Gold price failure, Wall Street is ruled by indecision.

According to Kitco’s monthly gold price poll, Wall Street analysts are unclear about where gold will go next after failing at $1,800 an ounce this week, but Main Street remains bullish.

After gaining $40 in the middle of the week on stronger-than-expected inflation figures, gold was unable to sustainably break over the psychologically crucial $1,800 per ounce mark, triggering another round of selling.

December Comex gold futures were trading at $1,768.00 at the time of writing, down 1.66 percent on the day but slightly higher on the week.
The gold markets plummeted sharply during Friday’s trading session, indicating a lack of strength. However, there are a number of reasons to believe that resistance would be an issue.

The 200-day exponential moving average (EMA) has provided some resistance to gold markets throughout Friday’s trading session. Furthermore, the $1800 level was significant from a psychological and structural standpoint, as evidenced by the downtrend line I have drawn on the chart. The question of whether we can continue to go lower is a different one, but it appears that purchasers will continue to suffer at this time.

By Alexandre Laurent

Alexandre Laurentl is working in the jewelry and investment gold since 2002. Alexandre graduated from The Normandy School of Business and from the University of Perpignan a Bachelor of economics in 1995.

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