Experts split 50-50 on direction of gold next week, here's why
Gold's dip below $1,500/oz Friday has increased the number of bearish predictions in this week's Kitco News Gold Survey.
Out of 21 bullion dealers, investment banks, futures traders, money managers and technical-chart analysts, 10 respondents saw gold heading up and 10 saw gold moving down, with one expecting sideways movement for the precious metal over the next 7 days.
The bulls of the group expected market fundamentals associated with accommodative monetary policy and physical demand to boost gold. Richard Baker of Eureka Miners Report suggested that while gold could bounce back on eurozone fears, he said that any such relief would be "constrained."
Continued US dollar and equities gains, news of Cyrpus' gold sell-off, along with "investor exhaustion" over gold were listed as major factors for the bears.
Gold was trading at $1,506.30 at 1 pm EST on Friday.
Sources: Debbie Carlson of Kitco News with contributions from Allen Sykora
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