Friday February 15, 2013 12:18 PM
In the Kitco News Gold Survey, out of 33 participants, 25 responded this week. Of those 25 participants, nine see prices up, while 12 see prices down, and four see prices moving sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
Those who see weaker prices said the technical charts have become bearish in the short-term for gold.
“The $1,582-$1,591 area should be the next (area to) hold. This thing looks heavier than a ’57 Chevy,” said Adam Klopfeinstein, market strategist with Archer Financial Services.
Furthermore, bearish participants point out that gold has been suffering from a lack of interest from outside investors who have sought better returns in other markets.
“Sentiment has clearly shifted and investors (particularly hedge funds and institutions) are switching from gold to stocks,” said Adrian Day, president, Adrian Day Asset Management.
Several participants who see higher prices said now that price supports have been taken out, gold could be due for a bounce. Another factor in their view for prices to be higher next week is that Chinese traders will be back from their Lunar New Year holiday and they will see cheaper gold prices as a bargain. That buying will put in a floor, they said.
A few participants said they are neutral on prices, waiting for a clearer sense of direction before getting back into a market that’s been range bound up until now.
Source:
kitco.com
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