Gold broke records by reaching all-time highs repeatedly in recent weeks. Following this performance, it settled into a higher but relatively stable channel between $2,184 and $2,153. Economic data dropped gold to the bottom of the range. But each time, dip buyers came in strong and pushed the precious metal higher. The latest Kitco Weekly Gold Survey shows that last week’s bullish sentiment among market pundits has largely evaporated. However, retail traders remain optimistic about gold’s chances of continuing to gain next week.
Wall Street bear, Main Street bull in gold survey
cryptokoin.comAs you follow from , gold prices have broken new records in recent weeks. However, analysts expect knee straightening. 11 analysts voted in the Gold Survey this week. Almost three-quarters of Wall Street participants expect gold prices to fall or remain flat. Only three experts (27%) predict that gold prices will rise next week. A similar proportion of people predict that prices will remain horizontal. Six analysts, representing 46%, expect a price decline for the precious metal
Meanwhile, participants cast 194 votes in Kitco’s online polls. The majority of Main Street investors continue to predict more gains for gold next week. 110 individual traders, representing 56%, expect gold to rise next week. 54 (29%) of those surveyed predict that gold will fall. The remaining 30 (15%) remained neutral on gold’s near-term prospects.
Darin Newsom: The downward trend will continue!
Barchart.com’s Senior Market Analyst Darin Newsom says gold will continue to fall in the short term. However, he states that prices have not yet reached the 4-day lowest level. It also notes that the support level is $2,156.20. Evaluating the factors that may put pressure on gold next week, Newsom concludes that the Fed will not reduce interest rates, based on Fed Chairman Powell’s comments. According to the analyst, in this case, a strengthening of the US dollar could put pressure on gold prices. Newsom adds that the downward trend will continue unless prices exceed the 4-day lowest level.
Ole Hansen expects a decline in gold price
Ole Hansen, head of commodity strategy at Saxo Bank, remains bearish ahead of the US central bank meeting. “Calling bearish for the second week remains the biggest risk, with the risk of a deeper correction fueled by the long liquidation of hedge funds,” Hansen said. CPI and PPI were higher than expected. Therefore, after a week, markets priced in a postponement of the interest rate cut.” says.
Adrian Day: There is no reason to stop the rise!
Adrian Day, President of Adrian Day Asset Management, sees no reason to stop the rise. The analyst said, “The gold price is showing resistance against the Fed and other central banks delaying the start of the easing. “The market expects further easing, which will almost certainly occur.” says.
Colin Cieszynski in wait and see mode
“I am neutral on gold for next week,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. I think he may make a move after the Fed meeting. But the direction will depend on what Powell says.” says.
Marc Chandler: I expect the gold price to fall to these levels
“Next week is all about central banks,” said Marc Chandler, Managing Director of Bannockburn Global Forex. The market is having second thoughts about the June Fed cut. This gave some support to the dollar. “I think it is more likely that the BOJ will increase interest rates in April.” says. Additionally, the analyst points out the following levels:
I expect gold to fall within the next week. With a break of $2,150, $2,130 and perhaps $2,110 could be seen. But I suspect the potential extends to $2,100.
James Stanley: Gold needs a pullback!
James Stanley, senior market strategist at Forex.com, predicts gold will fall. The analyst predicts that the Fed’s statements will affect the market. However, he states that uncertainty is high and interest rate cut talks support gold. In this context, the analyst makes the following statement:
Given the speed of the breakout and the pause inside $2,200, gold looks like it needs a pullback, and it makes sense to see some profit-taking ahead of that with the Fed on Wednesday. Many investors who have probably been loaded lately may want to take some profits off the table given that the breakout is starting to stall, especially with a major push on the horizon.
Adam Button: The gold market becomes a buying market during declines!
Adam Button, chief currency strategist at Forexlive.com, states that ‘dot charts’ could signal the Fed to move to two of three interest rate cuts in 2024. According to Button, this will probably have a negative impact on gold. However, he ignores this rumor and notes that the gold market will be a buying market during declines.
The analyst states that if the Fed does not cut interest rates, the global economy is doing well and there is no need to worry. Button says gold is reaching all-time highs every week. He also explains that there are prospects for silver and mining stocks as well as gold. He also predicts that if the dollar falls, the price of gold will rise much higher.
Mark Leibovit expects short-term decline under gold
Mark Leibovit, publisher of VR Metals/Resource Letter, also expects a short-term decline in gold prices. The analyst said, “Earlier this week we exited most of our gold stock and index positions in anticipation of a pullback. However, we are still on the rise overall. The exception is silver, which is trying to catch up, which is why we are long the silver ETF.” says.
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