Jumat, 07 Februari 2014

Survey Participants Forecast Higher Gold Prices For Next Week : Friday February 7, 2014

Positive technical price charts for gold could encourage the yellow metal to move higher next week, as a majority of participants in the weekly Kitco News Gold Survey forecast higher prices.

In the Kitco News Gold Survey, out of 33 participants, 23 responded this week. Sixteen see prices up, while four see prices down and three see prices trading sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.

Last week, participants were bullish. As of noon EST, Comex April gold prices were up about $23 an ounce on the week.


Participants who see higher values said gold prices continue to hold in a series of lower lows, which bodes well.

Frank Lesh, broker and futures analyst with FuturePath Trading, said even though gold is stuck in a range, with $1,280 as the ceiling and last week’s low of $1,237 as the floor, prices are trending higher.

“The market is climbing up a trend line and the 20-day (moving average), and does look like it wants to trade higher. When it trades through $1,280, there should be a quick move to $1,300-plus, maybe $1,313 or even $1,335. The dollar remains as the most important influence for gold, but the correlation to equities seems to be lessening somewhat. One of the problems for gold right now is that there are less participants and less momentum. Gold will close well above last week’s close of $1,239 and I expect it (will) be higher next week,” Lesh said.

Those who see weaker prices said in part they’re disappointed gold can’t break through the tough resistance at the $1,280 level.

“We tried to rally (Friday), but gold is flagging up here when it tries to take out $1,280. We have higher lows, but $1,280 is too tough…. I just don’t see gold having the momentum to go over $1,280, especially with a light data week next week,” said Daniel Pavilonis, senior commodities broker with RJO Futures.

The high for the year in April gold so far was $1,280.10 an ounce, hit on Jan. 27.

Kitco Gold Survey


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