Wall Street experts predict positively, gold prices may increase this week

I have been optimistic for a while and there is no reason to change, said James Stanley, senior market strategist at Forex.com.

Notably, gold broke the triangular trough last week, and this model looks like a technical signal that the uptrend could continue - this is gold's third such signal since the rally began last February at the $2,000/ounce mark.

Rising prices like this are difficult to chase, as there is still a possibility that long-term investors will take advantage of the recovery period to make a profit before the end of the year. But as I have said throughout the model, the support zone is still quite attractive and the $4,150/ounce zone is such a point, Stanley added.

Sharing the same view, Rich Checkan - president and COO of Asset Strategies International, assessed. Peace is yet to be seen in Ukraine, and expectations for a third FOMC rate cut in December are rising. Both of these factors are supportive for gold.

I am optimistic about gold next week, said Colin Cieszynski, chief market strategist at SIA Wealth Management. Gold has been rising recently as expectations for the outcome of the upcoming Fed meeting have returned to the hope of a rate cut to close the year.

However, Cieszynski warned that there will be many important economic data released next week, which could increase gold price fluctuations.

Similarly, Michael Moor - founder of Moor Analytics believes that gold will continue to increase this week.

Jim Wyckoff, senior analyst at Kitco, said gold and silver traders bought on Friday as short-term technical indicators became more bullish for the week.

Technically, the next target for buyers on February gold futures is to close above the strong resistance zone at the November peak at $4,285.6 an ounce. The short-term bearish target for the bears is to push prices below strong technical support at $4,000/ounce. The first resistance was $4,250/ounce, then $4,285.6/ounce. The first support was at the bottom of the night at $4,174.6 an ounce, followed by $4,150 an ounce, Wyckoff said.

Marc Chandlerb, managing director at Bannockburn Global Forex, said gold prices are on track to break the recent sidewalk to challenge for record highs.

Although spot gold prices have fluctuated day by day over the past week, the overall result is still an increase of about 2.75% - the strongest in six weeks. The market is increasingly confident in the possibility of the Fed cutting interest rates next month, while the Dollar Index has decreased by 0.5%" - he commented.

Chandler said gold sees to have taken a lead on the downtrend, following a record high in late October (~4.381 USD/ounce) and a peak in November (~4.245 USD/ounce).

The adjustment from the October peak looks like a technical adjustment. The resistance is almost around $4,195 and if it breaks through, gold prices could head towards a November peak, he added.

No change - Adrian Day, chairman of Adrian Day Asset Management, commented. Until the Fed makes a December interest rate decision, gold prices may hold on to their current gains but will hardly go further.

The rate cut has been valued by the market, meaning the current risk is that the Fed will not cut. However, it appears that the bottom after the October peak is set and gold could move sideways before continuing a new rally.