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In the first three days of last week, gold prices surged by $85 following news that the People's Bank of China added the precious metal to its reserves for the first time in several months. On the spot market, gold reached $2,726 before pulling back, marking its strongest level in over a month.
According to the latest weekly gold survey, industry experts are perfectly balanced between bullish and bearish sentiments, with the majority adopting a neutral stance. Meanwhile, retail investors' bullish outlook on gold remains unchanged from the previous week.
Fourteen analysts participated in the survey. Wall Street's outlook for gold prices this week was evenly split between optimists and pessimists, with many choosing to remain on the sidelines. Four analysts (29%) expect prices to rise, while another four predict a decline. Six analysts, representing 43% of respondents, opted for a neutral stance.
In an online poll, 144 votes were cast, showing that Main Street maintained its optimistic view of gold prices. Eighty-seven retail investors (60%) expect prices to rise, while 24 (17%) anticipate a decline. The remaining 33 voters (23%) predict continued consolidation in the gold market in the near term.
According to Marc Chandler, Managing Director at Bannockburn Global Forex, gold may retest the key $2,600 level.
Adam Button, Head of Currency Strategy at Forexlive.com, agrees, suggesting that the week could see bearish movement for gold due to optimism surrounding Trump's influence on the economy and the US dollar. He also believes the Federal Reserve's expected rate cut has already been priced into gold.
Sean Lusk, Co-Director of Commercial Hedging at Walsh Trading, sees a bearish trend for the precious metal in the near term, citing the recent appeal of stock markets and Bitcoin. He forecasts that gold will only begin to recover in the early months of 2025.
Darin Newsom, senior market analyst at Barchart.com, predicts sideways movement for gold prices.
The most significant economic event this week will be the Federal Reserve's final decision on the funds rate, scheduled for Wednesday. While markets have already priced in a 25-basis-point cut, all eyes will be on Jerome Powell's press conference and the wording of his monetary policy statement for clues on the central bank's future actions. On Thursday, the Bank of England will announce its own interest rate decision.
Economists will also receive updated insights into US consumer health, with November retail sales figures set for release on Tuesday and the PCE (Personal Consumption Expenditures) index on Friday.
Other key reports to watch include the Empire State Manufacturing Survey and the S&P Flash Business Activity Index on Monday, the Philadelphia Fed Manufacturing Survey, existing home sales for November, and weekly jobless claims data on Thursday.
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