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Darin Newsom, president of Darin Newsom Analysis, said that he remains optimistic that the gold market could attract some bargain hunting and bounce off support around $1,700 next week; however, he added the midterm and long-term outlooks look bleak. "Ultimately, gold is stuck. Until we see something destabilize this U.S. dollar rally, gold investors will remain mostly on the sidelines," he said.
Although market analysts are bullish on gold in the near term, analysts are not looking for any breakout. Marc Chandler, managing director at Bannockburn Global Forex, said that $1,740 remains the first resistance point he is watching.However, some analysts are slightly more optimistic on gold in the near-term.