Gold prices are expected to fluctuate next week.

Analysts are divided between bullish and neutral when forecasting gold prices next week as factors affecting the precious metal have not changed significantly.

Gold prices continued to trade steadily this week as the market saw the US Federal Reserve (Fed) keep interest rates unchanged and signal the possibility of at least one more hike this year. Interest rates also need to remain high for longer than previously expected.

The latest Kitco News weekly gold survey shows market analysts are split between bullish and neutral, while retail investors expect a breakout from the recent sideways price range.

Of the 13 Wall Street analysts who participated in the Kitco News gold survey, six (46%) predicted higher prices for gold next week. Only two analysts predicted lower prices, while five (38%) said the market would trade sideways.

Of the nearly 600 individual investors who participated in the online poll, 49% said gold would rise next week, 35% predicted the market would close the week in the red, and 15% remained neutral.

Kitco News survey results forecast gold prices for the week of September 25-29. Photo: Kitco — Kitco News survey results forecast gold prices for the week of September 25-29. Photo: *Kitco*

James Stanley, senior market strategist at Forex.com, said gold could rise. "The uptrend has been clear this week, given what has happened to both Treasuries and the US dollar," Stanley said. This week's lows are right at the resistance of the previous trendline, he said. Bulls have an opportunity to make a move next week.

Meanwhile, Colin Cieszynski, chief market strategist at SIA Wealth Management, said he is neutral on the precious metal. "Gold has been trending sideways since the beginning of September and with most of the news out, the precious metal could continue to consolidate this trend until the end of the quarter," said the expert from SIA Wealth Management.

Bob Haberkorn, senior broker at RJO Futures, said gold prices remain range-bound. "People are trying to interpret the messages from the Fed. And that pause means rates will stay there longer than expected," he said.

Marc Chandler, CEO at Bannockburn Global Forex, also expects gold to maintain a sideways price range.

“Gold ended the week little changed but a little firmer,” Chandler said. He said that while the precious metal had a larger trading range this week, it was generally quiet. That may reflect conflicting expectations.

Taking a more cautious view, Ben DiCostanzo, chief market strategist at Walsh Trading, said gold is in a difficult position. Every bounce has been met with selling pressure. Gold has a lot of strong resistance ahead and the market has failed several times recently.

In the long term, he said investors remain bullish on gold, but with interest rates still high, the precious metal will find it difficult to sustain its rally. "If we can see some movement in the US dollar, you could see a sustained rally. But as long as the greenback remains stable to some extent, I think there needs to be a break of some support to really drive gold higher."

Minh Son ( according to Kitco )

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