The precious metal has just spent a week of intense movement, anchoring around the threshold of $4,500 a ounce. The gold is mixed between the need for shelter from Middle East tension, the dollar is strong, the U.S. bond revenue increases and concerns the U.S. Federal Reserve (Fed) maintains strong monetary policy over longer than expected.
The survey of Kitco News shows that most Wall Street specialists are negative with short-term prospect of gold. In 13 survey analysts, more than 60% claimed the price was down and only 15% expected the gold would rise in the next week. The rest of you identify markets passing.
With small investors participating in online surveys, more than 55% expected prices to rise, remaining forecasts to pass or decrease.
Marc Chandler, executive Bannockburn Global Forex alleged that the gold still hasn't shown clear breakout signal when mainly oscillation around the area supports $4,500 a ounce. According to him, to confirm the trend to rise back, the cost of crossing the area of 4,600 dollars while the risk of reducing the risk can still pull the gold back to the average area of the average of the 200 days, around $4,370.
Alex Kuptsikevich, senior analyst at FxPro, precious metal forecasts can be reduced to the 4.370 - $4,400 in the next week when the middle-end trend remains negative. According to him, although the geopolitical tensions in the Middle East have softened, the gold has not regained its momentum and has constantly formed the lower peaks since late January this year.
Meanwhile, Adrian Day, Chairman Adrian Day Asset Management, assumes that gold is more likely to continue to waver, but with the tendency to move slightly up.
*The golden plague at the SJNC Opening Day of the Spirits. Image: *January
Shared with the press at the beginning of this month, Shao Kai, Director of the Asian Pacific Region (non-Chinese) of the World Gold Council (WGC) said the central banks would continue to buy gold plates with steady mass. Recent sales operations only appear in several countries with specific objectives, such as Turkey selling gold to assist ill-council or Russian forces for war.
According to WGC, the trend to buy well of the more likely central banks continued over the next period, with the need to be rated still at "the positive and the powerful level". The WGC representative forecasts the mass of the central banks of approximately 800 tons of gold this year, equivalent to 2025.
In addition to old motivations such as the need to buy from the central bank, the yellow market according to WGC, made additional variables as Middle East conflict. Western investors are concerned about long-term inflation and high interest rates, while Asian investors tend to buy when the price of adjustments goes down.
The organization does not make specific forecasts of gold prices, but suggests that the ability of precious metals to establish new peaks may still occur if world order continues to fragment or concerns over Fed independence and increased US public debt.