Frank Lesh, futures broker at FuturePath Trading, said market activity could be volatile next week.
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Frank Lesh, analyst FuturePath Trading, said gold is not acting like a safe haven.
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Frank Lesh, broker and futures analyst with FuturePath Trading, said central bank action is important.
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Lesh also cited the ongoing European situation as an ongoing background factor for gold.
Lesh and Person cited recent liquidation and profit-taking by traders who previously held long positions.
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Also, there were greater worries about the U.S. economy back in August, Lesh said.
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With equities stronger lately, some investors might also be turning to the stock market, Lesh said.
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Frank Lesh, futures broker at FuturePath Trading, said gold overall looks like it could rise next week.
Frank Lesh, broker and futures analyst with FuturePath Trading, said the technical charts look weak for gold.
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Some of this technical buying came from those who had been waiting for a breakout, Lesh said.
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Frank Lesh, broker and futures anlayst with FuturePath Trading, said the move is supportive for the gold market.
Some of this may even be the start of profit-taking and squaring up ahead of year-end, Lesh added.
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But on top of this, there also has been some disinterest lately as some investors have looked toward other markets, Lesh said.
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Lesh also cited a U.S. dollar index back above the 80 level.
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Lesh said the overall trend for gold remains up, but for next week he sees the market in a range, unless equities can rise.
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Lesh noted market participants will still have to wait a while before any actual accommodation, since the next policy meeting is not until mid-September.
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Some market participants may simply be deterred from gold buying at the moment by the price gains that have occurred in recent months, Lesh said.
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The data could have some traders thinking the Federal Reserve may eventually back off from quantitative easing sooner than the market had expected, Lesh added.
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Still, Lesh said, gold does continue to find some scale-down buying.
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This may also have exerted some pressure on gold, said Lesh and George Gero, vice president and precious metals strategist with RBC Capital Markets Global Futures.
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This prompted some concerns about future Chinese demand, particularly since the country has been a good source of buying, said Frank Lesh, futures analyst with FuturePath Trading.
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Some of the weakness is also from traders opting to book profits, besides selling to meet margin calls elsewhere, said Frank Lesh, analyst and broker with FuturePath Trading.
Gold bulls were encouraged when the minutes showed FOMC policy-setters had a discussion on whether to undertake QE3, said Frank Lesh, broker and futures analyst with FuturePath Trading.
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Frank Lesh, futures analyst and broker at FuturePath Trading said after selloffs or moves of this magnitude, he looks for most commodities, including gold, to develop a trading range.
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Silver prices were also weaker, following gold, Lesh said.
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This was due to selling related to disappointment from those longs who had been looking for some kind of announcement on quantitative easing, said Frank Lesh, broker and futures analyst with FuturePath Trading.
Frank Lesh, futures broker at FuturePath Trading, said even with gold prices rebounding this week, at least 10% to15% of gold ETFs are underwater, and those holders are likely to be sellers on any bounces.
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Frank Lesh, broker and futures analyst with FuturePath Trading, said he sees prices trading steady to lower next week as markets in general are consolidating and gold is starting to look technically bearish in the short-term.
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Gold could keep rallying for a while, Lesh said, although he also anticipates a bout of profit taking at some point now that a highly anticipated FOMC meeting and European Central Bank willingness to buy bonds have both occurred.
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