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Survey Participants Have Split Views On Gold Price Direction Next Week

Friday October 10, 2014 12:10 PM

(Kitco News) - Views on where gold prices will go next week are split in the weekly Kitco News Gold Survey, with only a nominal number of survey participants seeing higher prices.

Out of 37 participants, 23 responded this week. Of those, 10 see higher prices, nine see lower prices and four 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 bearish. As of 11:30 a.m. EDT, Comex December gold was up about $28 for the week.

Those who see higher prices said they believe gold will continue to build on the bounce off the $1,180 area seen this week.

“It looks to me that we've seen a good trading low, so I remain bullish.  This could be the start of the something big, but the $1,180 low must hold!” said Mark Leibovit, editor, VR Gold Letter.

Those who see weaker prices said they believe gold’s rally this week is only temporary.

Bob Tebbutt of Armour Risk Asset Management said while the low of $1,183 set at the beginning of the week critical support, he doesn’t expect it will last. “Silver's support has been broken and is headed lower, so I see no reason why gold will not break $1,183,” he said.

A few survey participants said they see prices going sideways as the market looks to consolidate the recent moves.

“I think gold got oversold and the dollar overbought…. If we can close over $1,218.70, or above the 10-day (moving average) around $1,213, I think that means we can consolidate next week. It would be healthy if we can hold between $1,215-30,” said Charlie Nedoss, senior market strategist at LaSalle Futures Group.

Related Stories:

Kitco Gold Survey

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



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