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According to the latest results of the Kitco News Gold Survey, gold prices, which tend to contract, are not expected to go anywhere anytime soon as the sentiment among the Wall Street analysts has become absolutely neutral. Cryptocoin. com

As , we have compiled the weekly gold price yellow forecasts for you, let’s examine it in detail…

Colin Cieszynski: Gold 1. 760-1. Seems to be stuck in the $840 trading range

Since mid-July, gold prices have tested the resistance at $1,830, but failed to hold these levels. The latest failed rally and dip below $1,800 ahead of the weekend disappointed investors and analysts with a bullish outlook. Colin Cieszynski, chief market strategist at SIA Asset Management, said, “Gold is currently at 1,760-1 without much direction. “It seems to be stuck in the $840 trading range and there is not much news next week that could potentially change that.”

This week, 15 Wall Street analysts took part in Kitco News’ gold survey. Nine or 60% of respondents expect gold prices to trade sideways. Meanwhile, the bullish and bearish outlooks received three votes of 20% each. While individual investors are still optimistic about gold, there is a marked lack of interest in the market. This week’s poll turnout has dropped to its lowest point since May 2019.

Ole Hansen: We won’t go far below $1,800

A total of 494 votes were cast in the online polls. Of these, 274, or 55%, expect gold to rise next week. 127 voters, or 26%, expected lower levels, while 93 voters, or 35%, remained neutral. Ole Hansen, head of commodities strategy at Saxo Bank, said gold will continue to struggle while the US dollar remains relatively strong.

He added that the US dollar remains the most important headwind against gold and that real bond yields are still in the deeply negative territory. Ole Hansen added that although he does not predict that the gold price will rise in the near future, in the current environment, the gold price will not fall below $ 1,800 per ounce. Ole Hansen made the following comments on the subject:

The gold market has seen strong physical demand. But if fiyadollarsars are to rise, then we need to see paper investors and speculators return to the market. But with some momentum, they won’t do so until the price rises above $1,830 an ounce.

Marc Chandler: I’m down on the yellow gold price!

Equiti Capital market analyst David Madden said he expects gold to remain range-bound. He added that equity markets at record valuations and heightened market uncertainty will keep his safe-haven offer for the yellow metal. Marc Chandler, managing director of Bannockburn Global Forex, said gold is also bearish as it sees more momentum for the US dollar in the near term.

He added that rising inflation has increased interest rates, which has bolstered the US dollar. But some analisdollarser are not ready to give up gold just yet. Forexlive. com chief currency strategist Adam Button said he is optimistic about the precious metal as inflation continues to rise. Adam Button made the following comments on the subject:

The price action this week has been worrying. The main concerns are the duration of global supply bottlenecks and China’s pressure on ‘common prosperity’.

Nicholas Frappell: These levels are important in Gold!

Nicholas Frappell, global managing director of ABC Bullion, said that gold is also in a bullish trend as he sees the supporting technical factors. Nicholas Frappell made the following comments on the subject:

The daily Ichimoku Cloud top was part of technical resistance near $1,830. However, the cloud top drops to $1,803-04 next week, giving gold more room to trade above this level.


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Michael Lewis

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