Higher prices are expected in the Gold market next week, according to a survey of participants according to a weekly News Gold Survey.
The majority of the participants see prices. Market participants include Bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
Several of those looking for higher prices next week cited technical chart factors in part based on the calendar, as seasonal trends into May are positive, so the Northside has the benefit of the doubt.
Gold prices should start to rally after holding Key levels at 1,650 and 1,635, the resistance near1,680 the 200-Day Moving Average and 1,700, is the psych mark.
Those who see weaker prices said the continued lack of physical demand weights on the Gold price. The Indian jeweler strike persists and Chinese buying has been off some. And with no Bullish news to drive investors into Gold, the metal may soften a bit.
The Neutral participants are staying on the sidelines, looking for a trend to be established.
Comex Gold futures are trading higher Friday at mid-day on some bargain hunting and Short covering following recent selling pressure.
The Key outside markets remain Bullish for the precious metals at mid-day Friday, as the USD index is lower and Crude Oil prices firmed.
After seeing a more risk off POV in the market Thursday, traders and investors have a better overall attitude Friday.
That is helping commodity markets recover from Thursday's price pressure. Strong gains in the grain futures markets Friday are also spilling over into fresh buying interest in other commodity futures markets, including Gold and Silver.
Jun Gold last traded + 14.03 at $1,669.02 oz.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.