You are here: Home > articles > Commodities > Forex > Gold turns positive amid geopolitical crisis, Wall Street and retail investors show divided sentiment
Gold turns positive amid geopolitical crisis, Wall Street and retail investors show divided sentiment
October 9, 2023 12:23 pmVideo
Latest News
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
Since September 20th, when the Federal Reserve left interest rates unchanged, and following the U.S. employment report that led to a drop in the spot price to a new 7-month low of $1,810.46, gold closed in the positive territory for the first time in two weeks on Friday.
According to the latest weekly gold survey, market analysts and retail investors have divergent opinions on the prospects of the precious metal for the current week.
Darin Newsom, Senior Market Analyst at Barchart, predicts an increase in gold prices, believing that the yellow metal will reach $1,860 by the end of the week. However, the long-term downward trend persists.
Michael Moor, founder of Moor Analytics, holds a bearish outlook.
James Stanley, senior market strategist at Forex.com, believes that gold will remain within its recent range for the current week.
Thirteen Wall Street analysts participated in the recent gold survey. Five experts, or 38%, expect prices to rise, while the same number of experts forecasts a decline. Only three analysts, or 23%, remain neutral.
In an online poll, 528 votes were cast. Of these, 227 retail investors, or 43%, anticipate price increases. Another 222 respondents, or 42%, expect a decline, while 79 respondents, or 15%, have a neutral stance.
The latest poll shows that retail investors expected prices to be around $1,842 per ounce, which is $30 lower than last week’s forecast. However, due to the tense geopolitical situation in Israel, prices have already reached this target.
According to Marc Chandler, Managing Director at Bannockburn Global Forex, the key drivers for gold remain the U.S. dollar and interest rates, not central bank purchases.
Colin Cieszynski, chief market strategist at SIA Wealth Management, holds an optimistic view on precious metal prices. In his opinion, the U.S. dollar and Treasury yields should take a pause, and gold should strengthen above the $1,820 per ounce mark.
Adrian Day, President of Adrian Day Asset Management, believes that markets may misinterpret employment data, and the price of the precious metal will continue to decline during the week.
Mark Leibovit, publisher of the VR Metals/Resource Letter, believes that gold is moving away from recent lows and has some potential for growth.
The current week is expected to be relatively calm, except for the geopolitics in the Middle East. U.S. inflation data will be crucial for gold prices. The U.S. Producer Price Index for September will be published on Wednesday, followed by the Consumer Price Index on Thursday. These indicators together should provide the markets with a better understanding of the Federal Reserve’s next move.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: