The gold market has suffered another week of losses, dropping for the third consecutive week following the Federal Reserve's meeting in June, where expectations shifted from a pause in interest rates to an increase in rates.
Wall Street is divided on whether gold will continue to decrease in value or not. Of the 14 analysts surveyed, 43% are optimistic about the price of gold next week, while the rest predict a decline with only 14% remaining neutral.
Meanwhile, Main Street is seeing an increase in gold prices, with 49% of the 762 retail investors surveyed expecting higher prices, 36% anticipating a decrease, and 15% remaining neutral. Despite this, the retail sector is still experiencing a decrease in prices based on previous surveys.
Investors' target average gold price for next weekend is $1,981/ounce, which is about $37 higher than the current price. Gold has lost over $120 since trading at $2,062, but it may be too early to call it the bottom, although it could close.
Trading steadily below $2,062 signals strong pressure for many days/weeks. It is likely that in the final period of the lower timeframe, it will move down from the highest level, with possible depleted areas on the way down at $1,937-40, $1,929, $1,906, and $1,882.
Wall Street is divided on whether gold will continue to decrease in value or not. Of the 14 analysts surveyed, 43% are optimistic about the price of gold next week, while the rest predict a decline with only 14% remaining neutral.
Meanwhile, Main Street is seeing an increase in gold prices, with 49% of the 762 retail investors surveyed expecting higher prices, 36% anticipating a decrease, and 15% remaining neutral. Despite this, the retail sector is still experiencing a decrease in prices based on previous surveys.
Trading steadily below $2,062 signals strong pressure for many days/weeks. It is likely that in the final period of the lower timeframe, it will move down from the highest level, with possible depleted areas on the way down at $1,937-40, $1,929, $1,906, and $1,882.
