Wall Street joins Main Street in the bear cave for next week as gold’s price momentum wanes
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The gold market had a volatile week, with prices fluctuating due to various factors such as manufacturing and services sector data, nonfarm payrolls, and the FOMC rate decision. Despite a boost from the Fed's decision to rule out a rate hike and leave room for a cut in Q2, gold's overall trajectory was down. Asian demand cooled and Mideast tensions fell off the front pages, causing gold to slide to a weekly low below $2,283. Experts in the Kitco News Weekly Gold Survey are pessimistic about gold's near-term prospects, while most retail traders expect prices to fall or trade sideways. Analysts believe that bearish signals are present for bullion in the coming days, with expectations of a decline in Asian demand and a slowdown in Chinese retail demand for gold. However, some analysts still believe in gold's resilience and see it as a hedge against global uncertainties. The long-term outlook for gold remains positive, with factors such as inflation and potential interest rate cuts supporting demand. The technical picture also supports high gold prices. Overall, the gold market is caught in a stalemate and may experience profit-taking and price pressure in the near term.

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https://www.kitco.com/news/article/2024-05-03/wall-street-joins-main-street-bear-cave-next-week-golds-price-momentum