Lusk said he remains long-term bullish on gold as broad-based economic uncertainty is providing solid support for the precious metal. Lusk said that he is also watching the $1,950 level, but thinks it is likely dips will be bought before that level is hit. Sean Lusk, co-director of commercial hedging at Walsh Trading, said that he is bearish on gold in the near term, adding that a correction would be healthy and not surprising given the gains made in the last six months. 'I recognize that any selloff would likely be position-driven rather than any fundamental change in the outlook.'

'I don't think a correction to $2,000 or below is a cause for concern,' he said. He added that gold prices remain in a solid uptrend as long as gold holds support above $1,950 an ounce. Hansen said that speculative positioning-driven volatility can push gold prices lower next week as investors react to short-covering in the U.S. However, he added that he is also respectful of the flows in the market. Ole Hansen, head of commodity strategy at Saxo Bank, said he is 'patiently bullish' on gold in the near term as the market continues to see solid fundamental support. At the same time, Wall Street analysts are evenly split, with many saying traders must distinguish between short-term volatility and the broader trend. The latest Kitco News Weekly Gold Survey shows that retail investors remain bullish on gold, looking for prices to retest resistance just below $2,050 an ounce. ( Kitco News) - Once again, the gold's price action is stuck in neutral, waiting for a catalyst to ignite a big move, which, according to many Wall Street analysts and retail investors, is expected to be higher. Receive a comprehensive recap of the day's top stories directly to your inbox. Get all the essential market news and expert opinions in one place with our daily newsletter.

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