May 27, 2012

This week’s target is $1,600/Oz

Looking forward to the next week’s good news? It might as well bring some. Next week’s US economic calendar promises key data releases which will definitely have its effect on the gold’s price dynamics. In other words according to some market watchers the gold price is expected to recover from the recent lows and go up to the $1,600-an-ounce area. The upward movement has already started on Friday, when the price went up to $1,572.70 an ounce, but it was still 1.21% down on the week.

According to the Gold Survey held by Kitco news every week, the majority of respondents (15 out of 23) see prices up, the respondents are the market participants – bullion dealers, investment banks, futures traders, money managers and technical-chart analysts – experts that is.

Interestingly, despite a lower close on the week, some market watchers still believed that gold’s strength above the $1,520s area is a positive sign which may signify continued gains next week. Ken Morrison, founder and editor of the online newsletter Morrison on the Markets“I'm the most bullish on gold I've been in months. Wednesday's price and volume action was a great successful retest of support.”

Which means, that good times are ahead! They always are.

Stay tuned!

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