11 analysts voted in the Gold Survey this week. Wall Street has made almost a complete comeback on gold’s expectations from last week. Eight experts (73%) expect gold prices to rise this week. A single analyst, representing 9%, predicts that prices will fall. Two experts (18%) predict that gold prices will remain horizontal this week.
Meanwhile, participants cast 203 votes in Kitco’s online polls. Main Street maintained its basic sentiment distribution from last week. 89 individual investors, representing 43%, expect gold to rise this week. Another 52 (26%) predict that gold will fall. 63 people (31%) remained neutral about the near-term prospects of the precious metal.
Adrian Day: Underlying fundamentals are positive and support gold
Adrian Day, Chairman of Adrian Day Asset Management, sees further gains for gold this week. Day said, “The market, which had previously declined with indicators that the Federal Reserve would postpone the interest rate cut following optimistic expectations, is now putting these problems aside. “The underlying fundamentals are positive and supportive of gold.” says.
James Stanley predicts the gold price will rise
James Stanley, senior market strategist at Forex.com, is ‘sticking to the upside’. “Dollar bulls had an open door after last week’s CPI report,” the analyst said. … Actually, this is not a single inflation data: Core CPI has been around 4% for the last five months. But it’s significant that the Fed has spoken out on this issue. This is the market reaction so far.” says. In this context, the analyst makes the following statement:
On the other hand, the ECB is determined to cut interest rates, and given the large share of the Euro in the DXY quote, this could similarly put pressure on the USD this week. I expect this to be positive for gold.
Adam Button: In this case, significant declines in gold are possible!
Adam Button, head of foreign exchange strategy at Forexlive.com, takes the opposite view on the Fed’s possible response to hot data. “If we get a few more upside economic data surprises, the Fed will start to lose its dovish bias,” the analyst said. “If this happens, we may see significant declines in gold.” says.
Bob Haberkorn: There is strong demand for gold assets because…
“The biggest risk for gold right now is that we get hot inflation data again,” RJO Futures Senior Commodity Broker Bob Haberkorn said. says. Haberkorn says gold has created a nice base around $2,000. “It has crossed this level several times,” the analyst said. However, with the geopolitical risk on the horizon, combined with this year’s US elections and the Fed’s expectations, gold remained at the nice support level of $ 2,000. “Dips below this level are bought up quite quickly.” says. Haberkorn believes future Fed speakers will remain consistent in their messaging. The analyst comments:
If one of them hints that interest rates will be cut as soon as possible, this will be extremely beneficial for gold bulls. But considering where our interest rates are now, it’s impressive that gold has maintained $2,000. This underlines the fear that is currently creating strong demand for gold assets around the world.
Darin Newsom explains its bullish targets
Barchart.com Senior Market Analyst Darin Newsom says technicals will show a solid green bias this week. The analyst said, “The short-term trend on the daily chart of April seems to have turned upward. Initial resistance may lie at the recent high at $2,045.50. Beyond that, the target is $2,061.30 and then $2,083.20.” says.
Marc Chandler: Spot gold will probably trade at these levels
Bannockburn Global Forex General Manager Marc Chandler states that gold has risen in five of the last six sessions. He also notes that the Dollar Index has fallen in six of the last seven sessions. Chandler expects the dollar to continue falling as he believes the interest rate adjustment is almost over. Based on this, he points out the following levels for gold:
The market is approaching the three rate cuts that the median Fed point signaled in December. Momentum indicators are turning up. I think spot gold could trade towards $2,050 this week.
Jim Wyckoff: Steady and horizontal!
According to Kitco Senior Analyst Jim Wyckoff, gold will remain stuck in its recent channel this week. The analyst said, “Stable and horizontal. Hard technical support levels lie just below the market. “But there is no fundamental catalyst that would encourage bulls to be more active in the long term.” says.
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