Sentiment shifting in gold market as price unable to break above $1,800… for now

New York (Apr 24)  Uncertainty is starting to creep into the gold market as the price has been unable to break above $1,800 an ounce, according to the latest Kitco News Weekly Gold Survey.

The shift in sentiment is the most significant among Wall Street analysts. In the previous survey, all analysts were bullish on gold in the near term. However, with prices unable to break $1,800 an ounce, many are expecting to see some consolidation before another run higher.

"Gold is taking a break just below $1800 after springing from the double bottom at $1675," said Adam Button, chief market strategist at Forexlive.com.

This week, 17 analysts participated in Kitco News' gold survey. Both neutral and bullish sentiments were tied, garnering seven votes each or 41%. At the same time, three analysts, or 18%, were bearish on gold next week.

Meanwhile, a total of 850 votes were cast in online Main Street polls. Of these, 575 respondents, or 68%, looked for gold to rise next week. Another 154, or 28%, said lower, while 121 voters, or 14%, were neutral.

KitcoNews