February 10, 2013

Will Gold Prices Go Up Next Week?

On Friday metal prices have recovered from Thursday´s dip, but still did not manage to break through ahead of the weekend and the Chinese Lunar New Year holiday starting next week.

What are experts’ predictions for the next week? Do they see higher or lower prices? Kitco Gold Survey participants do not seem to come to an agreement on the outlook for gold prices this week either.

This week´s statistics is the following:
  • 24 responses out 33;
  • 12 respondents expect prices to go up;
  • 4 respondents tend to believe that the prices will go down;
  • 8 respondents think the prices will move sideways.

What makes them think so?

The 12 bullish experts back up their opinion by the fact that the underlying fundamentals still act in favor of gold and that has not undergone any changes.

The experts who preferred to stay be neutral and went for the sideways option see no reason for gold to suddenly change its current trading range. “Without a catalyst gold, will likely hold in this current range between $1,650 and $1,690 and may trade closer to $1, 670.”

And finally the bearish ones. Those who expect prices to go down said “with the metal unable to break above resistance in the $1,690 to $1,700 level, the path of least resistance is lower. Others said the lackluster trading activity in gold gives no incentive to buy it now.“

Up or down? What is your take on the current situation?


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