Wall Street traders and analysts are undecided or else look for gold prices to be sideways next week, while Main Street remained bullish, according to the weekly Kitco News gold survey.




“I expect higher next week on a continuation and follow-through of this past week after the Fed talk,” said Bob Haberkorn, senior commodities broker with RJO Futures. The Fed is expected to cut rates, which benefits the yellow metal, he continued.



George Gero, managing director with RBC Wealth Management, said he looks for gold to be “up moderately” next week, now that the market worries about any Federal Reserve hawkishness have been put to rest.



“After Powell’s testimony, it’s clear that gold will benefit from a more dovish Fed,” said Phil Flynn, senior market analyst with at Price Futures Group. “On top of that, geopolitical tensions with Iran and the U.S.-China trade war worries will give gold bulls an edge.”



Jim Wyckoff, senior technical analyst with Kitco, sees gold steady to higher since the picture on the charts remains bullish.

Meanwhile, Kevin Grady, president of Phoenix Futures and Options LLC, said he is bearish for next week. “I am looking for a retracement to the July 1st low of $1,384.70,” he said.



Ole Hansen, head of commodity strategy at Saxo Bank, said that is he slightly bearish on gold in the near term as the summer doldrums could reduce momentum in the marketplace. He added that investors could also start to take some profits, as it appears a July Fed rate cut is already baked into market expectations, with limited scope of more aggressive action.

However, Hansen added that there is still a lot of global uncertainty, so he expects selling pressure to be limited. “If I’m selling, it’s not to sell short; but I’m selling to reduce my exposure to neutral.”



Reference: Kitco