According to the weekly review of gold prices, Wall Street and Main Street voted for an increase in gold prices by a larger percentage. The precious metal ended the week almost unchanged, rising by 0.22%, near the level of $ 1800 per ounce. This is despite the fact that the worst monthly value was recorded in June for more than four years.
After the mixed employment report for June, the markets will focus on the minutes of the Federal Reserve's June monetary policy meeting. Here, it will be known whether the sentiments coincide with the comments that were made during the meeting itself.
The results of last week's gold price survey showed that out of 13 Wall Street analysts, 69.2% were in favor of the price growth this week, while the remaining 30.8% remained neutral. There was no bearish sentiment this time.
On Main Street, 49.6% voted for a price increase, 25.8% held more bearish positions, and 24.6% remained neutral out of 256 participants.
Many analysts described last week's price movement in gold as disappointing for the bulls.
Walsh Trading Co-Director Sean Lusk regarded this move as a step forward and two steps back since gold could not hold the level of $ 1800 and fell below the lows of mid-April.
Meanwhile, Bannockburn Global Forex Managing Director Mark Chandler said the first obstacle for gold will be in the area of $ 1,800 to $ 1,815.
According to Senior Commodity Analyst and Broker at RJO Futures Daniel Pavilonis, the closing price above $ 1,820 per ounce is a key level that needs to be monitored, because this price may turn out to be a breakout point for the precious metal.
Analysts also warned that Monday's trading volume will be low due to the holiday. Nevertheless, Colin Cieszynski, Chief Market Strategist at SIA Wealth Management, stated that gold technically looks like it has turned a corner and the current rebound may continue.
A good way to determine gold's movement is to observe the range from $ 1750 to $ 1800.