Gold price prediction week feb 6 - 10 2012

Gold price prediction week feb 6 - 10 2012 : Gold prices slipped following a surprisingly strong report on U.S. jobs for January. The headline figure of 243,000 jobs created was far above even the highest trade estimates and about double the average forecast of about 120,000. The rise in new jobs pushed the unemployment rate to 8.3% from 8.5%. Marc Chandler, head of global currency strategy at Brown Brothers Harriman, said this data has two-fold implications.

Prices fell on Friday and were mixed on the week. The most-active April gold contract on the Comex division of the New York Mercantile Exchange settled at $1,740.30 an ounce, up 0.28% on the week. March silver settled at $33.749 an ounce, down 0.12% on the week.

Gold prices could retreat a bit next week following five weeks of gains, but overall market watchers said any correction by the yellow metal next week should be light and short-lived, as the overall trend for gold remains higher.

In the Kitco News Gold Survey, out of 32 participants, 24 responded this week. Of those 24 participants, 14 see prices up, while seven see prices down, and three are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical chart analysts.

gold to end next week higher concede that gold could pull back temporarily before moving up. “I would look for prices to pull back to roughly $1,715, maybe a little deeper. Only a close under $1,675 hints at a turn in prices to the downside. After the pullback and a couple days of basing, I expect gold to blast off next week over $1,775,” said Ralph Preston, senior market analyst at Heritage West Financial.

After a heavy week of economic data this week, next week’s offerings are lighter, which should have less impact on precious-metals trade. Consumer sentiment is slated for release on Friday, which will give some insight to how people are feeling about the U.S. economy.

Next week may return investor’s views toward Europe. There still is no deal regarding the private sector involvement in Greek debt negotiations and analysts have said the longer that drags out, the more potentially bearish it is for markets. Nervousness over Europe’s economic situation has been a weight on gold recently. For the latest updates on the stock market, visit Stock Market Today

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