Gold Prices Seen Rising Next Week – Survey Participants
Friday November 16, 2012 12:12 PM
Gold prices could rise next week as debate over the U.S.
“fiscal cliff” and worries about the European sovereign-debt situation
continue to support prices, with most participants in the weekly Kitco
News Gold Survey expecting the yellow metal to rise.In the Kitco News Gold Survey, out of 33 participants, 22 responded this week. Of those 22 participants, 14 see prices up, while three 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.
Phil Streible, senior commodities broker at RJO Futures, echoed what several bullish survey participants said: “Gold prices should continue to hold support at $1,700 ounce and look to work higher. Fears over the U.S. fiscal cliff, a European recession and investors reaching out for safety should keep a bid under the market.”
The “fiscal cliff” is a combination of tax hikes and spending cuts that are set to take effect on Jan. 1 unless Congress acts to stop them.
Some survey participants who see weaker prices next week said gold is getting ahead of itself and that the market isn’t acting all that well on its own.
“Tough (call) week this week. Technical indicators point down while fiscal cliff hype says up. I’ll go with the charts and say down. The trend of the December contract remains down with support near $1,698, then $1,667,” said Darin Newsom, Telvent DTN senior analyst.
There are some participants who said they want to either see how gold performs this week, given the U.S. holiday and lackluster chart patterns. Others said they want to see how strong gold demand in India turned out to be during the current Diwali holiday. For those reasons, they said they are either neutral on prices or see the market holding in its current pattern of support at $1,700 and resistance at $1,730.
By Debbie Carlson of Kitco News dcarlson@kitco.com
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