Gold price traded higher last week, rising by more than 1.25%. According to the latest weekly gold survey, more than two-thirds of retail investors expect an increase in precious metal prices this week.
Adrian Day Asset Management President Adrian Day's forecast aligns with investors' expectations regarding price growth. According to him, economic news in the United States and other countries is mixed, but the prevailing trend suggests a weakening global economy. The market shows signs of the end of rate hikes in the USA, although the principle of tightening in the long term still exists.
According to Daniel Pavilonis, Senior Commodities Broker at RJO Futures, gold will reach its ceiling in the near future. This is justified by the fact that some data still appear relatively strong.
Last week, 11 Wall Street analysts participated in the survey. Seven, or 64%, expect prices to rise this week. Three analysts, or 27%, lean towards a price decline, and only one analyst, or 9%, remained neutral.
In an online poll, 534 votes were cast. Of these, 360 respondents, or 67%, expect prices to rise. Another 101, or 19%, voted for a drop, while 73 voters, or 14%, remained neutral.
The latest survey shows retail investors expect prices around $1962 per ounce this week.
Marc Chandler, Managing Director at Bannockburn Global Forex, sees gold reaching $1975–85 this week.
Sean Lusk, Co-Director of Commercial Hedging at Walsh Trading, continues to be cautious about the short-term prospects of gold. He believes gold will decline this week amid strong DXY and stock market.
