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Gold pulls back but investors have mixed views about its future
Gold pulls back after touching a new record high of $2,685 last week on the back of the Fed kicking off its easing cycle and central banks globally following the US reserve bank’s lead.
Is the correction likely to deepen or will Gold resume its uptrend and push to yet higher highs? It appears investors have mixed views about the short-term prospects for Gold, according to a Weekly Gold survey compiled by Kitco News.
Darin Newsom, Senior Market Analyst at Barchart.com, sees the uptrend continuing: “Applying Newton’s First Law of Motion to markets: A trending market will stay in that trend until acted upon by an outside force. That outside force is usually investor activity, and given the potential for global chaos is only going to increase over the next month, investors aren’t likely to change their mind on gold as a safe-haven market.”
Ole Hansen, however, who is Head of Commodity Strategy at Saxo Bank, thinks the uptrend is petering out. “I see it lower as I believe the rally is running on fumes from FOMO and momentum-chasing traders using derivatives,” he said, adding that “in the short term, physical demand is likely to dry up until investors adapt to these new and higher price levels.”
Adrian Day, president of Adrian Day Asset Management, meanwhile, expected the price of Gold to change little in the short term.
“A pause in the strong move up is overdue and could come now that the Federal Reserve’s first rate cut is in the rear mirror,” he said. “Over the next six and 12 months, I could not be more bullish as Western investors finally start to buy Gold,” he added. “But markets do not go straight up forever.”
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