According to the weekly review of gold prices, Wall Street and Main Street are optimistic about gold, expecting prices to rise to the level of $ 1800 per ounce this week.
Analysts are closely monitoring the US dollar, US Treasury bond yields, and US macro data as key drivers for gold.
The results of the gold price survey showed that out of 13 Wall Street analysts, 53.8% voted for this week's growth of the precious metal.
The other half was divided equally between bears and neutrals, and each part received 23.1% of the votes.
A similar trend was observed on Main Street. 54.1% voted for a price increase out of the 839 participating retail investors. The remaining 24.2% were bearish traders, while 21.7% were neutrals.
They called the movement above the psychological level of $ 1,800 per ounce as a key bullish signal that should be paid attention to.
According to analysts, a movement above $ 1,800 is necessary to confirm the bottom. The yield of 10-year US bonds has stalled at 1.50% at the gold's current price.
Colin Cieszynski, Chief Market Strategist at SIA Wealth Management, said that the sale of gold is going on as usual. Nevertheless, he is optimistic about gold in the upcoming weeks as it seems that the trading rebound has begun.
In addition, it is believed that the Fed provoked an excessive sell-off.
There is a growing awareness that inflation will be more stable than expected, and so, gold will begin its recovery after the provoked movement that followed the last meeting of the Fed.
Another positive signal is that Bitcoin has not resumed its active rally after declining to $ 30,000, but has risen slightly above $ 34,000.
