(Kitco News) – Gold traded in an elevated and narrow range this week, frequently testing the $2,000 psychological price barrier without ever managing to break decisively above it.
The precious metal continues to be trapped between evenly balanced opposing forces, as declining bond yields and optimism that the Fed funds rate has truly peaked compete with the pullback in the safe-haven bid as the conflict in the Middle East continues without escalating beyond Israel’s borders and the surprising strength of equity markets and other risk-on assets.
The latest Kitco News Weekly Gold Survey sees retail investors presenting a mirror-image of their bullish sentiment from last week for the week ending Nov. 10, while the yellow metal’s performance has eliminated nearly all bearish projections among market analysts, who are now positioned between neutral and bullish.
Adam Button, chief currency strategist at Forexlive.com, said he believes Friday’s soft non-farm payrolls report ensures that the Fed’s rate hiking cycle is over, and the fact that gold remains near $2,000 even as the safe-haven trade wanes is very bullish.
For the rest of this article: https://www.kitco.com/news/2023-11-03/Wall-Street-analysts-see-virtually-no-downside-for-gold-prices-retail-investors-maintain-bullish-outlook.html