Gold Sees 84% Bullish Sentiment Ahead of CPI Data
Gold prices are experiencing a significant revival in market sentiment after bottoming out during a volatile late summer, according to the latest weekly gold survey from Kitco News.
The survey found that both Wall Street professionals and Main Street retail investors are showing overwhelmingly bullish sentiment, with 84% of Wall Street analysts polled predicting gold prices will rise this week. The remaining 16% expect sideways consolidation or a bearish view.
The market's focus is rapidly shifting to the upcoming U.S. Consumer Price Index (CPI) data, which is expected to set the tone for gold's near-term rebound trajectory. If inflation data comes in lower than expected, it could further reinforce expectations that the Federal Reserve will pause rate hikes or even pivot toward easing.
However, whether gold can truly break through key resistance levels in the near term will depend on the upcoming U.S. CPI data. The market broadly believes that if inflation data proves stickier than anticipated, it could temporarily weigh on gold prices.