Kitco news: Federal Reserve with its dovish tone and its willing to easing monetary policies, on one hand; and a new salvo from China in the ongoing trade war on the other hand, generated new renewed optimism among gold bulls.
Early Friday morning, it sounded that gold would have its first losing week in a month. But the gold rebounded sharply when China announced its counter tariffs on US goods, and Federal Reserve Chair Jerome Powell made dovish comments at Jackson Hole.
Comments by 15 market professionals in the Wall Street survey:
67% - called for gold to be higher
6% - called for lower prices
27% - anticipated neutral prices
Comments by 866 respondents in Main Street poll:
54% - called for gold to rise
25% - predicted gold would fall
21% - saw a sideways market.
In the last survey, most of Main Street and Wall Street anticipated that the gold prices would be bullish. Gold were trading at $1538 an ounce up nearly 1% since last Friday.
Wall Street and Main Street both have been right 58% of the time.