On June 25, a survey by the precious metals website Kitco showed that both Wall Street analysts and ordinary retail investors were slightly bearish on the gold market.
Among the 22 Wall Street analysts interviewed, 11 analysts are bearish on gold in the near future, 9 are bullish, and 2 are expected to trade sideways.
Among the 966 ordinary investors who participated in the online survey, 395 respondents (41%) expect gold prices to rise next week, 403 (42%) expect gold prices to fall, and 168 (17%) are neutral.
Given the downward momentum in the market, it may only be a matter of time before gold tests support around $1,900 an ounce, some analysts said.
While gold looks set to head lower in the near term, some analysts say now may be a buying time for technical investors to hedge against a possible downturn in stocks and the threat of a recession.