Sentiment in gold remains bullish, but prices to stay below $2,000 as the Fed looks to leave interest rates unchanged...

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2023-06-09 17:08:45  • 4 mins

(Kitco News) - Sentiment in the gold market remains bullish as momentum supports higher prices but analysts are warning investors that they should not expect prices to break above $2,000 an ounce next week as the Federal Reserve looks to maintain its hawkish monetary policy stance even as it leaves rates unchanged.

The latest Kitco News Weekly Gold Survey shows that Main Street retail investors remain bullish on gold in the near term; however, Wall Street analysts appear to be cautiously optimistic ahead of next week's critical inflation data and the U.S. central bank's monetary policy decision.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said that from a strictly technical perspective, he is bullish on gold in the near term. Cieszynski said momentum indicators are starting to turn slightly bullish, which gives prices room to move slightly higher.

However, he added that he doesn't expect gold prices to break above $2,000 an ounce.

"I think the Federal Reserve will signal a pause in interest rates and that could drive gold prices up another $20 an ounce," he said. "But a pause is not an end to the tightening cycle. What gold needs to break above $2,000 is a clear signal that the Fed's tightening cycle is done."

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