Predict the direction of XAU February 10, 2023
Among Wall Street analysts participating in Kitco News' gold survey, 54% expect to see higher gold prices this week, 31% expect prices to decline. Meanwhile, 45% of retail investors participating in online polls expect gold to rise this week, with 41% predicting lower prices.
Retail investors expect gold to trade around $1,872/ounce this week, $64 lower than last week's forecast, but $23 higher than the current spot price.
Everett Millman, market analyst at Gainesville Coins, said gold's recent decline is mainly due to seasonal factors. He forecasts that this precious metal will start the fourth quarter with increases.
According to this expert, normally October will witness a reversal in the gold market due to increased demand from China and India for this precious metal. The Diwali festival begins in November, but many Indians will start accumulating gold from October.
Retail investors expect gold to trade around $1,872/ounce this week, $64 lower than last week's forecast, but $23 higher than the current spot price.
Everett Millman, market analyst at Gainesville Coins, said gold's recent decline is mainly due to seasonal factors. He forecasts that this precious metal will start the fourth quarter with increases.
According to this expert, normally October will witness a reversal in the gold market due to increased demand from China and India for this precious metal. The Diwali festival begins in November, but many Indians will start accumulating gold from October.
TP1: 1942
TP2: 1844
SL: 1922