Experts make surprising predictions about gold prices next week

Gold price developments last week

After many weeks of strong fluctuations and deep adjustments, gold price developments this week mainly went up and kept an upward trend.

Spot gold prices opened the week at $4,074.12/ounce. After a rapid decline to $4,044/ounce in the first trading hours, three reps from this price zone have strengthened investors' confidence, helping prices increase steadily.

By the North American opening session on Monday, spot gold prices had double-itted the 4,080 USD/ounce mark. After 1:00 p.m. alone, the precious metal has clearly broken through the resistance level of 4,100 USD/ounce.

In the Asia session, gold prices climbed to $4,152/ounce, and after a correction in the European session to retest the support zone around $4,115/ounce, the North American market also peaked at $4,152/ounce in the early afternoon.

With the new high price zone firmly established, Asian traders quickly pushed gold to a new peak for the week, approaching $4,170/ounce. The range then narrowed further, with spot gold prices swirling around $4,145-4,170 throughout the Thanksgiving holiday in the US.

Thursday evening saw the second strong breakthrough, when gold prices surpassed 4,192 USD/ounce in the Asian session. After a decline to test support of nearly 4,155 USD/ounce, the market entered a dramatic acceleration on Friday.

The strengthening of the precious metal group - when silver and gold are both approaching historical highs has attracted the attention of US investors returning to trading. By 1:30 p.m. on Friday, the precious metal had reached a weekly high of $4,226.91/ounce and held its gains almost completely through the closing time of the week.

Gold price forecast for next week

The latest weekly gold survey by an international financial information platform shows that the majority of Wall Street analysts have returned to their bullish view on the short-term outlook for the precious metal, while investor Main Street has also strengthened its uptrend-leaning ratio.

This week, there were 14 analysts participating in the survey. Up to 11 experts, equivalent to 79%, predict gold prices will increase next week; only one person, equivalent to 7%, expects prices to decrease. The remaining two experts, accounting for 14% of the total, believe that the precious metal will return to a sideways state next week.

Meanwhile, Kitco's online poll recorded 260 votes, and Main Street investors' optimism also increased after gold prices jumped away from the $4,000/ounce support zone.

There are 183 individual traders, equivalent to 70%, predicting gold prices to increase next week; 29 people, accounting for 11%, said the precious metal will decrease in price. The remaining 48 investors, or 19, expect prices to move sideways and accumulate in the coming trading week.

US economic data to watch next week

Some important economic data for the market to digest will appear next week, although key reports such as the non-farm payrolls (NFP) for October and Q3 GDP will not be among them.

On Monday, the market will monitor the ISM manufacturing PMI for November, followed by the ISM services PMI released on Wednesday, along with the October ADP private sector jobs report - which will be reviewed more closely than usual in the context of a lack of NFP data.

Thursday will see a weekly jobless claims report, and the trading week will end with the October core PCE index and a preliminary survey of University of Michigan Consumer Psychology for December.