Kitco News – Wall Street analysis believed that the gold market is entering the sidelines despite rising volatility in the near-term.
Meanwhile, Main Street investors remain bullish on gold.
A majority of analysts are turning neutral on the gold after prices broke below their 50-day moving average and continued strength in the U.S. dollar weighs on the yellow metal in the near-term.
Comments by 16 market professionals took part in the Wall Street survey:
31% - saw higher prices
19% - saw lower prices
50% - called for gold to trade sideways
Comments by 855 respondents took part in an online Main Street poll:
56% - called for gold to rise
26% - predicted gold would fall
18% - saw a sideways market
Although a majority of investors remain bullish on gold in the near-term, sentiment is at its lowest level since mid-June and has fallen for the last four consecutive weeks.
In the last survey, Main Street and Wall Street were both bullish on prices for the week but gold was trading at $1,501.80 an ounce down roughly 1%.
Although some gold analysts have turned more cautious, they are not ready to give up on the yellow metal’s long-term rally.