Gold Next Week: Survey Participants Torn Over Gold Market Direction

 

By Debbie Carlson

Friday’s U.S. monthly jobs report did not provide any guidance for market direction, so market participants are back to debating whether or not gold can break out of its current range. Participants in the weekly Kitco News gold survey are equally torn over next week’s price direction. 

Gold and Silver Prices Outlook for June 3-7

Gold and silver didn’t do much on a weekly scale as gold inched up while silver slipped. Their unclear trend coincided with the developments in the currencies markets as the Euro rallied against the USD while the Aussie dollar and Canadian dollar depreciated during last week.  

Last week, several U.S reports were published: GDP for the first quarter was slightly revised down to a growth rate of 2.4%; pending home sales rose during April; jobless claims increased by 10k to reach 354k. By the end of the week China’s manufacturing PMI was published, in which the index inched up to 50.8 in May. This news may help rally commodities prices next week. 

Will precious metals bounce back this week?  

Gold and Silver Prices Outlook for June 2013

The high volatility in the precious metals markets eased down during May after the high movement they have had during April. The recent publication of the minutes of the FOMC meeting from back in May and Bernanke’s testimony in Congress rekindled the speculations around the Fed’s next move; specifically, whether the FOMC will decide in the near future to taper its $85 billion a month asset purchase program.