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Wall, Main St. Bullish On Gold Prices
Monday, 14 May 2018 16:17 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street are both heavily bullish on the near-term direction of gold prices, based on the Kitco News weekly gold survey.

The traders and analysts who take part in the Wall Street poll cite mostly technical-chart factors - in particular, gold™s ability to hold around the 200-day moving average and the psychologically important $1,300-an-ounce level during a recent price pullback. They also suggest the U.S. dollar™s recent strength may be waning.

Nineteen market professionals took part in the survey. Fifteen of the respondents, or 79%, called for gold prices to rise over the this next week. There were two votes each, or 11%, calling for gold to fall or be sideways.

Meanwhile, a larger-than-average 2,491 voters responded in an online Main Street survey. A total of 2,207 respondents, or 89%, predicted that gold prices would be higher in a week. Another 185 voters, or 7%, said gold will fall, while 99, or 4%, see a sideways market.

 œGold has weathered the storm from the strong U.S. dollar and held above the 200-day moving average, said Adam Button, managing director of ForexLive. œThat's a positive sign for this week.

Added Jim Wyckoff, senior technical analyst with Kitco: œThe $1,300 level has held to suggest a near-term market bottom is in place.

Mark Leibovit, editor of the VR Gold Letter, looks for more of a rally in gold due to a likely pullback in the U.S. dollar. However, he added, the œdollar pullback may only be temporary, in my view.

Phil Flynn, senior market analyst with at Price Futures Group, is also bullish on gold, commenting that the metal appears to have established a technical bottom after a œrough week, with recent pressure prompted by U.S. dollar strength.

œIt looks like we™ve turned the corner, perhaps because of geopolitical risks and inflation data that not as hot as people thought, Flynn said. œIt allows gold to go up because they [traders] as not as fearful of the Fed raising interest rates.

Sean Lusk, director of commercial hedging with Walsh Trading, also cited gold™s ability to avoid follow-through selling as the metal recently approached the $1,300 level.

Meanwhile, Ralph Preston, principal with Heritage West Financial, is among those who look for gold to pull back again. œWe got a little pop higher, he said, but after the bounce from the recent lows, he now looks for the metal to run into chart resistance around the $1,344 area.

Robin Bhar, metals analyst at Societe Generale, sees gold trading mostly sideways. œFor the moment, geopolitical tensions are being offset by the dollar, Bhar commented.

Source: Kitco News

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