GOLD (May 28) Wall Street split on gold price direction

The gold market has suffered another week of losses, dropping for the third consecutive week following the Federal Reserve's meeting in June, where expectations shifted from a pause in interest rates to an increase in rates.

Wall Street is divided on whether gold will continue to decrease in value or not. Of the 14 analysts surveyed, 43% are optimistic about the price of gold next week, while the rest predict a decline with only 14% remaining neutral.

Meanwhile, Main Street is seeing an increase in gold prices, with 49% of the 762 retail investors surveyed expecting higher prices, 36% anticipating a decrease, and 15% remaining neutral. Despite this, the retail sector is still experiencing a decrease in prices based on previous surveys.
Investors' target average gold price for next weekend is $1,981/ounce, which is about $37 higher than the current price. Gold has lost over $120 since trading at $2,062, but it may be too early to call it the bottom, although it could close.

Trading steadily below $2,062 signals strong pressure for many days/weeks. It is likely that in the final period of the lower timeframe, it will move down from the highest level, with possible depleted areas on the way down at $1,937-40, $1,929, $1,906, and $1,882.