Bulls or Bears? Wall Street vs. Main Street puts together leading analysts and regular metals investors to find out where they think gold is headed next week. Picked up and quoted by other leading news organizations, this feature has become a cornerstone for the industry and an indicative benchmark.
- Gold prices continued to trade in their well-established channel this week as markets saw the Federal Reserve leave rates unchanged on Wednesday, signaling that at least one more hike was likely in 2023 and that rates would need to remain higher for longer than previously anticipated.
Colin Cieszynski, Chief Market Strategist at SIA Wealth Management, said he's neutral on the precious metal. "Gold has been trending sideways since the beginning of September and with most of the major market moving news for this month already out, Gold may continue to consolidate into the end of the quarter."
The coming week will see a raft of economic data releases, though nothing as impactful as this week's FOMC rate decision. Highlights will include U.S. GDP and PCE data for Q2 and August, the Dallas, Chicago, Michigan and Richmond Fed surveys, and August Durable Goods and Pending Home Sales. Marc Chandler, Managing Director at Bannockburn Global Forex, also expects to see gold stay in its recent holding pattern for the near term.
He said that in the long term, "you've got to be bullish gold," but with interest rates remaining high, it will be tough for the precious metal to sustain rallies."If we can get some kind of movement in the dollar you might be able to see a sustained rally, but as long as the dollar remains somewhat firm, I think it'll take a breakdown below par to really ignite gold to the upside.
Darin Newsom, Senior Market Analyst at Barchart.com, expects the yellow metal to maintain its sideways trajectory.
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