Sentiment suggests gold prices to struggle next week, but analysts see a potential buying opportunity gold bullish bearish
- The gold market is preparing to end its fourth week in negative territory, and prices could remain under pressure, with some analysts looking for a test of support at $1,800 in the near term as sentiment in the marketplace remains lackluster.
"For many investors, the gold price is falling to a major pain threshold," said Phillip Streible, chief market strategist at Blue Line Futures."But the threat of a recession hasn't gone away. The Federal Reserve, with its aggressive monetary policies, is on track to break the economy, so gold's uptrend remains intact."
This week, 17 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, 13 analysts, or 76%, were bearish on gold in the near term. At the same time, only one analyst, or 6%, was bullish for next week and three analysts, or 18%, saw prices trading sideways. "April gold completed the short-term downtrend on its daily chart, reaching a low of $1,827.70 Friday morning," he said."I'm looking for the contract to move higher short-term. It would not be a surprise to see daily stochastics establish a bullish crossover… Then we'll wait to see if the contract can complete a bullish reversal pattern."
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