September 23, 2012

Bullish despite the Correction or Consolidation

The upward trend has proved to be really strong and is expected to keep its strength. The absolute majority of Kitco News' weekly gold survey respondents (72%) see the prices up next week, due to the contiued buying provoked by the recent monetary easing in the U.S.

“Don't fight the Federal Reserve - quantitative easing continues to push markets higher,” said Spencer Patton, chief investment officer for Steel Vine Investments.

Those who expect gold to soften next week believe that markets will eventually face some periods of correction or consolidation, but they by no means feel bearish about it.

“A modest correction is in order following the major rally over the past few weeks,” said Adrian Day, president of Adrian Day Asset Management. “I would not sell because the fundamentals remain positive; this is only a short-term pullback.”

Bullion dealers, investment banks, futures traders and technical-chart analysts stay bullish! What about you?

Wishing you every success!


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