Gold prices can go anywhere next week, analysts look to buy the dip

New York (Jun 12)  The gold market is once again caught in consolidation, trading in a narrow path with Wall Street analysts seeing no clear direction in the near-term, according to the latest Kitco News Weekly Gold Survey.

Analysts note that the gold market is seeing solid fundamental support as inflation pressures continue to rise; however, they also added that the precious metal's technical outlook appears to be bearish as prices have been unable to hold gains above $1,900 an ounce despite a drop in real yields and a weaker U.S. dollar.

Although sentiment among Wall Street analysts has shifted dramatically this past week, retail investors remain significantly bullish on gold.

This week, 15 analysts participated in Kitco News' gold survey. In an unprecedented result, there was a three-way tie, with each scenario garnering five votes.

Meanwhile, a total of 1,056 votes were cast in online Main Street surveys. Of these, 695 respondents, or 66%, looked for gold to rise next week. Another 181 respondents, or 17%, said lower, while 180 voters, or 17%, were also neutral.

KitcoNews