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According to the latest weekly gold survey, prices cannot rise above $1,800 an ounce. Some market analysts said Friday's employment report killed hopes for gold to break the $1,800 level anytime soon.
Ahead of the latest survey results, the US Bureau of Labor Statistics said 528,000 jobs were created in July. The data far exceeded the expectations of economists, who had forecast job gains of around 250,000. The report also notes a solid increase in wages.
While some analysts continue to see upside potential, many are neutral and bearish. Retail investors remain firmly optimistic about gold.
Last week, 16 Wall Street analysts took part in the gold survey. Among the participants, four analysts, or 24%, were bullish in the short term. At the same time, seven analysts, or 41%, were bearish. And six analysts, or 35%, voted neutral.
In online polls on Main Street, 579 votes were cast. Of these, 379 respondents, or 65%, expected gold prices to rise this week. Another 124 voters, or 21%, announced a reduction, while 76 voters, or 13%, were neutral.
Economists believe the July jobs report has changed market sentiment as investors now expect the Federal Reserve to maintain its aggressive monetary stance in September.
The CME FedWatch tool shows that there is more than a 70% chance of a 75 basis point move next month. Ahead of the employment report, markets estimated the likelihood of an aggressive move at 34%.
Adrian Day, president of Adrian Day Asset Management, has a neutral view of gold prices during the week. Because the latest employment data will make gold investors more cautious. However, he added that he remains an optimist in the long term.
Frank McGhee, precious metals dealer at Alliance Financial, is bearish as the precious metal can no longer fight the Fed.
However, some analysts remain optimistic about the precious metal, noting that prices remain supportive. Jim Wyckoff said there is still technical bullish momentum in the market, which could lead to higher gold prices this week.
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