Will gold continue its downward trend, or did it catch its breath Friday? For an inside view of what the people in the pits think, let's check the Kitco and Bloomberg end-of-week gold outlook surveys.
Twenty one experts responded to Kitco's weekly gold market survey today. Eleven see higher prices next week, seven see prices moving sideways/choppy, and 3 see further declines for gold next week.
Thirty one experts responded to Bloomberg's weekly gold market survey, with half predicting a further fall in gold, nine seeing a rise, and six seeing little change.
Analysts note that some of the big factors that could affect gold next week are the Italian elections (if Italy doesn't maintain austerity measures, it will have its bailout revoked,) Fed Chairman Ben Bernanke's testimony before Congress on the U.S. economy, and of course the "sequester" across the board budget cuts due to hit March 1. Oh, and let's not forget the COMEX options expiry.