The latest Kitco News Weekly Gold Survey shows that both Wall Street analysts and Main Street investors are solidly bullish on gold in the near term.
The broad-based bullish sentiment comes as the precious metal is seeing some selling pressure Friday after the U.S. Labor Department released robust employment data, saying that 339,000 jobs were created last month. However, some analysts said that despite the hawkish employment numbers, gold's new momentum has room to run further.
While gold has been unable to hold $2,000 ahead of the weekend, analysts said the bounce off a two-month low should provide some bullish momentum in the near term.
"There's a bullish trendline connecting last Friday's and this Tuesday's lows – I think this is in bulls' courts and it's theirs to lose, for now," said James Stanley, senior market strategist at Forex.com.
At the same time, while prices are expected to rise next week, analysts aren't expecting to see a major break to new all-time highs. Colin Cieszynski, chief market strategist at SIA Wealth Management Inc, said a weaker U.S. dollar next week should support gold, but he doesn't see prices breaking above $2,000 an ounce.
"Easing political and banking systems tensions suggest that if we do get a bounce for gold, it may be moderate and $2,000 remains a significant psychological barrier," he said.
This week, 19 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, ten analysts, or 53%, were bullish on gold in the near term. At the same time, five analysts, or 26%, were bearish for next week, and four analysts, or 21%, saw prices trading sideways.
Meanwhile, 509 votes were cast in online polls. Of these, 307 respondents, or 60%, looked for gold to rise next week. Another 124, or 24%, said it would be lower, while 78 voters, or 15%, were neutral in the near term.
https://www.kitco.com/news/2023-06-02/Sentiment-suggests-gold-is-ready-to-retest-2-000-as-three-week-selloff-ends.html
The latest Kitco News Weekly Gold Survey shows that both Wall Street analysts and Main Street investors are solidly bullish on gold in the near term.
The broad-based bullish sentiment comes as the precious metal is seeing some selling pressure Friday after the U.S. Labor Department released robust employment data, saying that 339,000 jobs were created last month. However, some analysts said that despite the hawkish employment numbers, gold's new momentum has room to run further.
While gold has been unable to hold $2,000 ahead of the weekend, analysts said the bounce off a two-month low should provide some bullish momentum in the near term.
"There's a bullish trendline connecting last Friday's and this Tuesday's lows – I think this is in bulls' courts and it's theirs to lose, for now," said James Stanley, senior market strategist at Forex.com.
At the same time, while prices are expected to rise next week, analysts aren't expecting to see a major break to new all-time highs. Colin Cieszynski, chief market strategist at SIA Wealth Management Inc, said a weaker U.S. dollar next week should support gold, but he doesn't see prices breaking above $2,000 an ounce.
"Easing political and banking systems tensions suggest that if we do get a bounce for gold, it may be moderate and $2,000 remains a significant psychological barrier," he said.
This week, 19 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, ten analysts, or 53%, were bullish on gold in the near term. At the same time, five analysts, or 26%, were bearish for next week, and four analysts, or 21%, saw prices trading sideways.
Meanwhile, 509 votes were cast in online polls. Of these, 307 respondents, or 60%, looked for gold to rise next week. Another 124, or 24%, said it would be lower, while 78 voters, or 15%, were neutral in the near term.
https://www.kitco.com/news/2023-06-02/Sentiment-suggests-gold-is-ready-to-retest-2-000-as-three-week-selloff-ends.html
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