After a long and quiet summer, the gold market is starting to gain some upward momentum. Both Wall Street analysts and Main Street investors are predicting higher prices, according to the latest Kitco News Weekly Gold Survey. Cryptocoin. com
As , we have compiled the weekly gold price yellow forecasts for you, let’s examine them together…
Adam Button: Gold prices break the yellow resistance at $1,834 and continue to rise
Analisdollarser says prices could rise as the Federal Reserve considers delaying plans to cut monthly bond purchases. Analisdollarser says that gold could start a fresh rise with a possible target of $1,900.
The dramatic shift in monetary policy forecasts supporting gold prices came after the US Labor Department announced that only 235,000 jobs were created in August. While sdollarser forecast 720,000 job gains, the data significantly missed expectations. Employment gains fell well short of even the most bearish estimates. Forexlive. com chief currency strategist Adam Button commented:
The Federal Reserve will not signal a contraction in September, and they will only receive one more jobs report before the November FOMC. Add the other signs of weak US growth and contraction rates continue to fall as disappointing third-quarter growth spreads to the fourth quarter. Gold fiadollar will break the yellow resistance immediately at $1,834 and continue to rise.
15 Wall Street analyst gave the weekly gold price yellow forecasts!
This week, 15 Wall Street analysts took part in Kitco News’s yellow gold price survey. 10 or 67% of the participants expect the gold price to rise. At the same time, two analysts, or 13%, called for lower gold prices next week. Three analysts, or 20%, remained neutral on gold in the short term. Meanwhile, a total of 637 votes were cast in the Main Street poll. Of these, 416, or 65%, expect gold to rise next week.
118 people, or 19%, expected lower levels, while 103 voters, or 16%, remained neutral. The current bullish sentiment has improved from the previous week as both Wall Street and Main Street expect to see higher prices. Gold prices were last traded at $1,832.30, up 0.7% from last week. Most of these gains came on Friday as gold gained more than 1% after disappointing k data.
David Madden: I’m optimistic about gold but still a little cautious
David Madden, market analyst at Equiti Capital, said he watches the US dollar. According to David Madden, if the US dollar index falls below 91.75, gold will go much higher. However, David Madden added that he would like to see the gold price rise above $1,835 per ounce. David Madden stated that gold has tested this resistance level three times this year and failed to break it. David Madden made the following comments on the subject:
I’m optimistic about the gold price, but still a little cautious. I think contraction will be off the table in September and unlikely in December, so it’s more likely to come in March and this could limit the upward movement of gold.
Robin Bhar: I don’t hold gold as a speculative asset, I keep it for portfolio diversification
kitco Jim Wyckoff, senior technical analyst at .com, said the gold bulls have a clear technical advantage and are looking for higher prices in the near term. Independent market analyst Robin Bhar said he loves gold but remains neutral on price action in the short term.
Robin Bhar added that the latest employment data also affects the Fed’s plans to cut bond purchases. However, he said the contraction isn’t completely off the table. Bhar emphasizes that investors should view the current price as a good entry point for a long-term tactical investment, rather than looking for short-term speculative gains. Robin Bhar made the following comments on the subject:
I don’t hold gold as a speculative asset, but for portfolio diversification. Gold prices still have a place in a portfolio where the stock markets are at record highs.
Marc Chandler: The market looks overextended…
However, not all analystsdollarser is optimistic about gold in the near term. Marc Chandler, managing director of Bannockburn Global Forex, said that while gold’s movement looks positive, he is skeptical as the US dollar stabilizes. Marc Chandler made the following comments on the subject:
The market looks overextended and I would like to fade this move that has carried the yellow metal back to August highs.