A recent Kitco News survey conducted last weekend involved 15 Wall Street analysts. The results showed that 12 experts anticipate gold prices will surpass 5,000 USD this week. One analyst predicted a price decrease, while the remaining two expected prices to remain stable.

Concurrently, an online poll of Main Street individual investors recorded 272 votes. Among them, 71% forecast a continued increase in gold prices, 15% expected a decline, and 14% anticipated prices to hold steady.

Global gold prices approached the 5,000 USD an ounce mark last weekend. Chart: Kitco

Global gold prices approached the 5,000 USD an ounce mark last weekend. Chart: Kitco

James Stanley, a senior market strategist at Forex, stated there is no reason to believe gold will not continue to rise. While the 5,000 USD mark might slow the ascent, prompt a market pause, or even trigger a correction, currently there is no evidence buyers are retreating. He added, "How gold reacted around the 4,900 USD mark during the correction shows me that significant upside potential still remains."

Colin Cieszynski, chief market strategist at SIA Wealth Management, maintained a neutral stance on gold for this week. He noted that when prices first approached the 5,000 USD level, technically, the market appeared due for a breather. However, he believes the medium and long-term drivers that have propelled gold prices up by thousands of USD in recent years will persist, while short-term factors like the Greenland issue are merely supplementary.

"Some issues come and go. This week it's Venezuela, another week it's Greenland. But one thing that has not disappeared is geopolitical and trade tensions," the strategist commented.

According to Cieszynski, the most significant impetus behind gold's rally is likely the prolonged weakness of the US dollar. The greenback has continuously depreciated over the past 9-10 months and could continue for nearly a year. As long as this trend persists, the fundamental push for gold and silver remains intact.

The most crucial economic event next week is the US Federal Reserve (Fed) monetary policy meeting, although the market does not anticipate an interest rate adjustment before june. Nevertheless, investors will closely monitor any signs of disagreement in the voting and the statements made by Fed Chair Jerome Powell at the press conference.

Kevin Grady, president of Phoenix Futures and Options, suggested that the precious metal's movement is almost unstoppable in the current environment. He pointed out that notably, when stocks fall, gold rises. Conversely, when stocks rise, gold does not decline. Therefore, he believes gold and silver prices are moving according to their "own will", contrary to previous patterns.

The expert also emphasized that this is a rare moment when buyers are unwilling to sell despite gold hitting new records. Producers are also not injecting additional supply and are not hedging future output.

Gold bars stacked in the vault of Pro Aurum in Munich, Germany. Photo: Reuters

Gold bars stacked in the vault of Pro Aurum in Munich, Germany. Photo: Reuters

Alex Kuptsikevich, a senior market analyst at FxPro, is among the few experts who foresee a downward trend for gold next week. He noted that the precious metal is currently experiencing the strongest nominal gain in its history and one of its most significant momentum weeks. Gold is now very close to the psychological 5,000 USD an ounce mark, which he considered unthinkable just a few years ago when the market was around 2,000 USD.

However, Kuptsikevich believes that a "big surge" after a prolonged rally often serves as the final impulse before a reversal, suggesting that a gold price retreat is only a matter of time. The more than 25% increase over the past 11 weeks is comparable to the final phase of the 2011 rally, and this week's upward momentum resembles the last breakout week approximately 15 years ago.

Analysts at CPM Group issued a buy recommendation last weekend. They projected a target price of 5,100 USD by 6/2 and a stop-loss at 4,800 USD.

"Given this level of volatility and half a century of experience in the precious metals market, we have maintained a 'sidelines' recommendation for short-term investors who do not monitor the market minute-by-minute," the analysis team noted.

By Tieu Gu (according to Kitco)