In the latest surveys by a precious metals information channel, there are many Wall Street experts who believe that gold may move sideways to accumulate or even decrease this week.
Mr. Marc Chandler - Managing Director of Bannockburn Global Forex - said that recent developments show that the war in the Middle East does not bring a clear advantage to gold as many investors expect.
According to Mr. Chandler, spot gold prices fell nearly 3.7% in the week, ending a four-week winning streak and recording the strongest weekly decline since the beginning of January. The main reason came from a sharp increase in yields, as inflationary impacts from high oil prices overwhelmed the risk of reduced energy demand.
The market has reversed expectations of when the US Federal Reserve (Fed) and the Bank of England will cut interest rates, while almost assessing the possibility that the European Central Bank (ECB) may raise interest rates before the end of the year," he said.
In that context, if gold prices lose the 5,000 USD/ounce mark, Mr. Chandler believes that the market may continue to fall to the 4,850 USD zone, as investors begin to cut buy positions.
A cautious view was also shared by Mr. Alex Kuptsikevich - senior market analyst at FxPro. According to him, gold prices are likely to continue to fall this week, although demand for safe-haven assets is still increasing.
He said that in the past week, gold has fallen sharply despite the tense geopolitical context, partly due to high supply as prices are at historical peaks.
“The problems in the Middle East - an important center of gold trading and refining - may have affected the market,” he said. “In addition, the strengthening USD and the weakening stock market after the US released jobs data also put pressure on gold.”
According to Mr. Kuptsikevich, many traders are currently decreasing margin positions and taking profits, because gold prices are still significantly higher than the level of 12-24 months ago.
Technically, he noted that since August last year, gold prices have repeatedly tested the 50-day moving average - an important support threshold.
Gold is trading around 4,900 USD/ounce and in the coming weeks the price will not only return to this level but also have the potential to continue to fall deeper," he assessed.
Meanwhile, Mr. Mark Leibovit - publisher of VR Metals/Resource Letter - also shared a chart from his 2026 Annual Forecast Model showing that gold prices are likely to decrease this week.
Some other analysts did not make strong downward forecasts but said that the market is in a period of accumulation and correction after a hot rally.
Mr. Jesse Colombo - independent precious metals analyst and founder of BubbleBubble Report - said that gold is in a "cooling down" phase after a strong increase from December to January.
According to him, recent fluctuations only reflect the natural market correction process.
“The current fluctuations are still in the market's'cooling' phase. No assets can increase forever in a straight line," he said.
However, Colombo believes that this development is still relatively positive, because gold has recovered quite quickly after hitting a bottom in early February.
Another factor affecting the market is the recent appreciation of the USD. However, according to Colombo, the strength of the greenback may be overestimated.
He said that the USD index is still fluctuating in the 96 - 100 range, which is still in a sideways state instead of forming a clear upward trend.
If the USD surpasses the 100 mark, the possibility of this currency continuing to strengthen will be higher. Conversely, if it falls below 96, we may see the USD weaken even more," he said.
Meanwhile, Michael Moor - founder of Moor Analytics - said that he does not have a clear view of the gold price trend for the week, although by the end of the week he slightly leaned towards an upward scenario.
According to Moor, if gold prices break below the technical patterns being formed, the market may enter a new correction phase.
In general, after reaching a record price and increasing sharply in the past time, many experts believe that gold may enter a period of accumulation or correction in the short term, before establishing a clearer trend. The developments of interest rates, the USD and geopolitical situation are considered key factors determining the next direction of this precious metal.
