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The latest Kitco News Weekly Gold Survey sees industry experts showing renewed optimism about the precious metal, while only half of retail traders believe gold prices can appreciate next week. “Gold’s resilience has been very strong,” Day said, “but I suspect we will see a pullback after another assault on $2,400, so for next week I’ll go with unchanged.”
“I am bullish on gold for next week,” said Colin Cieszynski, Chief Market Strategist at SIA Wealth Management. “It’s an interesting setup: If US CPI comes in hot, gold is seen as an inflation hedge. If US CPI comes in cold, rate cut speculation may increase and tank the US Dollar, which also could be good for gold.”
Turning to the price action, Millman said he’s still having a hard time trusting gold at these elevated levels. Millman believes that the floodgates are open for gold now. “The next time we see gold break out or rally, I don't think it'll have any problem pushing far above $2,400, $2,500, even $2,600,” he said. “These things are not out of the realm of possibility, just given the price action we've seen this year.”
Markets will also be eager to hear what Federal Reserve Chair Jerome Powell has to say when he speaks in Amsterdam on Tuesday. Kevin Grady, president of Phoenix Futures and Options, believes that all the significant recent moves, in equities, gold and other markets, are based on calculations of what the Fed is going to do with interest rates. “Every piece of data that comes out, whether it's jobless claims or inflation numbers, they're going to move that market,” he said.
“If you look percentage-wise where gold is, you're not seeing the deep, hundred-dollar selloffs,” he added. “I think people realize that there are buyers there. They're willing to buy dips and they're willing to be patient, but they're accumulating a lot.” And Kitco Senior Analyst Jim Wyckoff sees continued strength for gold prices next week. “Steady-higher as bulls gained more technical power this week,” he said.
Source: Financial Digest (financialdigest.net)
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