Kitco News - The price of gold has fluctuated around $1500 for eight weeks. Wall Street analysts do not expect the trend to change in the near future and Main Street are still optimistic that gold remains bullish.
Gold gained more stability on Friday, with prices staying above $1,500, amid the US job report. According to the Bureau of Labor Statistics, employment rose 128,000 in October, well ahead of market expectations with 90,000 jobs forecast.
Analysts believe gold is in good shape, as it has enough good news to change the Fed's position from the current neutral stand.
"I think you have to be completely neutral gold right now. I’m still long-term bullish but I am going to sit on my hands until the chart tells me something different,” said Ole Hansen, head of commodity strategy at Saxo Bank.
Comments by 14 professionals took part in the Wall Street survey:
29% - predicted that gold will rise
21% - expect prices will fall
50% - saw a sideways market
Comments by 552 respondents took part in an online Main Street poll:
72% - called for gold to rise
16% - predicted gold will fall
11% - saw a sideways market