The gold price is not going anywhere anytime soon

New York (Sept 10) - Stuck in a narrowing trend, gold prices are not expected to go anywhere soon as sentiment has turned decidedly neutral among Wall Street analysts with lackluster interest from retail investors, according to the latest results of the Kitco News Gold Survey.

Since mid-July, gold prices have tested resistance at $1,830 but have failed to hold the ground. The latest failed push higher and the drop below $1,800 ahead of the weekend have disappointed bullish investors and analysts.

"Gold just seems stuck in a $1,760-$1,840 trading range at the moment without much direction, and there isn't much in the way of news in the coming week that could potentially change that," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

This week 15 Wall Street analysts participated in Kitco News' gold survey. Among the participants, 9, or 60%, called for gold prices to trade sideways. Meanwhile, bullish and bearish outlooks garnered three votes each or 20%.

Although retail investors are still bullish on gold, there is a distinct lack of interest in the marketplace. Participation in this week's survey fell to its lowest point since May 2019.

A total of 494 votes were cast in online polls. Of these, 274 respondents, or 55%, looked for gold to rise next week. Another 127, or 26%, said lower, while 93 voters, or 35%, were neutral.

KitcoNews