"I am optimistic about gold prices next week" - Colin Cieszynski - Head of market strategy at SIA Wealth Management said.
“I think if US Federal Reserve Chairman (FED) - Mr. Jerome Powell appears dovish at the upcoming FED meeting and hints at cutting interest rates in September, that could push the USD down and help gold recover.
Sharing the same opinion, Adrian Day - Chairman of Adrian Day Asset Management said that it will increase: "Gold will increase when the possibility of the US Federal Reserve (FED) cutting interest rates in the near future increases."
Alex Kuptsikevich, senior market analyst at FxPro, believes that although gold prices have weakened this week, they "have fallen, not broken."
Dennis Gartman - founder of Gartman Letter expressed optimism about precious metals and sees any decline as an opportunity to buy.
“The correction we've seen in gold over the last two weeks just gives people a better opportunity to buy it. Gold has been in a bullish mode for a long time and will continue to be so for the foreseeable future."
On the contrary, Darin Newsom - senior market analyst at Barchart.com believes that gold prices will decrease next week: "Another sell-off next week could cause gold prices to continue to decline. Current resistance is at 2,350 USD/ounce.
Sean Lusk, co-head of commercial hedging at Walsh Trading, is monitoring price developments on Friday and adjusting his expectations for gold. This expert believes that cash flow is returning to the gold market and precious metals will soon increase in price.
Sean Lusk said it's hard to bet on gold prices falling when geopolitics, economics and finance are fluctuating. “China has been out of the gold market for several months, but maybe they will come back,” Lusk said. World geopolitical instability is also boosting gold prices. Any decline could be an opportunity to buy.”
However, this expert also sees both upside and downside risks for gold prices at the present time. "If gold cannot hold the $2,285/ounce area, this precious metal may drop another $100," he said.
Next week, this expert said he will monitor how the gold price develops from the beginning to evaluate the direction: "Gold must stay at 2,350 to 2,340 USD. Next week, if prices start at a lower level, the precious metal could fall to 2,280, 2,290 USD/ounce. However, any sharp decline will prompt investors to buy.”
Phillip Streible - Head of Market Strategy at Blue Line Futures is one of the few experts who predicts that gold prices will tend to move sideways in the near future.
Kitco senior analyst Jim Wyckoff also said that precious metals will move sideways next week.
This week, 16 analysts participated in the Kitco News Gold Survey. The survey shows renewed optimism about the precious metal's near-term prospects.
7 experts expect gold prices to increase next week. Only 4 people predicted the price would decrease. The remaining 5 analysts forecast that gold prices will move sideways next week.
Meanwhile, 193 votes were cast in Kitco's online poll. Main Street investors are more optimistic about gold prices than last week.
127 traders expect gold prices to rise next week. Another 37 people expect precious metals to decrease in price. While the remaining 29 people think that gold will go sideways next week.
