The gold market remains at around $1,850 an ounce, with bullish sentiment among Wall Street analysts starting to cool as the Federal Reserve continues to aggressively raise interest rates through the end of the year.

The weekly review of gold shows that retail investors remain significantly optimistic about the precious metal as they look for assets to protect in a rising inflationary environment.

Gold prices ended last week above $1,850 an ounce, which is a critical psychological level.

The precious metal managed to hold above this level on the back of stronger-than-expected employment data. On Friday, the Bureau of Labor Statistics said 390,000 jobs were created in May, beating economists' expectations of about 325,000.

Blue Line Futures chief market strategist Phillip Streible said that gold's technical outlook remains constructive; however, the fundamental outlook is hazy. Economic data support further aggressive monetary policy action.

According to Ole Hansen, head of commodity strategy at Saxo Bank, any drop in the price of gold can be seen as a long-term buying opportunity.

Last week, 15 Wall Street analysts took part in the gold survey. Among the participants, seven analysts, or 47%, were in favor of rising gold prices this week. At the same time, five analysts, or 36%, were bearish. And three analysts, or 20%, were neutral.

In online polls on Main Street, 637 votes were cast. Of these, 448 respondents, or 70%, expect gold to rise. Another 117 voters, or 18%, voted in favor of lowering prices, while 72 voters, or 11%, were neutral.

The gold market is caught in a tug-of-war between rising inflation and the Fed's hawkish stance on price cuts.