What are the gold price forecasts for this week?

While retail investors maintain a positive outlook, analysts are leaning towards a sideways trend for gold prices in the short term.

This week, 12 Wall Street analysts participated in Kitco News' gold survey. Similar to last week, only three analysts (25%) predicted further gold price increases, one expert believed the precious metal would fall, and eight (67%) held a neutral view.

Of the nearly 600 retail investors surveyed, 66% expect gold to rise this week. 21% predict gold prices will close lower this week, and 13% believe the market will trade sideways.

Adrian Day, President of Adrian Day Asset Management, predicts little change in gold prices this week. "After the recent rally, gold is highly susceptible to bad news. The medium-term drivers remain very strong, because at some point, the Fed and other central banks will ease their tightening. But that hasn't happened yet," Adrian said.

Daniel Pavilonis, a senior commodities broker at RJO Futures, also believes that gold will need a period of sideways movement to consolidate its price range as buying pressure driven by geopolitical risk concerns has eased.

"We are currently at the upper end of the price range that has been in place for several weeks. It's quite possible the market won't see any more interest rate hikes and that a rate cut will happen in May next year, but I doubt that," Pavilonis said, predicting that gold prices may fluctuate for a period before confirming a clear trend.

Pavilonis also believes that while gold prices continue to react to economic indicators, this development does not provide the precious metal with a clear direction. "Gold will struggle to rise higher if inflation data continues to weaken and the Fed does not lower interest rates. I don't know what the buying momentum will be without geopolitical changes," the RJO Futures expert assessed.

Kitco's gold price survey for the week of November 20-24. Photo: Kitco News — Kitco's gold price survey for the week of November 20-24. Photo: *Kitco News*

Everett Millman, director of market analysis at Gainesville Coins, believes that investors' attention in the gold market is shifting from geopolitical volatility to macroeconomic factors.

"I think we're seeing a shift in the focus of the gold market away from its role as a 'safe haven' against geopolitical volatility, as we've seen," Millman said. "I think that's increasingly becoming a major concern for the gold market, and now the attention is shifting more to the macroeconomic picture and, in particular, what the Fed's policy will be like."

Millman said the market's current focus is on whether the Fed has finished raising interest rates and when a rate cut will be implemented. "Essentially, lower interest rates are the biggest upside driver for gold, except for a deep recession," assessed the market analyst at Gainesville Coins.

Ole Hansen, head of commodity strategy at Saxo Bank, also believes he sees no major impetus for gold in the near future. Colin Cieszynski, Director of Market Strategy at SIA Wealth Management, maintains a neutral stance as the market approaches the Thanksgiving holiday. "The market in general is likely to be quieter over the next ten days," Hansen predicts.

On the positive side, Darin Newsom, senior market analyst at Barchart.com, is optimistic about gold's outlook. "The short-term upward trend for December gold has been strengthened over the past week, with prices at times approaching $2,000 per ounce," Newsom said.

Kitco's senior analyst Jim Wyckoff also expects gold prices to rise this week. "Technical signals from the charts are becoming more positive, and so is US monetary policy, following weaker inflation reports this week," the Kitco expert said.

Minh Son ( according to Kitco )

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