The majority of participants in the Kitco News Weekly Gold Survey see a weaker trend for gold prices for next week.
In the Kitco News Gold Survey, out of 33 participants, 24 responded this week. Of those 24 participants, six see prices up, while 13 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 prices further decaying noted the change in trader attitude and a bearish short-term momentum for gold. “The failed breakout above $1,800 about two weeks ago shifted market momentum back to the bear camp. Barring an outside event, gold prices are poised to test and possibly penetrate the $1,690-$1,715 support zone. I would need to see prices rally all the way back over $1,775 to (be) bullish/long again,” said Ralph Preston, principal with Heritage West Financial.
Darin Newsom, DTN senior analyst noted the downward path is picking up speed. “The downtrend in the more heavily traded December contract is gaining momentum, with initial support pegged between $1,697.70 and $1,666.80,” he said.
Furthermore, those who are bearish on gold this week cite that October is seasonally the weakest month for metal, so the trend of lower prices might persist for now.
The survey participants who see higher prices said they think gold will hold around current levels and aren’t likely to convincingly take out the $1,700-an-ounce level, especially if the European Central Bank backs up its words to do “whatever it takes,” as ECB President Mario Draghi said earlier, with action.
Participants who are neutral on gold said given that there are three weeks to go before the U.S. presidential election, changes in the Chinese government are occurring and that the U.S. economic data are mixed to slightly improved are some of the reasons they are sticking to the sidelines.
By Debbie Carlson of Kitco News dcarlson@kitco.com
Popular Posts
Simpan Wang Di Bank Atau Beralih Kepada Emas Fizikal Public Gold - Mana Lebih Berbaloi?
Assalamualaikum wbt & Salam Sejahtera. Semalam mutakhir di Berita Harian Online menyatakan kadar purata tariff elektrik naik 4.99 sen mulai 1 Januari 2014. Kenaikan ini merupakan kenaikan hampir 15% daripada tariff yang sedia ada. Hari ini pula, Utusan Borneo melaporkan bahawa Harga hartanah dijangka meningkat 5-10 peratus pada 2014. MENTERI Tenaga, Teknologi Hijau dan Air, Datuk Seri Dr Maximus Ongkili pada sidang media khas di Parlimen mengumumkan berkuatkuasa 1 Januari 2014, kadar purata tarif elektrik di Semenanjung naik 4.99 sen atau 14.89 peratus iaitu daripada kadar purata semasa 33.54 sen/kwj kepada 38.53 sen/kwj. Turut berlaku kenaikan, Sabah dan Wilayah Persekutuan Labuan iaitu sebanyak 5 sen atau peningkatan 16.9 peratus. - Foto Effendy Rashid Lantas, apakah tindakan kita? Kenaikan harga ini sebenarnya bermula daripada rentetan kenaikan harga minyak pada bulan September 2013 yang lalu. Bila harga minyak naik, kos pengangkutan akan naik. Maka untuk menampung kos peng...
Kitco News - Gold Survey: Majority Of Participants See Higher Gold Prices Next Week
Gold Survey: Majority Of Participants See Higher Gold Prices Next Week Friday April 26, 2013 12:08 PM Following this week’s surge in gold prices, the majority of analysts in the weekly Kitco News Gold Survey expect prices to continue to rise. In the Kitco News Gold Survey, out of 35 participants, 24 responded this week. Of those 24 participants, 14 see prices up, while eight see prices down, and two see prices moving sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts. Many of the participants were encouraged by the unprecedented demand in the physical gold market and the influence that’s had on lifting benchmark futures prices. Because of the $100-plus an ounce rebound from last week’s lows, they see values marching higher. “(I expect the) continuation of (a) recovery rally after (an) extreme and abnormal sell-off. The reaction of the physical market to the sell-off suggests that, far fro...
Selamatkah Membeli Emas di Public Gold?
Soalan ini yang acapkali di utarakan kepada saya setiap kali bertemu dan berkongsi idea berkaitan simpanan emas kepada sahabat-sahabat lama baru. Anda LIHAT, BACA, FIKIR, PILIH DAN BERTINDAK.. A picture worth a 1k words.. Keratan Akhbar Harian Metro 22 Oktober 2009 Anda juga pastinya pernah membaca/mendengar tentang pelabur tertipu disebabkan skim cepat kaya yang melibatkan syarikat menjual jongkong emas. Saya bawakan 3 contoh untuk kita kongsikan bersama: 1. Sindiket Skim Pelaburan Emas Di Pulau Pinang 9/2/2010 2.Skim Pelaburan Emas Di Lembah Klang 3.Skim Pelaburan Emas Di Kuala Lumpur Amat menyedihkan dan kasihan melihat pelabur-pelabur malang yang terlibat dalam kes seperti di atas. Di sini, boleh kita simpulkan bahawa syarikat yang berunsur penipuan akan menjanjikan pelabur pulangan lumayan untuk beberapa bulan dan pada bulan terakhir akan memujuk pelabur untuk menjual emas tetapi kemudiannya lari bersama emas ters...
Comments
Post a Comment