The latest weekly gold survey showed that the opinions of retail investors and institutional experts regarding gold prices almost perfectly aligned. Most of them predict an increase in the precious metal this week, while the majority of analysts see stagnation.

14 analysts from Wall Street participated in a survey, which showed a significant weakening in bullish sentiment. Six of them, or 42%, expect an increase in prices. Four analysts, representing 29%, predict a price decrease, and another four, also making up 29%, have a neutral stance.

In an online poll, 150 votes were cast, and this week, retail investors almost exactly mirrored the analysts' viewpoint. 66 investors, accounting for 44%, anticipate a rise in gold prices this week. Another 44, or 29%, voted for a decrease, while 40 people, making up 27%, were neutral.

Colin Cieszynski, chief market strategist at SIA Wealth Management, is bearish for the near future. He said that as the dollar strengthens and treasury yields rise, gold is facing headwinds.

Mark Leibovit, publisher of the VR Metals/Resource Letter, said that given the current situation that the overall market analysis is negative and the press is ignoring the ongoing World War III, he cannot bet against gold.

According to Marc Chandler, Managing Director at Bannockburn Global Forex, interest rates and economic news will determine the direction of prices this week. Geopolitics and the escalation of conflict in the Middle East, including Pakistan against Iran, had less impact than he had anticipated. He noted that last week, the yields of 2-year and 10-year Treasury bonds increased by about 20 basis points. And the activation of gold trading coincided with the rise of the dollar.

Chandler believes that the adjustment of interest rates in the U.S. is complete, and the main focus this week will be on the first analysis of the U.S. GDP for the fourth quarter and three central bank meetings: the Bank of Japan, the ECB, and the Bank of Canada.

Sean Lusk, co-director of commercial hedging at Walsh Trading, believes that as gold loses support at current levels, a break below $2,000 per ounce could easily occur. He thinks that the driving forces behind the recent gold rally are fading, and the seasonal supply will soon be exhausted.

According to Lusk, there is usually a large physical demand from mid-December to Valentine's Day as gold is bought by global jewelers and others. This is the period when gold typically performs well. Although this year is a bit different, little is being said about what's happening in Eastern Europe, as well as Israel, Gaza, and the chaos in the Red Sea. Therefore, gold always remains valuable, especially against the backdrop of geopolitics.

While investors will be watching the smoldering conflict in the Middle East, which continues to intensify, decisions by central banks on interest rates will take center stage this week. The Bank of Japan will maintain its dovish stance and negative interest rates. Following it, the Bank of Canada will make a decision on monetary policy. Then, the European Central Bank's interest rate announcement will be published, which may create the greatest risk for the U.S. dollar and gold.

Also, the U.S. PMI data, fourth-quarter GDP forecast, durable goods orders, new home sales, and the main report on PCE, personal income, and expenses in the U.S. will be released. These are the news that will affect the volatility of gold prices.