According to the latest weekly gold survey, industry experts are almost unanimous about the bullish outlook for the precious metal for the current week, and the sentiment of retailers is also optimistically strong.According to Mark Chandler, managing director of Bannockburn Global Forex, the upward trend of the yellow metal continues, and this is facilitated by lower interest rates in the United States and a weaker dollar. The precious metal rose to nearly $2427 following weak consumer price index data and increased speculation that the Federal Reserve is ready to cut rates at least twice this year, with a 40% chance of a third cut. Some short-term market consolidation seems likely, but market sentiment is constructive.James Stanley, Senior Market Strategist at Forex.com, agrees with Mark Chandler. He believes that a gold price of $2500 is quite achievable.Darin Newsom, Senior Market Analyst at Barchart.com, disagrees with the previous experts. He was the only doubtful analyst for the week. Alex Kuptsikevich, Senior Market Analyst at FxPro, noted that the rise in the precious metal above $2400 is a good omen for prices, and the potential for a new all-time high is likely, roughly several hundred dollars higher than the previous peak.Thirteen Wall Street analysts participated in the survey. All but one agreed that the yellow metal would rise. Twelve experts, or 92%, expect further price increases this week, while only one analyst, making up 8%, predicts a decline. None forecasted a sideways trend.Analysts at CPM Group stated that they still view gold as a buy in the near future.

In an online survey, 178 votes were cast, with Main Street investors maintaining a bullish position since last week. One hundred nineteen retail traders, or 67%, expect prices to rise this week. Another 32, or 18%, believe the yellow metal will decline. Meanwhile, 27 respondents, making up the remaining 15%, are expecting a sideways trend.This week, markets will shift their attention from the Federal Reserve to the European Central Bank, which is set to announce its decision on interest rates. After the European Central Bank cut the key interest rate in June, markets are geared for a pause in ECB actions. However, signals about potential future cuts should be watched. The most significant data release for North America will be the US retail sales data for June. Economists warn that further declines in consumption will add momentum to market expectations of a September rate cut. Additionally, attention should be paid to the Empire State Manufacturing Survey and comments from Fed Chairman Powell today, Monday, US housing starts and building permits on Wednesday, and Thursday, the Philadelphia Fed survey and weekly jobless claims.