Several of those looking for higher prices next week cited technical chart factors in part based on the calendar, as seasonal trends into May are positive, so the Northside has the benefit of the doubt.
Gold prices should start to rally after holding Key levels at 1,650 and 1,635, the resistance near1,680 the 200-Day Moving Average and 1,700, is the psych mark. read gold prices prediction april 2012
Those who see weaker prices said the continued lack of physical demand weights on the Gold price. The Indian jeweler strike persists and Chinese buying has been off some. And with no Bullish news to drive investors into Gold, the metal may soften a bit.
The Neutral participants are staying on the sidelines, looking for a trend to be established. Comex Gold futures are trading higher Friday at mid-day on some bargain hunting and Short covering following recent selling pressure.
The Key outside markets remain Bullish for the precious metals at mid-day Friday, as the USD index is lower and Crude Oil prices firmed.
Kitco News Gold Survey for next week april 2-6 2012
Higher prices are expected in the gold market next week, according to a survey of participants in the weekly Kitco News Gold Survey. In the Kitco News Gold Survey, out of 32 participants, 22 responded this week. Of those 22 participants, 13 see prices up, while six see prices down, and three are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
Several of those looking for higher prices next week cited technical chart factors. Mark Leibovit, editor of VR Gold Newsletter, said he favors gold, in part based on the calendar.
“Seasonal trends into May are positive, so I’m giving the upside the benefit of the doubt,” Leibovit said.
Phil Streible, senior commodities broker at R.J. O’Brien, also offered a firmer outlook based on technical charts. “Gold prices should start to rally after holding key levels at $1,650 and $1,635, we would expect resistance near $1,680 the 200-day moving average and $1,700 (the psychological level),” he said.
Those who see weaker prices said the continued lack of physical demand is putting weight on prices. The Indian jeweler strike persists and Chinese buying has been lackluster, analysts said. Further, with no bullish news to drive investors into gold, the metal could soften further.
Bloomberg expect gold to gain next week april 2-6 2012
Nine of 18 traders and analysts surveyed by Bloomberg expect gold to gain next week and three were neutral. Futures on the Comex in New York increased 6 percent to $1,663 an ounce this year, for a 12th consecutive annual advance. Holdings in gold-backed exchange-traded products are within about 0.3 percent of the record 2,410.2 tons reached March 13, data compiled by Bloomberg show.
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