A weekly gold survey by Bloomberg revealed that traders have turned the most positive on the yellow metal in three months. The latest results showed that 88% of respondents expect the price of gold to rise next week – the highest level since mid-July.
The positive sentiment was attributed to ongoing concerns over “Europe’s debt crisis, slowing growth and a bear market in equities,” according to Bloomberg.
While the data is encouraging on the surface, it could also be viewed as a bearish indicator from a contrarian perspective.
COMEX gold futures, per the December 2011 contract, pared their gains as morning trading progressed on Friday. The yellow metal hit an intra-day high of $1,685.50 earlier, but was up just $3.00 at $1,671.50 per ounce as of 10:55am ET.
Source; http://www.goldalert.com/2011/10/survey-shows-traders-most-bullish-on-gold-in-3-months/
No comments:
Post a Comment