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Saturday, March 24, 2012

Kitco gold prices expectation week march 26-30 2012

Kitco gold prices expectation week march 26-30 2012, gold prices forecast nect week march 26 2012, how high gold next week 26 2012, technical chart gold prices expectation week march 26-30 2012 : The largest bloc of voters in Kitco News’ weekly gold survey look for gold prices to move higher next week, although this is less than a majority since a fifth of the respondents are neutral or look for prices to be roughly flat.

In the Kitco News Gold Survey, out of 37 participants, 24 responded this week. Of those, 11 see prices up, while eight see prices down and five see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.

Curiously, those looking for both higher and lower prices cited technical-chart considerations for their expectations. Several traders and analysts said they expect a bounce since they view gold as oversold technically in the short term and likely to have found some support at this week’s 10-week low.

“I was impressed with Thursday’s strong ‘bounce’ off the $1,627 low,” said Ken Morrison, founder and editor of the online newsletter Morrison on the Markets, who looks for gold to reach $1,700 again. “Technically, it had two things going for it. That’s the exact 62% Fibonacci retracement of the move from the end-December low to the end-February high and it occurred on high volume, evidence of seller’s capitulation. We’ve also seen a healthy liquidation of longs in the past 2-3 weeks that should remove some of the overhead selling pressure on rallies.”

Those looking for more declines, however, say they expect a continuation of the weak technical momentum lately with gold still not able to mount a re-challenge of the $1,700 area.

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