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Higher Gold Prices Forecast For Next Week – Survey Participants

Friday June 27, 2014 12:08 PM

(Kitco News) - A majority of participants in the Kitco News weekly Gold Survey forecast higher gold prices next week as some technical-chart analysts and participants focused on geopolitical news see the yellow metal holding its gains.

Out of 37 participants, 25 responded this week. Of those, 13 see higher prices, nine see lower prices and three see prices trading sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.

Last week, survey participants were bullish for this week. As of 11:30 a.m. EDT, Comex August gold was up about $3 for the week.

Participants who see higher prices said either technical-chart reasons support gold, or that gold would find support from ongoing concerns regarding a militant uprising in Iraq or heightened tensions between Russia and Ukraine.

“Unless $18.64 in silver or $1,241 in gold are broken, I remain on my buy signal for gold to (rise to) $1,450-$1,500 and silver to (rise to) $24-25 this year,” said Mark Leibovit, editor, VR Gold Letter.

Those who see weaker prices said the lack of any physical demand after last week’s rally is a bearish sign, plus they added the inability to break above technical-chart resistance above this week high’s of $1,326.60 an ounce, basis the August futures, suggests a pullback.

“The gold enthusiasts crowded back in last week but were unable to move prices higher. Quarter-end flows were also coming into gold that will reverse early in the month. Worries about Chinese invoicing are set to take the spotlight and that will weigh on prices,” said Adam Button, editor and analyst at Forexlive.com.

Those who see prices sideways or are neutral said they see no catalyst pushing gold out of its $1,300 to $1,330 range.

Related Stories:

Kitco Gold Survey

By Debbie Carlson of Kitco News; dcarlson@kitco.com
Follow Debbie Carlson @dcarlsonkitco



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