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Gold: A price of $2000 per ounce may attract investors this week

Gold: A price of $2000 per ounce may attract investors this week| FXMAG.COM
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  1. Last Friday, 22 Wall Street analysts participated in a gold survey
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    The latest gold survey shows that bearish sentiment has a slight advantage among Wall Street analysts. Retail investors, on the other hand, maintain significant optimism. The mixed sentiment has arisen due to the fact that the gold market ended last week above $2,000 per ounce but dropped significantly from its test of historical highs.

    Analysts believe that the market continues to respond to fluctuating interest rate expectations. After raising interest rates by 25 basis points, the Fed shifted its monetary policy to a more neutral position, and the markets began to consider the possibility of a rate cut in July. Ahead of the weekend, good employment data was released, with 253,000 jobs created and wages increasing by 5%. Gold prices fell, dropping more than 2% for the day.

    Wage growth indicates increased inflation, which will force the Federal Reserve to maintain a hawkish stance on monetary policy. In the near future, gold may face difficulties, as it is unlikely that the Federal Reserve will lower interest rates during the summer. However, for investors looking to build a long-term position, such volatility creates favorable entry conditions.

    Last Friday, 22 Wall Street analysts participated in a gold survey

    Last Friday, 22 Wall Street analysts participated in a gold survey. Among the participants, seven, or 32%, were optimistic about the near-term outlook. At the same time, nine analysts, or 41%, predicted bearish sentiment, and six, or 27%, believed that prices would trade within a sideways range.

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    In online polls, 774 votes were cast. Of these, 500 respondents, or 65%, expect gold prices to rise. Another 163 voters, or 21%, stated that the price would drop, and 111 participants, or 14%, expressed neutral opinions.

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    Retail investors also expect a confident recovery in gold prices, predicting that prices will be around $2,060 by the end of the week.

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    According to some analysts, despite Friday's sell-off, since prices held the $2,000 per ounce level, such a price may attract investors this week. Moreover, the longer the debate over debt limits continues, the faster the U.S. approaches a government default. Such uncertainty will continue to support gold prices, as it did in 2011.

    Relevance up to 12:00 2023-05-13 UTC+2 This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

    Read more: https://www.instaforex.eu/forex_analysis/342490


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