Gold has room to move higher but sentiment is starting to shift

Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - gold's significant upside momentum, with prices testing resistance at a nine-month high, is helping to drive bullish sentiment in the marketplace, but analysts also continue to warn investors not to chase the market.

The latest Kitco News Weekly Gold Survey shows that bullish analysts have a slight advantage heading into the weekend; however, a large block of analysts have moved to the sidelines as they believe the precious metal is looking a little overextended.

At the same time, the survey shows that retail investors are significantly bullish on gold prices next week; however, a low participation rate in this week's online surveys doesn't add a lot of conviction to the positive market sentiment.