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Where does gold go in the short term? Analysts "different"

Time: January 13, 2020 14:25:47 China Finance
After a week of ups and downs, the next short-term trend of the gold market is "indecision."

Due to geopolitics in the Middle East, gold soared above $ 1610, but has now fallen back to around $ 1560.

According to KITCO's survey of professionals, 44% of respondents expect the price of gold to fall, 31% expect the price of gold to rise, and the remaining 25% are neutral on the trend of gold, or believe that the market will be sideways.

The survey of retail investors is slightly different. 47% of retail investors expect gold prices to rise this week, 31% are expected to fall, and 21% are neutral.

"I think the price of gold will continue to decline unless the situation in Iran deteriorates again," said Daniel Pavilonis, senior commodity broker at RJO Futures.

Colin Cieszynski, chief market strategist at SIA Wealth Management, also believes that gold will pull back further.

"I'm bearish on gold prices for the coming week. As tensions between Iran and the United States ease and the global economy improves, the price of gold has been falling towards the $ 1450 to $ 1550 range."

John Weyer, co-head of Walsh Trading's business hedging business, also said that profit-taking has become a trend. However, he added that he expected gold to rise again if tensions between the United States and Iran rise again after the two countries had previously fought.

"Gold touched some technical (resistance) levels and got rid of them. So there are some profit-takings and some technical range trading."

Mark Leibovit, the publisher of VR Metals / Resource Letter, also said that he is short-term bearish. Leibovit believes that the cyclical peak in mid-February may come early.

At the same time, Phil Flynn, senior market analyst at Price Futures Group, predicts that although the risk premium for gold has been reduced following Iran ’s retaliatory blow to the United States, the price of gold will continue to rise this week as the central bank continues to Buying behavior and optimistic physical demand.

Kitco senior technical analyst Jim Wyckoff expects gold prices to stabilize to higher levels, commenting that the chart is still bullish overall.

LaSalle Futures Group senior market strategist Charlie Nedoss said that the market trend may still be rising and the price of gold is still higher than the key moving average. However, in the short term, he expects a lateral consolidation after a sharp rise in prices a few days ago.
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