Friday, January 13, 2012

gold prices prediction january 16-20 2012

gold prices prediction january 16-20 2012 : Gold futures fell by as much as $22 an ounce Friday as strength in the U.S. dollar helped dull demand for the precious metal, which has already seen prices climb over the past three sessions.

Ratings agency Standard & Poor’s could move as early as Friday to downgrade euro-zone countries, The Wall Street Journal reported, citing European Union sources.

Gold for February delivery GC2G -0.60% fell by as much as $22 to touch a low of $1,625.70 an ounce on the Comex division of the New York Mercantile Exchange. It was last at $1,628, down $19.60, or 1.2%. Futures prices had tallied a three-session gain of 2.5% and were still poised to end the week around 1% higher.

Kitco News Gold Survey for jan 16-20 2012
In the Kitco News Gold Survey, out of 32 participants, 24 responded this week. Of those 24 participants, six see prices up, while 11 see prices down, and seven are neutral on prices. Market participants include bullion dealers, investment banks, futures traders, money managers and technical chart analysts.

Those participants who look for weaker prices said after the recent run up in prices, gold is vulnerable to a retracement. Ken Morrison, editor of the online newsletter, Morrison on the Markets, pointed out that the rally has come with a steady level of open interest in futures and no change in the net ownership of the SPDR Gold exchange-traded fund (GLD) since Dec. 22. “Gold has managed to sustain a strong rally following its 5-month low at the end of December, basically on day-trading and the ‘notion’ of possible more global QE. With 10 days to go before the FOMC meeting, I expect the coming week to be corrective week with a pullback in gold to around $1,600” an ounce, he said.

Those who see higher prices said momentum may carry the market higher, to about $1,675, noting that the underlying fundamental story for gold remains supportive for prices. For the latest updates on the stock market, visit Stock Market Today

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