June 11, 2012

Will Gold Price Go Up This Week?

You must be all asking yourselves, whether the price will go up or down this week. Kitco News Gold Survey participants* are not so sure of it. The results of the weekly survey proved to be neutral, since the opinions on price direction have split. To be more precise 48.2%  of participants are bullish and see prices up, 33.3% are bearish and see them down, 18% remain neutral. That is no category received a real majority.

What is the source of doubt? What factors influence their predictions?

This week it has to do with Chinese data as well as the potential funding needs for Cyprus and Spain and the elections in Greece that will take place on the 17th of June.

Another reason for the gold price retreat was the fact that Federal Reserve Chairman Ben Bernanke did not confirm their intention to Congress to act and employ any further monetary stimulus if it were needed, as it had been mentioned previously.

For more details do not forget to check Kitco News Metals Outlook

Have a successful week everyone!

GBULLION team

*Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.

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