The survey shows that Wall Street analysts and average investors are slightly bearish on gold prices
1. According to a survey by precious metals website Kitco, both Wall Street analysts and conventional retail investors are slightly bearish on the gold market.
2. Of the 22 Wall Street analysts interviewed, 11 expected gold prices to decline in the near future, 9 expected gold prices to increase, and 2 expected to trade sideways.
3. Of the 966 conventional investors who participated in the online survey, 395 respondents (41%) predict gold prices will increase next week, 403 (42%) predict prices will decrease and 168 (17%) expect prices to decrease. %) neutral. Some analysts say that with the downward momentum in the market, it may only be a matter of time before gold tests support around $1,900 an ounce.
Although gold looks set to fall in the near term, some analysts say now could be the right time for technical investors to hedge against possible downturn risks in stocks and the risk of economic recession.