Gold price has room to move higher but remains stuck below $2,000 – analysts

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Although bullish sentiment remains strong in the gold market, there is a growing sense that the precious metal will continue to spin its wheels in the mud without any new fundamental news to drive prices, according to the latest results of the Kitco News weekly gold survey.

A majority of Wall Street analysts and Main Street investors remained bullish on gold but there were strong neutral voices in both surveys.

Gold market bulls need a fresh fundamental news spark to restart the near-term price uptrend,” said Jim Wyckoff, senior technical analyst at Kitco.com.

This week, 14 Wall Street professionals took part in the latest Kitco survey. Among the participants, seven voters, or 50%, called for gold prices to rise; six analysts, or 43%, said they expect to see prices trade sideways and one analyst, or 7%, said they see gold prices lower next week.

A total of 1,367 votes were cast in online Main Street polls. Of these participants, 829 respondents, or 60%, looked for gold to rise next week. Another 290, or 21%, said they were neutral, while 248 voters, or 18%, were bearish.

Source: Kitco

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