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Wall Street and Main Street are bullish on the near-term direction of gold prices, based on the weekly Kitco News gold survey. 

Sixteen market professionals took part in the Wall Street survey. Eight respondents, or 50%, predicted higher prices by next Friday. There were three votes, or 19%, for lower, while five respondents, or 31%, called for sideways.

Meanwhile, 524 people responded to an online Main Street poll. A total of 310 respondents, or 59%, called for gold to rise. Another 122, or 23%, predicted gold would fall. The remaining 92 voters, or 18%, see a sideways market. 

Bob Haberkorn, senior commodities broker with RJO Futures, flipped from being bearish a week ago to bullish this time. He cited an expectation for continued volatility in equities and also pointed out that financial markets are starting to scale back the number of expected rate hikes from the U.S. Federal Reserve.

Phil Flynn, senior market analyst with at Price Futures Group, also looks for gold to rise on ideas the Fed may not be as aggressive as previously thought.

“The market volatility has lowered the odds of aggressive rate hikes,” Flynn said. “That will lower the dollar and boost gold next week.”

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, also said higher.

“The ‘risks’ are all on the upside, with chaos in the European Union [and] prospective struggles between the White House and incoming Democratic House; lack of any favorable legislation in the U.S. will hurt the dollar and help gold,” Day said.

Meanwhile, Kevin Grady, president of Phoenix Futures and Options LLC, is among those who anticipate weaker prices in the week ahead due to the market’s inability to generate additional upward momentum, although he added that gold has also held up due to ongoing uncertainties in the world such as Brexit, coupled with recent central-bank demand.

“It just seems to me the market has hit some levels that we just can’t breach,” Grady said. He later added, “I think the market is running out of steam.”

Colin Cieszynski, chief market strategist at SIA Wealth Management, also looks for weakness.

“I am bearish on gold for next week. It has started to roll over technically, and I think it could retest the bottom of the current $1,200-to-$1240 range,” Cieszynski said. “I suspect that the U.S. and China will come out with some sort of communique on trade that lets them both save some face, which could ease tensions and boost USD [the U.S. dollar] further.”