Gold is seeing some selling pressure Friday, but the metal is still preparing to end its second consecutive week in positive territory as it hit a two-and-half-week higher Tuesday. December Comex gold last traded at $1,336 an ounce, up 0.59% on the week.
Some analysts are warning that gold’s short-term trend could be established first thing Monday as a lot of attention will be focused on what Federal Reserve Governor Lael Brainard will say when she speaks at an event in Chicago.
“Brainard is a dove on the committee but if she comes out with a neutral tone -- with the hawkish comments lately -- that would be very bad for gold,” said Colin Cieszynski, senior analyst at CMC Markets. “If gold is going to rally next week then Brainard has to be clearly dovish.”
According to Kitco’s professional survey, more analyst expect prices to remain under pressure in the near-term while remaining optimistic for higher prices over the long haul. This week, 15 analysts and traders took part in the survey; about 46% of the experts expect prices to trek lower next week, while the remaining participants – split evenly at 27% – see higher or neutral prices.
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