(Kitco News) – Gold prices enjoyed a late-week surge as concerns about the global economy reinvigorated flight-to-quality buying, building on the recent short-term higher trend seen in the metal.

If those concerns spill into next week, gold may continue its ascent, particularly as technical charts show support, but market participants said traders should stand on guard in case profit-taking occurs following Wednesday’s Federal Open Market Committee meeting.

February gold futures rose Friday, settling at $1,264.30 an ounce on the Comex division of the New York Mercantile Exchange, up 1% on the week. March silver fell Friday, settling at $19.765 an ounce, down 2.7% on the week.

In the Kitco News Gold Survey, out of 33 participants, 22 responded this week. Thirteen see prices up, while five see prices down and four see prices trading sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.

….more analysis HERE