Kitco's gold survey results are in -- Bearish sentiment points to gold price falling below $1,700 next week | kitconews gold silver finance preciousmetals markets mining investing |
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Gold dropped to nearly a one-year low this week as the U.S. dollar hit a significant milestone: hitting parity with the euro for the first time in 20 years. Analysts have said that although gold has fallen to S1,700, there has been no major capitulation move in the market. "Charts are fully bearish and path of least resistance for prices remains sideways to lower," he said.
While there is a strong bearish sentiment in the marketplace, some analysts are not ready to give up on the precious metal just yet."Short-term, the August contract is sharply oversold. If the contract can hold Thursday's low of $1,695 Friday, it could put itself in a position to rally next week," said Darin Newsom, president of Darin Newsom Analysis."Additionally, the U.S. dollar looks to be short-term overheated and could weaken a bit next week.
"Comments from Fed officials and the fall in inflation expectations in the University of Michigan survey ensure only a 75-basis point hike on July 27," said Button. "That leaves room for a relief rally for gold."
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