Kitco News Gold Survey: No Clear Consensus On Gold Price Next Week
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(Kitco News) - Wall and Main Street are spliton the future direction of gold prices, based on the weekly Kitco News GoldSurvey.
Wall Street
Bullish
Bearish 
Neutral VS
Main Street
Bullish Bearish Neutral Nineteen marketprofessionals took part in the Wall Street survey. There were seven votes each,or 37%, for either higher or sideways. Another five voters, or 26%, looked forthe metal to fall in the week ahead.
Exactly 900 voters tookpart in an online Main Street poll. A total of 423 voters, or 47%, saidbullish. Another 366, or 41%, said lower, while 111, or 12%, were neutral.
For the trading week nowwinding down, 60% of Wall Street voters and 63% of Main Street voters werebullish. Around of 11:01 a.m. EST, Comex April gold was down 1.9% for the weekso far to $1,330.50 an ounce.
Not counting the currentweek, Wall Street and Main Street are both 3-3 so far in 2018. For the year2017, Main Street was right 31 of 50 times for a winning percentage of 62%. WallStreet forecasters collectively were right 30 of 51 times for 59%.
Christopher Vecchio, seniorcurrency strategist at DailyFx.com, is bullish on gold. Although bond yieldspushed to a four-year high this week, gold has been fairly resilient and thatcould signal regime change in the marketplace, he said.
“This is a good time to buy gold,given the rising credit risks ahead,” he said. “At this time, it would bebeneficial to rotate out of equities and into gold.”
AdrianDay, chairman and chief executive officer of Adrian Day Asset Management, also looks for gold to rise.
“Sentiment is clearly changing for gold,” Day said. “It willbe an uneven path for now, but any wobbliness in the broad market or increasein inflation numbers will boost gold.”
A readerfrom Florida named Max said he is bullish on gold for the long term.
“I knowwe saw a sell-off earlier this week as spot price was above $1,340, but I thinkgold will rebound in the long term,” Max said. “If anything, I feel now is agreat time to buy gold on the ‘dip,’ as they say.”
Meanwhile, Fawad Razaqzada,technical analyst at City Index, said that while the next trend in gold is unclear,he nevertheless is slightly bearish on the metal due to his views on theforeign-exchange market.
“I am bullish on the U.S. dollar,so I guess I’m bearish on gold,” the analyst said. “The U.S. dollar looksoversold and fundamentals don’t support these lower prices.”
Ralph Preston, principalwith Heritage West Financial, also sees gold moving lower in the near term,citing a “triple-top failure at $1,360.”
Charlie Nedoss, seniormarket strategist with LaSalle Futures Group, said he looks for dollar strengthto keep pressuring gold. Further, Nedoss pointed out, gold has broken below its10- and 20-day moving averages of $1,335.70 and $1,337.10, meaning sometechnical-chart weakness as well.
JimWyckoff, senior technical analyst with Kitco, looks for gold to be sideways inthe short term since “technical momentum has stalled for now.” Afshin Nabavi, head of trading at trading house MKS (Switzerland)SA, looks for the metal to be range-boundbetween $1,321 and $1,360, barring any unexpected breaking news.
By Allen SykoraFor Kitco News
Follow @AllenSykora
asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.