Retail investors remain bullish on gold, but analysts are divided as they await clear direction

- After treading water for much of the week and taking the Fed's 25-basis-point hike in stride, gold sold off sharply on Thursday morning following better-than-expected U.S. employment and growth data.

Colin Cieszynski, chief market strategist SIA Wealth Management, sees the yellow metal trending downward in the near term despite Friday's positive price action. "We are approaching the end of the Federal Reserve's rate hiking cycle, while the inflation rate is likely to reverse and move back up in a few months as the higher oil price works through the economy, affecting transportation and most of the goods in stores," Day said."Ending hiking before inflation has been quashed will ignite gold."

Next Friday's nonfarm payrolls report represents the coming week's most prominent event risk for precious metals, and analysts will be looking to the key U.S. employment indicator for clues as to the Fed's next move. Much of the technical analysis seemed to point to gold prices trending lower next week as well. The Gold Forecast's Gary Wagner said the technical picture for gold deteriorated significantly this week.

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