Last week, gold fluctuated with a narrow range and regularly tested the psychological barrier of 2,000 USD/ounce. However, the metal still failed to hold this level as it was caught between conflicting factors between interest rate expectations and geopolitical concerns.
Among Wall Street analysts participating in the survey, 60% expect gold prices to move higher this week. 64% of retail investors participating in online polls have the same opinion.
Forecasting this week's gold price trend, Kitco News' weekly gold survey shows that analysts and retail investors are optimistic about gold for the week ending November 10. Experts expect the price to break out this week even though there is not much supporting information.
Adam Button, currency strategist at Forexlive.com, said that Friday's weak nonfarm payrolls report is a sign that the US Federal Reserve's interest rate hike cycle is over. momentum and the fact that gold remains near $2,000 an ounce even as the safe-haven push is weakening.