Gold closed at its worst week of 2016 last week, which raised worry around the industry. The recent pull back, however, is not likely to last according to Market Expert Todd Gordon. He believes market prices should be bolstered by key technical support, creating an opportunity for investors to buy. Moreover, he believes that inaction from the FED will drive gold prices higher as investors expect lower interest rates.
He told CNBC “I don’t think the Fed is going anywhere, which makes the gold market a buy on this pullback”.
Although, not all agree with Gordon vision, many argue that gold prices are expecting more declines over the next few days, as the sentiment in favor of the metal weakened on speculations of yet another Federal Reserve interest rate adjustments.
Kitco’s, a Canadian company that buys and sells precious metals such as gold, latest gold survey, shows how the majority of experts on Wall Street (63 per cent) are not expecting the metal to increase this week. While, with retail investors, only less than half (46 per cent) are positive that prices will go higher in the next few days.
