(Kitco News) – The gold market is seeing its third week of gains; however, sentiment is again shifting, as prices cannot break above $1,800 an ounce, according to the Kitco News Weekly Gold Survey. In the latest gold survey, some market analysts said Friday’s blockbuster employment report had taken the wind out of gold’s sails, at least for the short term.
Ahead of the latest survey results, the U.S. Bureau of Labor Statistics said 528,000 jobs were created in July. The data significantly beat expectations economists were forecasting job gains of around 250,000. The report also noted a solid increase in wages.
While some analysts continue to see more upside potential, many have taken more neutral and bearish stances. Retail investors remain solidly bullish on gold.
“The gold market has given us a taste of what the Fed pivot will look like, but the real pivot isn’t here yet,” said Adam Button, chief currency strategist at Forexlive.com. He is looking for lower prices in the near term. “Next week’s CPI is a big risk for gold and just about everything else.”