Participants in the Kitco News weekly gold survey are split over their views on gold’cting weaker pr


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12 مارس 2007
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Friday March 21, 2014 12:05 PM

(Kitco News) - Participants in the Kitco News weekly gold survey are split over their views on gold’cting weaker prices.

In the Kitco News Gold Survey, out of 33 participants, 18 responded this week. Six see prices up, while eight see prices down and four see prices trading sideways or neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.

Last week, most participants were bullish. As of noon EDT, Comex April gold prices were down about $43 an ounce on the week.

Those who see weaker prices said gold needs to recalibrate after this week’s sharp rally and subsequent fall.

“I think we have a little more downside to this. We’re holding just under the key support levels. Last week we went up to $1,400, (nearly) hit it on Sunday and spent the rest of the week selling off. For next week we need to get above $1,346.50, which is the 20-day moving average. The 20-day and the 10-day are flatting out, so that could be a ceiling. If we can’t close above $1,346.50, then we could come to test the 200-day and the 50-day, which are now sitting at $1,302.60 and $1,299.10,” said Charles Nedoss, senior market strategist at LaSalle Futures Group.

Those who see higher prices expect gold to add to its rebound from this week’s lows.

“It was a rough week for those of us who were bullish gold a week ago... the trifecta of bearish news. (Russia President Vladimir) Putin didn't advance his aggression beyond Crimea, (Federal Reserve Chair Janet) Yellen made one hint of a more hawkish-than-Bernanke view strengthening the dollar, and the WSJ (Wall Street Journal) story the European Union is 'considering' relaxing the 400-metric-ton-a-year selling limit on EU central bank gold reserves. Despite all that, gold has held the secondary support levels (around) $1,325 and we expect the next stage will be an intervening rally that carries gold back toward the $1,360-75 level. We look for gold to close higher in the week ahead,” said Ken Morrison, editor of online newsletter Morrison on the Markets.

Those who are neutral see prices trading sideways said gold needs to consolidate after this week’s large price swings.

“Gold should be in for some consolidation or range-bound trade as everyone watches the situation with Ukraine/Russia simmer - which remains a bullish influence - and contemplates Fed policy - which is a bearish influence. Gold has had a great run and many traders are just booking profits and looking for a good re-entry level or if they are forced to liquidate more positions. I will be neutral next week,” said Frank Lesh, broker and futures analyst with FuturePath Trading.

Related Stories:
Friday's Analytical Charts for Gold, Silver and Platinum and Palladium
Goldman Sachs Reiterates Call For $1,050/Oz Gold At Year-End

By Debbie Carlson of Kitco News; [email protected]
Follow Debbie Carlson @dcarlsonkitco


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