I believe it will go up.
Here is what the experts are saying:
After the sharp price losses in gold, survey participants in the Kitco News weekly survey said they expect values to rise at least slightly next week.
In the Kitco News Gold Survey, out of 35 participants, 27 responded this week. Of those 27 participants, 17 see prices up, while four see prices down, and six see prices moving sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
To read more http://www.kitco.com/kgs/goldsurvey_apr192013.html
Some market participants said this very strong physical demand helped to stem the selling tide in the futures market and allowed gold to bounce from this week’s low of $1,321.50 in the June futures. On a Comex spot continuation chart, this was the lowest price for Comex gold since September 2010.
Yet others said now that gold is in a bear market, which is defined as a 20% drop in value, some traders are using any bounces in the yellow metal as a selling opportunity.
Kevin Grady, president of Phoenix Futures and Options, said in the futures market there was “a tremendous amount of shorting activity seen.”
He also said the $1,425 area – around the Friday high of $1,424.70 – is right now seen by bearish traders as an area to establish new shorts. Prices might be able to drift higher next week, he said, but until gold prices can move over $1,535, the trend in gold is down. That area is just above the support level that triggered the waves of selling in gold last week. To read more http://www.kitco.com/reports/KitcoNews20130419DeC_metalsOutlook.html
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