In the Kitco News Gold Survey, out of 34 participants, 18 responded this week. Of those, seven participants see prices up, while nine see prices down and two see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.
With the market roughly in the middle of its trading range from the past few months, many traders and analysts were focused largely on the technical-chart picture. In particular, those looking for strength cited gold’s ability to hold support around $1,700.
However, those looking for weakness pointed to declining volumes lately and other technical indicators.
“Looking at the technical picture, gold prices have fallen below the 20-day moving average, which is favoring short-term bearish momentum traders,” said Mike Zarembski, senior commodities analyst with optionsXpress. “In addition, prices have now solidly moved below the uptrend line drawn from major lows made back on Sept. 26. This sets up a potential test of the near-tem lows near the $1,670 level basis the Feb futures.”
Late in the Comex pit session, the 20-day average for the February contract was at $1,733.70 an ounce and the session high was $1,727.90.
Some of the bulls listed the likelihood of further loosening of monetary policy by the European Central Bank down the road and potential for the Federal Open Market Committee to hint at more possible easing in the U.S. when policy-makers meet next week.
Meanwhile, some participants were bearish due to the ongoing European debt saga, while others were bullish for the same reason. One analyst cited potential for gold to ease if it maintains its recent correlation with other markets, such as equities and the broader commodity market. But another suggested the crisis could reach the point where there are renewed worries about credit downgrades, more “printing” of money by central bankers and thus a move into gold as a store of value. For the latest updates on the stock market, visit Stock Market Today
gold prices predictions monday 12 2011, gold futures prices 12 dec 2011, will gold prices on next week 12 december 2011, mcx gold prices december 12 2011, commodity market outlook dec 5 2011 For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
gold
- Gold will climb toward $1,900 an ounce first half 2013
- Why Gold prices down analysis jan 7 2013
- Gold Prices expected Bullish Next Week
- Analysis forecast Gold prices in india 2013
- Why gold futures prices Down, Analysis december 26 2012
- Analysis gold prices for next week december 17-21 2012
- Goldman Sachs forecasts gold prices 2013-2014
- Analysis Gold prices dec 3 2012
- Gold, Silver Prices rose watch U.S budget deal
- Gold futures down in Asia trading november 14 2012
- analysis gold prices next week november 12-16 2012
- MCX Gold trend for november 12-16 2012
- Analysis Gold prices after obama win
- Analysis gold prices next week November 5-9 2012
- MCX Gold prices down october 30 2012
- Gold prices prediction next week october 29 2012
- Spot Gold prices expected down october 2012
- gold prices for next week october 22-26 2012
- gold futures prices expected week october 15-19 2012
- gold prices for next week october 8-12 2012
- how will Impact tensions in the Middle East on Gold Prices
- Gold Prices predicted $2,400 summer 2013
- Gold futures Prices october 4 2012
- Technical Forecast Gold, Silver prices october 1-5 2012
- Gold prices prediction october 1-5 2012
No comments:
Post a Comment