(Kitco News) – Gold’s recent push above $2,000 is just the start of a bigger long-term move, even if sentiment among Wall Street analysts in the near term has weakened.
The latest results of the Kitco News Weekly Gold survey, show no clear majority on near-term price direction among market analysts. At the same time, bullish sentiment among retail investors has also dropped from last week’s elevated levels.
Many analysts have said that while gold is destined to move higher, the precious metal’s push to a new all-time intraday high above $2,000 an ounce could be a sign that it is a little overextended and due for a consolidation.
“There is no question gold prices are in a bullish uptrend and prices are going higher, but there needs to be some consolidation,” said Philip Streible, chief market strategist at Blue Line Futures. “You don’t want to chase the market. I am looking to scale in and buy around $1,962 an ounce.”