Survey by Bloomberg revealed that traders have turned the most positive on the Gold

A weekly gold survey by Bloomberg revealed that traders have turned the most positive on the Gold in three months. The latest results showed that 88% of respondents expect the price of gold to rise next week – the highest level since mid-July. The positive sentiment was attributed to ongoing concerns over “Europe’s debt crisis, slowing growth and a bear market in equities,” according to Bloomberg.

While the data is encouraging on the surface, it could also be viewed as a bearish indicator from a contrarian perspective.

The gold price rebounded Friday morning, gaining $12.47 to $1,680.54 per ounce in spite of a better than expected report on U.S. retail sales. Silver climbed alongside the price of gold, advancing 1.9% to $32.42 per ounce. Strength in gold and silver prices was fueled by modest weakness in the U.S. dollar, which lost 0.3% against a basket of the world’s leading currencies.