- Sentiment in the gold market is slowly shifting back to the bullish side as the precious metal’s resilience in the face of rising bond yields shines through. However, some analysts are warning that there is still insufficient momentum to push gold prices through critical resistance levels.
Kevin Grady, president of Phoenix Futures and Option, said that in the current environment, gold has room to move higher in the near term. However, he added that a lack of clarity from the Federal Reserve on the future path of its monetary policy is keeping a lot of investors on the sidelines. Meanwhile, 483 votes were cast in online polls. Of these, 182 respondents, or 38%, looked for gold to rise next week. Another 181, or 37%, said it would be lower, while 117 voters, or 24%, were neutral in the near term.Main Street Bullish Bearish Neutral According to the survey, retail investors see gold prices pushing to $1,941 an ounce by the end of next week.
Adrian Day, who has been neutral on gold in the near term recently, now sees more upside potential for the precious metal as weaker unemployment data supports growing expectations that the Federal Reserve is quickly coming to the end of its tightening cycle.