Gold prices could continue to climb next week as the market rebounded over $1,600/oz on Friday, according to a majority of participants in the weekly Kitco News Gold Survey, erasing the losses the yellow metal saw earlier this week after central banks did not change monetary policy.
In the Kitco News Gold Survey, out of 32 participants, 21 responded this week. Of those 21 participants, 12 see prices up, while four see prices down, and five are neutral or see prices moving sideways. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
Participants who see higher prices next week said they see the market attempting to test the higher part of the recent trading range, with a move to $1,625 to $1,630 possible. With decisions by the Federal Reserve and European Central Bank out of the way, many are now looking to September and suggesting thatís when central banks will start new stimulus programs.
"Despite the silence from the central banks this week, something will need to be done to stimulate the economies and inflate out of debt troubles," said Carlos Perez-Santalla, precious metals broker, PVM Futures, Inc. . .View Full Article