Gold Prices Seen Rising Next Week, Survey Participants Say

Editor's Note: Bulls or Bears? Kitco News' Global News Editor, Debbie Carlson breaks down what leading analysts are expecting for gold in the week ahead every Friday on Kitco.com.

Gold Prices Seen Rising Next Week, Survey Participants Say
Friday August 24, 2012 12:12 PM

After Pushing through the resistance at $ 1.650 an ounce level, basis the December gold futures at the Comex division of the New York Mercantile Exchange, a majority of u in the weekly Kitco News Gold Survey see PRICES gold building on the Gains.

In the Kitco News Gold Survey, out of 32 u, 24 responded this week. Those of 24 u, 13 see PRICES up, while five see PRICES down, and six are neutral or see PRICES moving sideways. Market potentials include bullion dealers, Investment Banks, futures traders, money managers and technical-chart analysts.

Those who see the Higher PRICES said momentum could push values ​​up, with a trip to $ 1.700 Possible. Also, gold MIGHT try to hold its Firmer tone ahead of the Federal Reserve confab next week in Jackson Hole, Wyo.., As gold bulls hope Fed Chairman Ben Bernanke will tip his hand to show if there is Any timeframe for Possible stimulus. After this week's Federal Open Market Committee meeting minutes for August were Released, Thoughts gold price rallied on the Fed was inching closer to action.

Those who see weaker PRICES for hire said sort of retracement expect afterwards missing this week's Gains, especially if there are no Soothing words from Bernanke.

Jimmy Tintle, owner, GreenKey Alternative Asset Services, said while another round of quantitative easing could be implemented, the question is When. "I do not think the Fed is going to make Any extreme moves (on) Inflation thereafter until the Election and most likely not until 2013. This will put pressure back missing bearish on gold, "Tintle said. "Reports from the U.S. not have shown missing stability in the economic recovery and I think the Fed understands this. The one That report may show a little more evidence in how the economy is looking going forward is September's employment report. This report will be a key for me and Probably many others on whether the Fed will release QE 3 BEFORE the end of the year. "

Those who are neutral on gold for hire said expect gold to consolidate at current levels thereafter the sizable run-up in this week PRICES.

By Debbie Carlson of Kitco News dcarlson@kitco.com

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Allen Sykora Contributed to this survey

*Saya suka kaler hijau....