Those market watchers who see higher prices said it’s likely gold will only rise to about $1,630, an area it hasn’t bested since etching the upper band of the trading range, which extends from $1,550 to $1,640.
Prices were up on the day and mixed the week. The most-active December gold contract on the Comex division of the New York Mercantile Exchange settled at $1,618, down 0.83% on the week. September silver settled at $27.801 an ounce, up 1.1% on the week.
In theKitco gold survey, out of 32 participants, 21 responded this week. Of those 21 participants, 12 see prices up, while four see prices down, and five are neutral or see prices moving sideways. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
Participants who see higher prices next week said they see the market attempting to test the higher part of the recent trading range, with a move to $1,625 to $1,630 possible. With decisions by the Federal Reserve and European Central Bank out of the way, many are now looking to September and suggesting that’s when central banks will start new stimulus programs.
Prices rose on Friday, supported by a broad-based rally that lifted equities and commodities after a surprisingly strong U.S. employment figure for July. The Bureau of Labor statistics said 163,000 jobs were created last month, far above the consensus of 100,000. The unemployment rate notched up to 8.3% from 8.2%.
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