Gold steadies as Kitco survey shows Wall St bullish; DXY

Bullish sentiment dominates per Kitco News Weekly Gold Survey; retail mildly bullish

Bullish sentiment on gold once again dominates among market participants, according to Kitco News’ Weekly Gold Survey. Retail investors remain mildly bullish for a third consecutive week, indicating a positive but measured stance.

The survey shows professional forecasters leaning decisively bullish, with retail tilting constructive rather than exuberant. Reported readings indicate roughly 63% of Wall Street respondents were bullish, and about 57% of Main Street voters favored gains, with 21% bearish and 22% neutral.

Why it matters: US Dollar Index (DXY) and Federal Reserve drivers

Gold’s near-term path is closely tied to the US Dollar Index and interest rate expectations. As reported by Forex.com, the prior week’s USD weakness was largely erased, with DXY returning to a major long-term area on the chart, typically a headwind for bullion.

Expectations for the federal reserve’s policy path influence real yields and the dollar, both pivotal for non-yielding assets like gold. Hawkish commentary or stickier inflation could support the dollar and weigh on gold, while softer guidance may do the opposite.

Technical focus has centered on whether trend support holds and whether recent higher lows can persist. Analysts including Charlie Nedoss and Adrian Day have emphasized the 100-day moving average and a sequence of higher highs/lows as constructive, while acknowledging volatility risk.

“Gold has bounced off support at the 100-day moving average; as long as that holds, the bullish case remains valid,” said Charlie Nedoss, Senior Market Strategist at LaSalle Futures Group.

Retail positioning remains cautiously optimistic, aligning with the survey’s mild-bullish streak. Darin Newsom has cautioned that after multiple weeks of gains, a period of sideways trade or a pullback is possible, underscoring discipline around support levels.

What to watch next week for gold and DXY

Data releases and Federal Reserve commentary to monitor

Market attention will center on scheduled Federal Reserve commentary and any signals about the timing and extent of future rate moves. Updates that shift rate expectations can quickly influence both DXY and gold.

DXY moves and risk tone that may impact gold

The recent rebound left DXY near a long-term area flagged by earlier analysis; sustained strength there may cap bullion, while a renewed drift lower could ease pressure. Broader risk tone and liquidity conditions remain relevant.

FAQ about Kitco News Weekly Gold Survey

Have retail investors been mildly bullish for three consecutive weeks, and what are the exact percentages?

Yes. Latest reading: ~57% bullish, 21% bearish, 22% neutral, per the survey. Prior-week splits are not provided here.

How are the US Dollar Index (DXY) and interest rate expectations influencing gold right now?

Stronger DXY and firmer rate expectations tend to pressure gold. A softer dollar and more dovish expectations generally support it. The recent DXY rebound suggests near-term headwinds.