Gold Price Predictions: Experts vs. Retail Investors on Rebound or Further Decline

After a series of fluctuations this week, the gold market has demonstrated a certain level of resilience. Although Wall Street remains cautious about the short-term trend of gold, investor sentiment on Main Street has waned. In the latest weekly gold survey, there is a divergence of expectations between industry experts and retail investors regarding next week's gold prices.

Survey Voting Results

In the gold survey, 15 analysts participated, with 7 (47%) expecting gold prices to rise next week, 2 (13%) expecting a price decline, and the remaining 6 (40%) maintaining a neutral stance. In the online survey, 157 retail investors cast their votes, with 88 (56%) bullish, 43 (27%) bearish, and the remaining 26 (17%) anticipating a sideways price movement.

Weekly Gold Market Review

This week, gold prices experienced a series of fluctuations. At the beginning of the week, spot gold prices were close to $2,652 per ounce, but fell to a support level of around $2,640 per ounce by the weekend. Subsequently, gold prices fluctuated between $2,640 and $2,660 per ounce, reaching a high of $2,652 per ounce on Tuesday morning, but quickly retreated to a low of $2,609 per ounce. After the release of the FOMC meeting minutes, gold prices began to steadily recover. On Thursday, gold prices rose further due to higher-than-expected consumer inflation data. Finally, on Friday, gold prices reached a new high for the week at $2,661.47 per ounce.

Analysts' Opinions Summary

Marc Chandler believes that gold has found support near $2,600 per ounce and may retest the areas of $2,600 and $2,580 per ounce. Darin Newsom is bullish on gold as a safe-haven market, suggesting that investment traders may continue to flock to the gold market. Colin Cieszynski has a neutral stance on next week's gold, believing that gold has entered a trading range of $2,600 to $2,700 per ounce and next week may be relatively calm. James Stanley believes that the gold bull market is not over and is currently testing the resistance side of the bull flag pattern, which could open the door to new historical highs. Adam Button has a neutral stance on next week's gold but believes that gold has shown resilience in the face of a stronger dollar and rising Treasury yields.

Market Focus Outlook

Next week, the market will focus on U.S. retail sales data to gauge whether consumer spending continues to be strong. In addition, the European Central Bank's monetary policy decision is also a focal point for the market. Traders will also pay attention to the Empire State manufacturing survey, U.S. weekly unemployment benefit claims, and the Philly Fed manufacturing survey, as well as the U.S. housing starts and building permits data released on Friday. In summary, although the gold market may experience fluctuations in the short term, in the long term, gold's safe-haven attributes remain a key factor supporting its price increase. Investors should be alert to potential volatility in the global market, especially in the coming weeks, as the release of key economic data and changes in the political situation may bring more uncertainty to the gold market.