Last week's KITCO poll showed 100% of professionals were bullish on gold and I wondered," who could buy if everybody is in already?"
Looks like few did, and a few of those bulls sold with gold looking to close the week lower.
They were right during the early part of this week, with June gold peaking at $1,788.80 on Tuesday. Since, however, the metal has slipped to $1,704 shortly before 11 a.m. EDT on Friday, leaving the contract down 2.8% for the week so far.
Next week could see more action in both directions:
During the last two weeks, 100% and 92% of the market professionals who take part in the poll gave bullish short-term outlooks on gold.
This time, only 47% of the participants are bullish, with seven out of 15 voters saying they expect the metal to rise next week. Six voters, or 40%, called for lower prices, while two, or 13%, were neutral.
Edited by Rogerdodger, 17 April 2020 - 12:54 PM.