Gold fundamental analysis
Publish Date : 2019/08/12 - 05:14

Kitco news: The market remains bullish on gold. But the yellow metal is beginning to look overbought, according to some analysts.

The gold market tries to see its biggest weekly gain as prices trade near a fresh six-year high. Although economic and geopolitical uncertainty influence markets, some analysts think the market could be close to a near-term top and is due for a consolidation.

Comments by 16 market professionals who took part in the Wall Street survey:

75% - called for gold to be higher

13% - called for gold to be lower

13% - called for gold to be neutral

Comments by 910 respondents who took part in Main Street poll:

65% - called for gold to rise

21% - called for gold to fall

14%, saw a sideways market

In the last survey, Main Street and Wall Street were both significantly bullish on prices for the week and gold futures were trading $1,458.30 an ounce, up 2.7% for the week.

Gold prices surged higher after the China government let the yuan rise above 7 against the U.S. dollar for the first time in more than a decade, sparking fears that the U.S. –China trade war has evolved into a currency war.

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