Gold Survey: Opinions Are Divided On Gold's Price Direction For Next Week
Friday January 25, 2013 12:02 PM
Opinions are split over the direction for gold prices for next
week in the Kitco News Gold Survey, with a few more survey participants
expecting weaker prices, but no one category garnering the majority
opinion.In the Kitco News Gold Survey, out of 33 participants, 25 responded this week. Of those 25 participants, eight see prices up, while 12 see prices down, and five see prices moving sideways. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
Nearly all who said they expected weaker prices for next week cited gold’s failure to break through tough resistance at the $1,700 an ounce area.
“I was cautiously calling the market a tad higher last week, looking for a pop to test resistance at $1,710 (but) didn’t get it. So I am now looking for a retest of weekly support at $1,630,” said Ralph Preston, principal at Heritage West Financial.
Those who see higher prices said the underlying fundamentals that have supported gold lately, namely ultra-loose monetary policy and continued uncertainty over the global economy, have not changed, which underpins gold.
Most of those who choose sideways said more than anything else, the market is stuck in a range, with $1,700 representing the ceiling and the mid to low-$1,600s the floor. With no visible catalysts, gold is likely to stay that way.
Adam Hewison, president and chief strategist with INO and MarketClub.com, said he sees gold holding in a trading range. “We do not see all of the necessary building blocks in place yet for gold to have a sustained up move. We think we're looking at a start, stop, stutter period for gold right now,” he said.
Allen Sykora contributed to this survey.
By Debbie Carlson of Kitco News dcarlson@kitco.com
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