A recent Kitco survey indicates a strong bullish sentiment for gold this week. Out of 16 analysts, only one predicts a decrease in gold prices. Conversely, 14 experts, representing 88% of respondents, believe the precious metal will continue its upward trend. The remaining analyst expects gold to consolidate.

An online poll of 268 individual investors also reflects this optimism, with 69% forecasting a positive price movement for gold. 16% of investors are bearish, while the remainder hold a neutral stance.

One-kilogram gold bars at the Argor-Heraeus refinery in Mendrisio, Switzerland. Photo: Reuters

James Stanley, senior market strategist at Forex.com, suggests that the USD 4,500 mark could pose resistance for buyers. However, continuous buying activity currently supports any pullbacks. "Therefore, I have not seen any evidence that the current rally has concluded," Stanley stated.

Rich Checkan, President and CEO of Asset Strategies International, shares this view, noting that the market's fundamental drivers remain consistent even into 2026. Ongoing gold purchases by central banks globally, coupled with tensions in Ukraine, Gaza, and Venezuela, and persistent low interest rates, continue to position gold as a safe-haven asset for investors.

"Gold is showing positive signals," commented Marc Chandler, Managing Director at Bannockburn Global Forex. He noted that the precious metal's record high set on 26/12 was just shy of the USD 4,550 mark. This level will serve as the immediate resistance for gold, following the strong hold of the support area around USD 4,400 last week.

Chandler further added that geopolitical volatility, central bank buying, and individual investor demand remain key drivers for gold prices.

Conversely, analysts at CPM Group issued a sell recommendation after the market closed on 8/1. This group suggests that while many investors have realized profits over the past few months, growing concerns about short-term profit-taking could lead to a price decline in the near future.

For the long term, CPM Group anticipates prices trending higher from late January through the remainder of Q1, as unresolved political and economic risks persist.

Trong Hieu (via Kitco)