Kitco Gold Survey: A dramatic change! The bulls come out next week, the price of gold may hit the $1,900 mark
10:08:01 2020-12-05 FX168
According to the results of the Golden Week survey released by Kitco News on Friday (December 4), as the sentiment of Wall Street analysts and Wall Street investors has changed significantly, the gold market may rise further in the short term.
The gold bulls seem to be making a big move again, as the precious metal experienced a strong reversal in the first few trading days of December. The gold market rebounded from a four-month low on Monday and hit its highest level in a week.
Darin Newsom, president of Darin Newsom Analysis, said, “After the gold price rebounded from the key support level of $1767, we saw a strong reversal in the price of gold. From a technical point of view, short-term trends indicate that the price of gold will rise slightly next week.”
This week, 14 professional analysts participated in the survey. A total of 10 analysts (71%) expect the price of gold to rise next week; at the same time, one analyst (7%) expects the price of gold to fall; three analysts (21%) hold a neutral view on gold.
Meanwhile, in the survey that was conducted online a week ago, a total of 1,147 votes was received. Among these 743 respondents, 65% (or 742 people) said that they were optimistic about the gold’s performance in the upcoming week. Another 231 respondents (20%) said they were bearish, and 173 respondents (15%) were neutral on gold.
The market sentiment has changed dramatically from last week. At the beginning of the week, most analyst’s had a negative attitude towards gold, and retail investors’ confidence level was at a multi-year low at the time. The gold price is expected to rise by 3-5% this week.
Most analysts have pointed out that gold prices have rebounded from a 4-month low hit earlier this year in November, creating strong technical bullish momentum for the market.