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· This week, 13 market professionals took part in the Wall Street survey. Four analysts or 31% said they see higher prices next week. Eight analysts, or 61%, predicted gold would fall. One analyst, or 8%, saw a sideways market or else were neutral.

Meanwhile, 991 respondents took part in an online Main Street poll. A total of 482 voters, or 49%, called for gold to rise. Another 331, or 33%, predicted gold would fall. The remaining 177 voters, or 18%, saw a sideways market.

Darin Newsom, president of Darin Newsom Analysis, said that although gold has made a big move to the downside, the market doesn’t appear oversold. He added that his next big support level is around $1,407 an ounce.

Wall Streets’ and Main Street’s record is tied at 21-19 year to date, meaning respondents have been right 52% of the time.

Looking ahead, Charlie Nedoss, senior market strategist with LaSalle Futures Group, said that technical selling pressure has created significant technical damage to gold bullish momentum.

He added that he is now watching to see if gold tests support at $1,405 an ounce, which represents the market’s 200-day moving average.

“With the stock market at record highs it will be difficult for gold to rally,” he said. “I think we need to see further technical washout before we get buyers coming back.”

Kevin Grady, president of Phoenix Futures and Options LLC, said that he also sees lower prices in the near-term and recommends selling rallies to $1,480 an ounce.

Along with record valuations in equity markets, technical selling pressure, and improving investor sentiment, Christopher Vecchio, senior currency strategist at DailyFx.com, said that rising bond yields also don’t support higher gold prices.

· "Gold has been rather expensive vs. current market expectations for a Fed cut (or hike…) and explains away some of the unwind in gold this week, that aligned with a respected technical break and positive trade headlines," said Scotiabank commodity strategist Nicky Shiels. "The $1,450 level is a key floor that was instated when the Fed first cut rates on July 31 and should provide support."

One risk event that could significantly boost gold prices in the short-term is the 'phase one' deal delay. "The largest threat to the reflation trade (and for higher Gold) is if the December signing summit is further delayed (or even canceled), which would reverse all bond/Gold losses this week," Shiels said.

Overall, the case for holding gold remains intact with the U.S.-China trade talks being as unpredictable as ever, she added.

· The $1,450 level is a crucial support point for gold and a move below it could open the floodgates to more selling, said McKay.

"We saw a lot of longs entering the $1,425-$1,450 region. Right now, we are on the brink of potentially another wave of downside here if risk markets keep up," he said. "The average position sizing per trader has been well above average and what we are seeing is a shakeout of that length and some shorts being added onto the downside momentum. Looking at towards next week, we are more biased to say range-bound to slightly lower."

The $1,450 level is a significant support zone for gold, which is likely to trade in the $1,450-$1,500 range in the short-term, added Butler.

"When we first got above $1,450 this summer, it was a significant line of resistance on the way up. On the way down, it will also be a significant level of support," he said.

But, a move below $1,450 could trigger a drop towards $1,400 for the yellow metal, Butler highlighted. "Whether we get this low will depend on the macro outlook," he said.

Eyes on inflation, retail next week

Key data next week include U.S. inflation figures on Wednesday, PPI data on Thursday, as well as retail sales, New York Empire State Manufacturing Index, and industrial production on Friday.

· "A lot will depend on progress in trade talks between the U.S. and China. From Trump's latest comments, it seems that calls for progress in trade talks are premature," Mitsubishi analyst Jonathan Butler said on Friday.

Other key events include Federal Reserve Chair Jerome Powell's testimony on the economy before Congress on November 13 and Trump's speech at the Economic Club of New York on November 12.

"Powell's testimony will be very closely watched in terms of whether he reveals any signs that the Fed intends to keep rates on hold or not. Everyone is going to get something from it. But, with these sorts of testimonies, everyone tends to hang on to certain words or phrases that justify their view and in that sense, it might be a set of mixed messages," Butler said. "More likely that we hear some conditional comments about keeping rates on hold. Having three U.S. rate cuts in the row, it is very unlikely that we are going to see another rate cut in the near future."

· Elsewhere, silver was up 0.3% at $16.84 per ounce, platinum dipped 0.1% to $885.36 per ounce and palladium rose 0.4% to $1,749.46 an ounce.