Bulls or Bears? Wall Street vs. Main Street puts together leading analysts and regular metals investors to find out where they think gold is headed next week. Picked up and quoted by other leading news organizations, this feature has become a cornerstone for the industry and an indicative benchmark.
- Gold continued its strong run this week amid the ongoing conflict in the Middle East, with the spot price topping out just below the $2000 level going into the weekend and the all-time high looking to be within striking distance in the not-too-distant future.
Pavilonis said that if nothing dramatic happens over the weekend and into the start of the week, he expects gold prices to retrace and test recent support levels."We had that hard bottom at 1822," he said."I think if things start to reverse here, then we start getting back down to there. I would say the first point of support would be somewhere around 1940, and then breaking to somewhere around 1907, 1904.
This week, 13 Wall Street analysts participated in the Kitco News Gold Survey. Four experts, or 31%, expected to see higher gold prices next week, while six analysts, or 46%, predicted a drop in price, and three experts, or 23%, were neutral on gold for the coming week. Button said that high bond yields have been holding gold prices back, and the stubborn optimism of the U.S. consumer and equity markets is the reason.
Marc Chandler, Managing Director at Bannockburn Global Forex, also expects to see gold pull back a bit.
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