ixic Posted January 8, 2016 Report Share Posted January 8, 2016 Gold To Keep "Hugging" $1,100 Level; China & USD To Drive Pricesby Neils ChristensenFriday January 08, 2016 14:22 (Kitco News) - Investors should continue to monitor the economic uncertainty in China and outside markets to determine if gold’s momentum will continue for another week, according to some analysts. The gold market is ending the first week of the new year on a strong note as February Comex gold futures ended Friday’s session at 1097.90 an ounce, up more than 3% on the week. This is the yellow metal’s best weekly performance since mid-August. While gold saw an impressive rally, silver underperformed as it was unable to close Friday above the psychological $14 an ounce area. March Comex silver futures showed a gain of less than 1% for the week. While gold hit a bit of a speed bump Friday, following a massively stronger-than-expected employment report, for some analysts, the fact that it was able to hold near-term support bodes well for prices in the near-term. Not only did gold bounce higher after hitting a session high of $1,091.50 an ounce, but it managed to near $1,100 an ounce, an area many analysts have called “a line in the sand” for any potential uptrend. According to the latest Kitco News Wall Street vs. Main Street Weekly Gold Survey, a clear majority of retail investors and analysts expect to see higher prices in the near-term. This week, 464 people participated in Kitco’s online survey. Of those, 304 participants, or 66%, said they are bullish on prices next week; at the same time, 117 people, or 25%, are bearish; and 43 people, or 9%, are neutral. Although not quite as optimistic as retail investors, most market professionals also expect prices to move higher in the near term. Out of 34 market experts contacted, 18 responded, of which 10, or 56%, said they expect to see higher prices next week; four professionals, or 22%, said they see lower prices; and four analysts are neutral on gold. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts. While some analysts are suspicious of a rally based on safe-haven flows, the economic turmoil in China, which threatens global equity markets, does not appear to be abating anytime soon. Analysts noted that this should continue to support prices in the near-term. ...Glad I bought/panned Gold a month ago when it was $1,050/oz. 1 Quote Link to comment Share on other sites More sharing options...
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