While some analysts warn that gold trading will typically be very small in the last two weeks of the year, according to the latest Kitco poll, Wall Street analysts and retailers are keen on the price of the precious metal. It is ascending.
Co-thinking Wall Street and Minstreet
This week, 14 analysts took part in the Kitco poll. A total of eleven voters – 79% – predicted a rise in gold prices next week, with only one analyst – 7% – voting in favor and two analysts – 14% – neutral on gold.
Mainstream investors or retailers were almost as bullish as Wall Street analysts. In a public poll, a total of 1,402 online votes were cast. Among them, 1,048 voters – 75% – said gold would rise this week. 202 participants – 14% – said they were down on gold, while 152 voters, or – 11% – were neutral or neutral on the precious metal.
Gold analysts forecast by five analysts
As can be seen in the poll charts, experts see the gold movement increasing this week. “We may see sharp fluctuations in the next few weeks, but the uptrend in gold is still going on,” said Ole Hansen, chief analyst at Saxo Bank. “The factors that pushed up the price of gold in 2020 will not go away in 2021.”
David Pavilionis, chief commodity broker at Argy & Futures, says the gold market has seen good technical progress over the past week and will continue to do so, despite the low turnover next week. “Over the past few months, gold has been in a bearish channel, has recently tested the lower limits of the channel and is now ready to climb again,” he said. Pavilionis also sees a positive outlook for gold in 2021 due to the weakening dollar and rising inflation. “I think we are witnessing the beginning of a new accumulation period, and this will only increase in 2021,” he said.
Richard Baker, editor of the Eureka-Miner report, said that while some investors are optimistic that the Quid 19 vaccine will lead to economic growth, gold will remain bullish in the short term. Baker noted that economic recovery still has a long way to go, even after all people have been vaccinated. “Disappointing signals from the US manufacturing sector and rising unemployment claims indicate that a strong economic recovery will continue to be difficult in the coming months,” he said.
Adrian Dee, president and CEO of an asset management company, said the uptrend will continue for the gold price. “In the United States, Janet Yellen of the Treasury and Jerome Powell of the Federal Reserve guarantee the flow of money,” he said. On the other hand, Biden and Congress have come up with ideas for new spending. “All this is very useful for increasing the price of gold.” However, he added: “Although my view of gold is bullish, the price of gold may need to pause after moving upwards of $ 100. “But this stop may be just a day or two.”
Mark Chandler, senior market strategist at Banukburn Global Forex, warned that $ 1,900 in the short term could be a relatively strong resistance level for gold. However, he added that in the current situation, gold should be bought. “Technically, the price of gold is rising, but less participation at the end of the year could lead to stagnation,” he said. “I will not want to pursue profits above $ 1,900, and I will be a better buyer if I go back to $ 1870 to $ 1875.”