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Less than 50% of Main Street optimistic on gold prices rally; Wall Street outright bearish

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(Kitco News) – Gold is not ending the week on a strong note and there is not much conviction among Wall Street analysts and Main Street investors that the selling pressure will end next week, according to the latest Kitco News Weekly Gold Survey.

The gold market was hit with strong technical selling pressure as investor risk sentiment improved, which has pushed prices down 3% this week, its worst performance in 2.5 years.

Darin Newsom, president of Darin Newsom Analysis, said that although gold has made a big move to the downside, the market doesn’t appear oversold. He added that his next big support level is around $1,407 an ounce.

Gold is doing exactly what the chart says it should be doing,” he said.

This week, 13 market professionals took part in the Wall Street survey. Four analysts or 31% said they see higher prices next week. Eight analysts, or 61%, predicted gold would fall. One analyst, or 8%, saw a sideways market or else were neutral.

Meanwhile, 991 respondents took part in an online Main Street poll. A total of 482 voters, or 49%, called for gold to rise. Another 331, or 33%, predicted gold would fall. The remaining 177 voters, or 18%, saw a sideways market.

Gold is not ending the week on a strong note and there is not much conviction among Wall Street analysts and Main Street investors that the selling pressure will end next week, according to the latest Kitco News Weekly Gold Survey.

The gold market was hit with strong technical selling pressure as investor risk sentiment improved, which has pushed prices down 3% this week, its worst performance in 2.5 years.

Darin Newsom, president of Darin Newsom Analysis, said that although gold has made a big move to the downside, the market doesn’t appear oversold. He added that his next big support level is around $1,407 an ounce.

“Gold is doing exactly what the chart says it should be doing,” he said.

This week, 13 market professionals took part in the Wall Street survey. Four analysts or 31% said they see higher prices next week. Eight analysts, or 61%, predicted gold would fall. One analyst, or 8%, saw a sideways market or else were neutral.

Meanwhile, 991 respondents took part in an online Main Street poll. A total of 482 voters, or 49%, called for gold to rise. Another 331, or 33%, predicted gold would fall. The remaining 177 voters, or 18%, saw a sideways market.