Gold Prices Could Fall Next Week Say Majority Of Participants In Weekly Kitco News Gold Survey

Gold Prices Could Fall Next Week Say Majority Of Participants In Weekly Kitco News Gold Survey
Friday October 19, 2012 12:11 PM

The majority of u in the Kitco News Gold Survey Weekly see a weaker trend for gold prices for next week.

In the Kitco News Gold Survey, out of 33 u, 24 responded this week. Those of 24 u, six see PRICES up, while 13 see PRICES down, and five are neutral or see PRICES moving sideways. Market potentials include bullion dealers, Investment Banks, futures traders, money managers and technical-chart analysts.

Participants who decaying further PRICES TLP see the change in attitude and a trader short-term bearish momentum for gold. "The failed breakout above $ 1.800 about two weeks ago market momentum shifted back to the bear camp. Barring an outside event, gold prices are poised to test and possibly penetrate the $ 1.690 - $ 1.715 support zone. I would need to see PRICES rally all the way back over $ 1.775 to (be) bullish / long again, "said Ralph Preston, a principal with Heritage West Financial.

Darin Newsom, DTN senior analyst TLP the downward path is picking up speed. "The downtrend in the more heavily traded December contract is gaining momentum, with initial support pegged between $ 1,697.70 and $ 1,666.80," he said.

Furthermore, Those who are bearish on gold this week cite That October is seasonally the weakest month for metal, so the trend of lower PRICES MIGHT persist for now.

The survey see u who said PRICES Higher for hire think gold will hold around current levels and Are not likely to convincingly take out the $ 1.700-an-ounce level, especially if the European Central Bank Backs up its words to do "whatever it takes, "as ECB President Mario Draghi said Completion, with action.

Participants who are neutral on gold given That said there are three weeks to go BEFORE the U.S. presidential Election, changes in the Chinese government are occurring And that the U.S. economic data are mixed to slightly Improved are missing of the Reasons for hire are sticking to the sidelines .

By Debbie Carlson of Kitco News dcarlson@kitco.com

Follow me on Twitter! If You Want to keep up with metals news and features, Then follow me on Twitter. It's free, too. My account is @ dcarlsonkitco.

Allen Sykora Contributed to this story.

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