Gold Market To Watch For Economic Data In Busy Week

Forbes reported that gold is expected to move next week on pending economic reports.

As quoted in the market news:

Gold saw a strong rally this week, so traders will look to see if the market can hold its gains or if it will succumb to profit taking. On Friday, gold saw a minor pullback as bulls sought to pocket some profits ahead of the weekend.

Rosland Capital senior adviser Jeffrey Nichols said:

“If Europe’s debt crisis subsides, the dollar will no longer benefit from its safe-haven role. If it continues to worsen, investors, particularly in Europe, are likely to accelerate their rush into physical gold, buying bullion coins, small bars, and ETFs, as they did in mid-2010 when Euro-angst was, like now, at a feverish pitch.”

Click here to read the full Forbes report.