With Slip Under $1,300/Oz, Gold To Watch Charts, Signs Of Physical Demand

Posted by Marc Leibovit via Forbes Magazine & Kitco News

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Gold prices are $100 off their price peak from two weeks ago, and gold-market analysts said they’re going to watch technical charts to see how the yellow metal behaves next week and whether or not the slip in prices spurs physical demand.

June gold futures fell Friday, settling at $1,293.80 an ounce on the Comex division of the New York Mercantile Exchange, down 3.2% on the week. May silver rose Friday, settling at $19.790 an ounce, down 2.6% on the week.

“In the Kitco News Gold Survey, out of 33 participants, 22 responded this week. Six see prices up, while 12 see prices down and four see prices trading sideways or neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.”

“Mark Leibovit, editor of the VR Gold Letter, said gold may have hit a bottom here, but he is watching to see how trade develops.”

….read it all HERE