Market sentiment signals gold price needs to consolidate after pushing above $2,000

[libertybele]

Market sentiment signals gold price needs to consolidate after pushing above $2,000

Gold's recent push above $2,000 is just the start of a bigger long-term move, even if sentiment among Wall Street analysts in the near term has weakened.

The latest results of the Kitco News Weekly Gold survey, show no clear majority on near-term price direction among market analysts. At the same time, bullish sentiment among retail investors has also dropped from last week's elevated levels.

Many analysts have said that while gold is destined to move higher, the precious metal's push to a new all-time intraday high above $2,000 an ounce could be a sign that it is a little overextended and due for a consolidation.

"There is no question gold prices are in a bullish uptrend and prices are going higher, but there needs to be some consolidation," said Philip Streible, chief market strategist at Blue Line Futures. "You don't want to chase the market. I am looking to scale in and buy around $1,962 an ounce."

This week 18 Wall Street analysts participated in Kitco News' gold survey. Among the participants, eight analysts, or 44%, called for gold prices to rise next week. At the same time, three analysts, or 17%, were bearish on gold in the near term, and seven analysts or 39% were neutral on prices.

Meanwhile, 1,013 votes were cast in online Main Street polls. Of these, 634 respondents, or 63%, looked for gold to rise next week. Another 223, or 22%, said lower, while 156 voters, or 15%, were neutral in the near term.........

https://www.kitco.com/news/2022-03-11/Market-sentiment-signals-gold-price-needs-to-consolidate-after-pushing-above-2-000.html

[catfish1957]

Gold actually is remaining pretty static in relative value.

When you factor in 12-17% annual Bidenflation.

[libertybele]

Under the circumstances, I thought gold would continue to inch its way up. 

[catfish1957]

Under the circumstances, I thought gold would continue to inch its way up. 

It will, when we finally start seeing a flight to safety.  There is still a majority in our financial centers who still have faith in this house of cards. 

If the powers that be, would start reversing the wreckless policy of massive deficit spending while fueling hyperinflation, we could still see this thing do what I call a moderate to hard landing.  Our society will have a much better chance of surviving with a "(massive possibly) correction, and rebuildng versus a Weimar or Zimbawe type hyperinflation event.

[Free Vulcan]

Right now gold is tracking crude pretty closely. I'd hate to be overly predictive in such a fundamentally driven market, especially when another commodity is driving the price.