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Survey Participants Look For Higher Gold Prices Next Week
Friday April 13, 2012 12:30 PM
Most participants in Kitco News’ weekly gold survey look for gold prices to move higher next week.
In the Kitco News Gold Survey, 21 participants responded this week. Of those, 12 see prices up, five see prices down and four say sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts.
Those who anticipate gains by gold cite an increase in ideas that the Federal Reserve may consider more loosening of monetary policy after all following softer economic data since last Friday’s U.S. monthly employment report. Previously, stronger data and Fed comments had left markets thinking there would be no third round of quantitative easing.
Traders also cite gold’s ability to hold chart support in the low $1,600s and bounce from there.
“China is reportedly getting ready to lower bank reserves, Europe is about to embark on buying bonds to lower interest rates in Spain and Italy, and QE3 is again being spoken about as U.S. economic data turns softer from what was seen in the first quarter of the year,” said Ira Epstein, director of the Ira Epstein division of The Linn Group.
Those anticipating a retreat cite the inability of gold to probe through nearby chart resistance just above $1,680, as well as recent gains by the U.S. dollar.
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