Gold's ability to rise above $1,850 per ounce is creating some healthy optimism in the market. Retail investors, as well as Wall Street analysts, expect prices to rise this week.
19 Wall Street analysts took part in the gold survey. Among them, 13 analysts, or 68%, are optimistic. At the same time, one analyst, or 5%, are bearish, and five analysts, or 26%, believe prices are trading sideways.
There were 495 votes in the online polls. Of these, 254 respondents, or 51%, expected an increase in gold prices this week. Another 145 voters, or 29%, voted for their reduction. And 96 people, or 19%, were neutral.
Compared to last week, the mood on Main Street has changed significantly. As retail investors leaned into the bear market, expecting prices to fall to $1,800 an ounce.
Darin Newsom, senior technical analyst at Barchart.com, said gold has strong technical momentum.
Marc Chandler, managing director at Bannockburn Global Forex, saw an upside opportunity for gold in the near term.
And ABC Bullion Global General Manager Nicholas Frappell is neutral on the precious metal as hawkish comments from the central bank could cap any near-term rally. He added that ahead of the February nonfarm payrolls data, investors would not risk betting big this week.
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