Metals News
Where does gold go in the short term analysts still "disagree"
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10:41AM
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SMM news: after a week of ups and downs, the gold market's next short-term trend is "hesitant."

Gold, which once soared above $1610 because of geopolitics in the Middle East, has now fallen back to around $1560.

According to the KITCO survey of professionals, 44 per cent of respondents expect gold prices to fall, 31 per cent expect gold prices to rise, and the remaining 25 per cent are neutral about the trend of gold or think the market will be tidied up.

The survey of retail investors is slightly different, with 47 per cent of retail investors expecting gold prices to rise this week, 31 per cent expected to fall and 21 per cent taking a neutral view.

"I think gold prices will continue to fall unless the situation in Iran worsens again," said Daniel Pavilonis, a senior commodities broker at RJO Futures. "

Colin Cieszynski, chief market strategist at SIA Wealth Management, also believes there will be a further correction in gold.

"I am bearish on the price of gold for the coming week. As tensions between Iran and the United States ease and the global economy improves, gold prices have been falling back to a range of $1450 to $1550. "

John Weyer, co-head of commercial hedging at Walsh Trading, also says profit-taking has become a trend. However, he added that if tensions between the United States and Iraq rise again after the previous war between the two countries, he expects gold to rise again.

"Gold touched some technical [resistance] levels and got rid of them. So there are some profit-taking, there are also some technical range of trading. "

Mark Leibovit, publisher of VR Metals/Resource Letter, also said he was bearish in the short term. Leibovit believes that the cyclical peak in mid-February may come early.

Meanwhile, Phil Flynn, a senior market analyst at, Price Futures Group, expects gold prices to rise this week as the central bank continues strong buying and optimistic physical demand, although the risk premium for gold has fallen in the wake of Iran's retaliatory strike against the US.

Jim Wyckoff, senior technical analyst at Kitco, expects gold prices to hold steady to higher levels and comments that the chart remains generally bullish.

Charlie Nedoss, senior market strategist at LaSalle Futures Group, said market trends may still be rising and gold prices are still above the key moving average. In the short term, however, he expects a horizontal consolidation after a sharp rise in prices a few days ago.

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