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Is the Bull Run in Gold Finished? Famous Analysts Answered

Gold market is consolidating above $ 1,800 per ounce and although the uptrend has reached record levels, a survey shows that analysts and market participants expect the rise to continue.

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Is the Bull Run in Gold Finished? Famous Analysts Answered

Although gold struggled to support around $ 1,800 per ounce, analysts said the market still has a lot of technical momentum and strong core support.At these points, purchasing is still ongoing, indicating that it is the main force in the market,” said Bob Haberkorn, a top commodity broker at RJO Futures. “Gold is consolidated now, but we can see higher prices next week.”

This week, 11 out of 16 Wall Street professionals participating in the gold survey expect 69 percent of gold to rise. An analyst predicted lower prices. Meanwhile, four analysts expect prices to remain flat. In the online Main Street survey, a total of 1,642 votes were cast. 977 or 60% of them expect gold to rise next week. While 21% of respondents stated that gold prices will fall, 317 participants think that it will be a horizontal course.

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Expectations Under

Adrian Day Wealth Management Chairman and Adrian Day said he expects gold prices to continue rising.Since people buy gold as an insurance or safe haven, fiat money becomes less important, so gold can rise significantly.”

According to many analysts, one of the factors that will continue to raise gold prices in the near future is the weakening of the US dollar as it is entering a new trend of decline.Charlie Nedoss, LaSalle Futures Group’s senior market strategist, said that as the COVID-19 outbreak continues to be widespread across the country, increased expectations that the U.S. government will announce new incentive measures to support the stifling economy will focus on the US dollar. This supports the gold prices.

“I think you need to rise on gold as the market collects cheap money left for the economy,” says Nedoss.

Darin Newsom, the head of Darin Newsom Analysis, said that there are not only a weak US dollar that supports gold prices but also record levels in stock markets.

IG Group senior money strategist Chris Vecchio said that gold not only has a strong technical appearance but also uses a strong basic fund.Despite strong sentiment in the market, some analysts also noted that a correction would be healthy after breaking long-term support.Colin Cieszynski, SIA Wealth Management’s chief market strategist, said that while the market awaits a new catalyst, it remains neutral in gold.

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