This is a survey conducted by Kitco at the end of each week and this week, up to 12/13 market experts participating in the survey (92%) predicted that gold prices will increase. Meanwhile, no one predicted that gold prices would go down, while only 1/13 experts saw gold prices going sideways.
The survey data collected from 1,919 gold traders, investment banks and technical analysts also gave similar results. Of which, 1,395 reviews (73%) believe gold prices will increase next week. Another figure, equivalent to 15%, predicts a chance of gold falling while 13% believe that gold prices will move sideways.
In the previous week, although confidence in gold prices fluctuated when only 47% of market experts and 67% of investors predicted that gold prices would increase in the week, the gold market situation still witnessed a strong uptrend on the weekend with the price of gold in April on the Comex exchange increasing by 5.4% in the week, up to 1,651.70 USD/ounce.
A bright forecast for gold prices next week comes after the US Federal Reserve, the Bank of Canada and previously the Reserve Bank of Australia cut interest rates to support the economy in the face of the growing impact of the virus virus virus (SARS-CoV-2.
The wave of monetary easing could spread as the market awaits information from the Bank of England and the European Central Bank (ECB) to hold monetary policy meetings this week that could continue to boost gold prices in the market.
Bob Haberkorn - senior commodity broker at RJO Futures - said that the impact of the SARS-CoV-2 epidemic on the world economy and the decrease in US Treasury yields of about 0.67% are turning gold into a better safe haven for investors.
According to Richard Baker - editor of Eureka Miner's Report, from the closing price of 1,673.1 USD/ounce this weekend - equivalent to an increase of 73.5 USD per ounce compared to the closing price at the end of last week, gold prices are in perfect conditions towards the target of 1,700 USD next week.
Charlie Nedoss - senior market strategist at LaSalle Futures Group - even predicted that the price of gold for delivery in April could increase to 1,736 USD/ounce based on current technical models.
Sean Lusk - co-head of commercial risk insurance at Walsh Trading said that if the price of gold in April surpasses the double peak around the price range of 1,691 USD/ounce, the gold market could move towards a new price of 1,750 USD/ounce.
However, while investors are rushing into gold for safety, this will reverse whenever stocks recover, bonds stabilize and of course everything will change if scientists come up with a vaccine against Corona virus, Sean Lusk warned.
