Raphael observes that at the current level of interest rates, there is anexcesssupply of bonds, and, therefore, he anticipate

adecrease in the price of bonds.

Is Raphael correct?

Raphael is (correct, incorrect). The supply and demand analysis tells us that interest rates will (increase, decrease), creating a movement along both the demand curve (in the (southeast, northwest) direction) and the supply curve (in the (northeast, southwest) direction) in order to reach the equilibrium interest rate (and price). The bond's price will therefore (rise, fall).