Sterling Smith, commodity trading adviser and vice president, commodity research, Citibank Institutional Client Group, is bearish gold.
FORBES: Survey Participants Have Mixed Outlook For Gold Prices Next Week
George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, said he expects some buying to cover short positions from traders who do not want to hang onto bearish gold bets over the weekend.
FORBES: Gold Recovers As Soft U.S. Data Dings Dollar; Market Eyes Physical Demand
If this situation deteriorates in the coming weeks, it could at times be bearish and bullish for the gold market bearish if gold decides to act like just another raw commodity on a given day, and bullish if gold decides to act like a safe-haven asset.
With gold acting more like a risk asset lately, the easing of EU tensions has been more bullish for gold than bearish, as gold has followed the general path of the other major commodity markets on any given day.
FORBES: Comex Gold Weaker On Consolidation From Recent Price Gains
Near-term technical remain fully bearish for gold and silver, which is adding to selling pressure.
Crude oil futures prices are trading weaker Monday, which is also somewhat bearish for gold and silver.
Others said the better-than-expected U.S. non-farm payrolls data was bearish for gold, so they see the market pulling back next week.
FORBES: Gold Survey: Mixed Outlook For Gold Prices Next Week - Survey Participants
Sean Lusk, precious-metals analyst at Ironbeam, said the Federal Reserve might hint at such improvements, which would be bearish for gold.
FORBES: Gold Survey: Survey Participants See Higher Gold Prices Next Week
Not everyone is so bearish on gold, but at the same time, many see little reason to get excited right now.
FORBES: METALS OUTLOOK: Gold Likely To Test Lower End Of Range
There were two developments Tuesday that were deemed mildly bearish for gold.
FORBES: P.M. Kitco Metals Roundup: Gold Ends Lower on Chart Consolidation, Bearish Outside Markets
The U.S. dollar index also traded solidly higher and hit a fresh seven-week high Wednesday, which was also bearish for gold and silver.
There are differing views on whether the completion of the Greek debt deal with the private sector is bullish or bearish for gold.
FORBES: Survey Participants Expect Gold Prices To Rise Next Week, But Stay In Range
One scenario, for instance, is to go over the cliff, which would be bearish for gold, as the US economy slides into recession.
Certainly, the near-term investor sentiment has turned bearish for gold.
FORBES: P.M. Kitco Metals Roundup: Gold, Silver Slammed to 2-Year Lows on Panic Selling
Furthermore, those who are bearish on gold this week cite that October is seasonally the weakest month for metal, so the trend of lower prices might persist for now.
Technical price charts are also bearish for gold.
FORBES: Gold Prices Fall Through $1,400/Oz As Market Breaks Technical Chart Support
Normally higher interest rates are bearish for gold.
FORBES: FOCUS: Gold Could Rally If U.S. Debt Ceiling Talks Falter
However, if the U.S. stock indexes can stabilize and begin to trade at least sideways in the near term, that would be a calming factor in the market place and would likely be a bit near-term bearish for gold.
Not everyone is bearish on gold.
FORBES: METALS OUTLOOK: Weaker Outlook For Gold Prices Likely
There are 10 bullish reasons why gold should go up and eight bearish reasons why gold should go down, Murenbeeld said, which makes him favorable toward the yellow metal.
FORBES: PDAC2012: Murenbeeld: Bullish Reasons Outweigh Bearish Reasons For Gold's Outlook
These risk-on days recently have been more bullish than bearish for the gold market.
FORBES: Comex Gold Firmer as Trading Remains Choppy; Bull Still Have Technical Advantage
The U.S. dollar index is trading firmer Wednesday and that is an underlying bearish factor for gold.
The U.S. dollar index was firmer Thursday and that also was a bit bearish for the gold market Thursday.
This was a bit of a bearish weight on gold and silver Monday.
FORBES: P.M. Kitco Metals Roundup: Comex Gold Sees Mild Losses On Profit Taking
This situation has been a bearish drag on gold the past few weeks.
FORBES: P.M. Kitco Metals Roundup: Comex Gold Tumbles Late On Bearishly Construed FOMC Minutes
This is a bit of a bearish weight on gold and silver Monday.
FORBES: Comex Gold Weaker On Profit Taking, Bearish "Outside Markets"
Countering the bearish view on gold in futures and ETF markets is the physical buying interest, several market watchers said.
FORBES: METALS OUTLOOK: Uncertain Outlook For Gold Next Week
That is slightly bearish for the gold market as it is limiting physical buying interest from the Chinese this week.
Analysts at Credit Suisse have a stronger bearish outlook for gold prices.
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