how gold prices affected next week april 16-20 2012 : how gold prices prediction next week april 16-20 2012, how gold prices affected, spot gold next week, gold futures prices next week, how will gold prices go next weekGold prices fell almost 1.5 percent o n F riday as a stronger dollar sparked a wave of end-of-week selling amid mounting fears about the euro-zone debt crisis and after Chinese economic growth data disappointed investors.
Bullion ended off session lows to finish down 1.2 percent. For the week, it finished up almost 1 percent, its largest weekly rise since the end of February.
But a late afternoon sell-off saw gold prices tumble $10 in a matter of minutes as concerns about the deepening euro-zone debt crisis fuelled end-of-week liquidation. Traders suggested banks may be looking to reduce risk and bolster capital flows.
Spot gold was down 1.22 percent at $1,654.54 an ounce at 2.55 p.m. (1855 GMT), heading for its biggest daily fall since April 4. U.S. gold futures for June delivery settled down 1.21 percent at $1,660.
Once spot gold broke through $1,657 per oz, there was little technical support, with the next resistance seen around $1,610 per oz. The 300-day moving average is at $1,624 per oz.
Gold came under pressure as the dollar rebounded on worries about Spanish banks and after Chinese growth data disappointed traders.
Gold Survey for next week april 16-20 2012
Analysts say some anticipation of more Federal Reserve easing may be creeping back into the markets again and this, combined with gold’s ability to bounce from chart support at the recent lows, may enable the metal to rise over the next week.
In the Kitco News Gold Survey, 21 participants responded this week. Of those, 12 see prices up, five see prices down and four say sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.
In the Bloomberg Gold Survey, 19 of 26 traders and analysts surveyed by Bloomberg expect gold to gain next week. Futures on the Comex in New York increased 6.7 percent to $1,672.10 an ounce this year, set for a 12th consecutive annual advance.
how gold prices affected next week april 16-20 2012
Reports on retail sales and housing starts in March highlight the economic calendar next week, April 16-20. Economists will be watching for any lingering signs of a positive boost from the recent warm weather, as well as indications of whether the strength in consumer demand continues in the face of slower employment growth and weak personal-income data.
Technically, gold appears to be making an inverted head-and-shoulders pattern on a daily chart, which would be bullish.
However, it is struggling currently with some resistance at about $1,680 or so,If we could trade and close above that for a couple of next days early next week, I think that would propel some new buying and maybe take us back above the $1,700 level.
gold to trade sideways or correct lower next week. We will all wait to play the Bernanke shuffle as he speaks today. We will see what he does to the markets. Will Gold go up or down ?
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