Many analysts assume that despite the fact that gold rolled back by $20 before the long weekend, bullish sentiment persists. Investors are focused on $2,000 amid market volatility.
Most of the 13 participating Wall Street analysts were optimistic about gold prices next week, with 46% predicting higher levels. Another 31% spike forecast lower prices, expecting a bigger pullback. The remaining 23% were neutral.
Analysts at Main Street were even more bullish. The survey showed that of the 1,254 participating retail investors, 72% expect higher prices, 16% bet on a decline, and 12% are neutral.
Many analysts pointed to the bullish patterns of gold after it broke the level of $1,980 per ounce. They are sure it is a sign of high demand for gold. This is why gold prices are likely to grow.
The creator of Moor Analytics, Michael Moore, notes that gold has broken through several patterns, which fuels bullish momentum.
However, on Good Friday and Easter holidays, trading will be sluggish due to the shortened week.
It is better to be neutral about gold prices. Easter holiday will last for several days. So, the market as well as trading will be calm.
Those who remain bearish forecast a decline next week as investors hope to lock in profits after solid growth. However, even those who expect lower prices in the short term are confident that the overall macroeconomic situation will trigger a rally in the future.
