According to the weekly Kitco News, Wall Street traders and analysts are skeptical of the next trend in the gold price. while Main Street expect it to rise.
Predicting the majority of Wall Street voters for gold price is a neutral trend. In fact, the odds of bullish and descending trend are equal.
16 market professionals comments on Kitco assessment:
44% = Neutral process
31% = Ascending process
25% = Descending process
961 respondents in Main Street poll:
67% = Ascending trend
18% = Descending process
14% = neutral process
In the evaluation of the previous week, Main Street and Wall Street voters alike were bullish. they were right. It also became the price of the global gold ounce of up to 1427 dollars and ended the week in the range of 1415 dollars. Last week the price of gold reacted to the president of the Federal Reserve and rose to the comments.
Gold Market professionals reviews:
Bob Henbercorn, Market Senior Broker
"I expect the continuation of the bullish movements of the global gold ounce price." Expect to reduce interest rates by Federal Reserve and this will be in favor of the global gold ounce price.
Phil Flynn, senior market analyst
"After the speech of the US Federal Reserve chief, we witnessed the positive reaction of ounces of gold to the comments of the federal president. His views were inclined to expansion policies or the interest rate reduction. The American political tensions with Iran and the American trade war are also supporting gold buyers with China. "
said he is bearish for next week. “I am looking for a retracement to the July 1st low of $1,384.70,” he said.
John Weyer, co-director of commercial hedging Walsh Trading
“It moved higher on concerns about interest rates and risk on-risk off,” he said. “These concerns have subsided a little bit.”
Afshin Nabavi, Trading Team Supervisor
He believes that the ounce process of global gold is neutral, he is more inclined to buy trading, not sell.“After an impressive move higher early yesterday, gold has given back much of the gain disappointing investors; a close back above $1,410 might be seen as positive to help reinvigorate enthusiasm for the market. For now, I’d look for initial support at the psychological $1,400 level and resistance around $1,422.”