(Kitco News) – What started as some technical selling pressure in gold early Friday has become a full-on rout as the precious metal gave up most of its weekly gains Friday.
However, heading into the weekend, many analysts said the market has been overdue for a healthy correction, and this could lead to a long-term sustainable rally to new all-time highs. The latest Kitco News Gold Survey shows that retail investors remain solidly bullish on gold in the near term; however, Wall Street analysts are taking a more cautious stance.
“Gold has had a great run lately, but it looks like upward momentum is slowing a bit and it appears due for a technical correction with potential support near $2,000 or $1,960,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Phillip Streible, chief market strategist at Blue Line Futures, said that it’s not surprising that gold and silver are seeing some selling pressure Friday as a lot of the bullish news that has driven this month-long rally starts to fade. He noted that markets are getting comfortable with the idea that the Federal Reserve will raise interest rates in May.
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