Predicting Gold’s Future: Insights from 17 Wall Street Analysts on Coin’s Value and Symbol

  • Gold has been the center of attention in the market this week, with the Federal Reserve’s interest rate path on the agenda.
  • While bullish analysts are increasing, individuals are skeptical about the rise.
  • Experts from Wall Street to Main Street are weighing in on the future of gold prices.

As geopolitical tensions ease and critical economic data releases are absent, gold takes center stage in the financial market. Experts weigh in on the future of gold prices, revealing a mix of optimism and skepticism.

Gold Market Survey Reveals Mixed Sentiments

The latest Kitco Weekly Gold Survey revealed renewed optimism about the precious metal among industry experts. However, only half of individual traders predict that gold prices will gain value next week. Out of the 17 Wall Street analysts who voted this week, only a small fraction predict a fall in gold prices. Ten experts (59%) expect gold prices to rise next week, while two analysts representing 12% predict a drop. Five experts (29%) predict a lateral movement for gold.

James Stanley: A Positive Outlook for Gold in the Short Term

James Stanley, a senior market strategist at Forex.com, sees a positive picture for gold in the short term. He notes that bears had plenty of opportunities to regain control of the trend, but bulls are making a comeback since the lowest level printed in the NFP report. This week, a falling wedge that resembles a bull flag was broken, leaving the door open for continued strength next week.

Adrian Day Expects a Neutral Market

Adrian Day, President of Adrian Day Asset Management, believes the situation is quite balanced for the coming week. He notes that gold’s resistance was very strong, but he suspects a pullback after another attack at $2,400. Therefore, he does not expect any change for the coming week.

Adam Button: Gold Price’s Uptrend Continues

Adam Button, the head of currency strategy at Forexlive.com, is concerned about Asian demand. However, he says the uptrend continues. He states, “Your story about slowing gold purchases from China worries me. But it’s hard to argue with price action.”

Alex Kuptsikevich: $2,640 as a Growth Target, But…

Alex Kuptsikevich, a senior market analyst at FxPro, considers that gold has periodically updated its historical peaks since February. He identifies the area of $2,640 (161.8% of the first rally) as a growth target. However, Kuptsikevich also warns that high bond yields in developed countries, massive budget deficits in many countries, and the need to support the economy suggest limited upward potential for gold prices.

Conclusion

While there is a mix of optimism and skepticism among experts about the future of gold prices, the general consensus is that gold will continue to be a significant player in the financial market. Whether it will maintain its current upward trajectory or experience a pullback remains to be seen. Investors and traders are advised to keep a close eye on market developments and make informed decisions.

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Alican is a young and dynamic individual at the age of 23, with a deep interest in space exploration, Elon Musk, and following in the footsteps of Atatürk. Alican is an expert in cryptocurrency, price action, and technical analysis. He has a passion for sharing his knowledge and experience through writing and aims to make a positive impact in the world of finance.
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