Equityworld Futures : Where The Gold Price This Week?

Equityworld Futures-Gold closes last week with positive the first time after three weeks of negative, with analysts said the correction has taken place over the fall that began with the decline of 5% at the beginning of the month. December gold futures last traded at $1, 265.70 per ounce, up 1% from the opening Monday.

With monetary policy meetings of the European Central Bank still far behind, analysts said investors now need to look to the US dollar because this will give the greatest influence against the gold price this week. Chris Beauchamp's senior analyst at IG, as offered by Kitco News, said, "there are a lot of major u.s. report that will come out this week and if the data is positive then there is reason for us dollar rise higher and this could hit the gold price.

" OLE Hansen, head of commodity strategy at Saxo Bank, said he saw some positive signs for the gold even before the U.S. dollar strengthened. "The strength of the U.S. dollar should be noticed but in the end, there is the underlying strength of the gold market," he said. Retail investors and Wall Street participants have the same view in the Kitco gold News weekly survey.

Both viewed the possibility of gold prices rose this week as much as 63%. Both viewed the possibility of gold price will come down this week in the same percentage of 25%. And 12% saw gold prices this week "sideways".

Of the 16 analysts and traders are taking part in the poll, 10 Wall Street participants viewed the gold price will go up this week. 4 sound estimate gold prices will fall, while 2 see market "sideways". Of the 758 participants Main Street that gives his voice to the online survey, respondents said their 480 "bullish" towards the gold price this week, while 189 "bearish" and 89 neutral.

 Read : Equityworld Futures : Gold prices Rose in thin Weekend, weekly Jump 1 percent; How the opportunities these days?

Some looked positively against the gold this week, at least in part caused by the yellow metal's ability to stay afloat before the strength of the U.S. dollar recently. Gold typically moves in the opposite direction with the U.S. dollar. Sean Lusk, Director of commercial hedging at Walsh Trading said, "even with the U.S. dollar rising higher, the price of gold is still able to survive did not move from his position. It seems no one is willing to take positions with what is happening in the global economy right now.

" Daniel Pavilonis, senior commodity broker on the RJO Futures said, "the U.S. dollar has moved higher and gold rise still not destroyed as well. This is a sign of the strength of gold. " Colin Cieszynski, CMC Markets chief market analyst in Canada also looked "bullish" will the gold price this week.

"Gold seems to have spiraled directions last week, sementaraa USD fatigue in tehnikal. We're heading into what is usually a period of stronger gold seasonally and with the U.S. election live less than three weeks away, we could see the swing of the political risk. "