Wall Street and Main Street are both bullish in the weekly Kitco News gold survey.
(Kitco News)- Fifteen market professionalstook part in the Wall Street survey. Nine respondents, or 60%, predicted higherprices by next Friday. There were three votes, or 20%, for both lower andsideways prices.
Meanwhile, 502 peopleresponded to an online Main Street poll. A total of 311 respondents, or 60%,called for gold to rise. Another 123, or 26%, predicted gold would fall. Theremaining 68 voters, or 14%, see a sideways market.
Wall Street
Bullish
Bearish 
Neutral VS
Main Street
Bullish Bearish Neutral For the trading week nowwinding down, 60% of Wall Street was bearish, while 48% of Main Street voterswere bullish. Around 11:05 a.m. EDT, Comex December gold was 1.1% higher forthe week so far at $1,221.40 an ounce.
“I am bullish and lookingfor $1,250-ish,” said Afshin Nabavi, head of trading at trading house MKS(Switzerland) SA.
Sean Lusk, director ofcommercial hedging with Walsh Trading, also sees more gains, suggesting someshort covering and bargain hunting may be occurring, especially with gyrationsin the stock market and uneasiness with European politics.
“We’re getting a goodbounce here,” Lusk said. “We are seeing more flows coming into ... safe havensdespite a [U.S.] dollar that is heavily bid.”
Further, Lusk pointed outthat market psychology is shifting toward an expectation that the U.S.-Chinatrade dispute eventually will be resolved. A resolution should help gold sincethe standoff previously boosted the U.S. dollar and weighed down gold as aresult.
Adam Button, managingdirector of ForexLive, also said higher, commenting that “persistentuncertainty in broader markets is adding to gold's attraction.”
George Gero, managingdirector with RBC Wealth Management, sees gains on short covering.
Adrian Day, chairman andchief executive officer of Adrian Day Asset Management
also sees more upsideahead for gold.
“The growing tension inthe U.S., which the incoming House Democratic majority-seeming intent ondevoting their time to investigating President Trump--as well as theincreasingly uncertain future of so-called Brexit deal and potential disruptionto the EU [European Union], supports gold, even if the latter also boosts thedollar,” Day said.
Meanwhile, Mark Leibovit,editor of the VR Gold Letter, is bearish, commenting that “we are going tobreak under $1,172 before year end.”
Bob Haberkorn, seniorcommodities broker with RJO Futures, looks for traders to sell into priceupticks until the U.S. Federal Open Market Committee changes its tune and is nolonger hawkish. The markets are expecting another Fed rate hike next month.
“I think gold traders haveto be on the defensive and sell rallies,” Haberkorn said.
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. |