Gold prices rose to a two-month high earlier this week, creating some solid bullish sentiment in the market, according to a survey by precious metals website Kitco; however, several analysts also warned investors against taking a rash move ahead of next week's Fed rate hike. Among the 19 Wall Street analysts surveyed, 8 are bullish and 8 are bullish on the gold price trend next week, accounting for 42%, and three are bearish on gold prices, accounting for 16%. Meanwhile, 221 (60%) of 369 general investors surveyed online expect gold prices to rise next week, 95 (26%) see weakness and 53 (14%) are neutral. These investors expect gold to retest resistance around $1,980 by the end of next week. Sean Lusk, co-director of commercial hedging at Walsh Trading, said he remains bullish on gold, however, it's not worth fighting the Fed in the short term. "Yes, gold could drop $50 next week if the Fed stays hawkish after raising rates," he said. But they can do nothing about inflation. Prices for many items can only go up because of supply issues. There are shortages of all kinds of goods. Because of this, I think gold should continue to be bought on dips. "
