According to Kitco , gold market analysts have mixed reviews on gold price prospects next week (9-13 / 12) . According to a Wall Street survey of Kitco, 44% of respondents forecast gold prices will fall and only 27% of respondents expect gold prices will rise next week. Meanwhile, Kitco’s Main Street survey showed that up to 61% of respondents forecasted that the price of gold would increase and only 23% of respondents worried that gold prices would fall next week.
The Wall Street Survey focused primarily on major investors and regulators of investment funds; meanwhile, the Main Street survey focused on retail investors and tended to trade freely. This week (December 2 to 6), international gold prices are heading to the week of falling prices. The price of gold delivered in February 2020 in the US market currently reaches 1,463.60 USD / oucne; For the whole week, gold price has decreased by 0.62%.
Kitco said analysts participating in the Wall Street survey forecast data on the US labor market will impact gold price movements next week. Experts forecast that 266,000 new jobs were created in the United States in November 2019 - the highest new job growth in the past 10 months. Good new job growth will continue to support the stock market, thereby reducing cash flow into the gold investment channel and causing gold prices to fall. Analysts participating in the Wall Street survey said gold prices continued to fluctuate between the support of $ 1,450 per ounce and the resistance level of $ 1,500 per ounce.
Richard Baker, editor of Eureka Miner’s Report, said that the stock market will continue to rise next week and that gold price will return to test the level of USD 1,450 / ounce. Afshin Nabavi, chief trading officer of MKS SA Group (Switzerland), said that the gold price will not exceed the current price threshold and even though the positive data on the US labor market could reduce the price of gold. In the near future, there are still many factors that support the increase in gold price.
Commodity market senior broker Daniel Pavilonis from RJO Futures, the stock market rally will continue to put downward pressure on gold prices in the near future and forecast a 200-day average price. of gold will reach about 1,420 USD / ounce.
