I'm trying to say that the item will be found in the near future, but has not been found yet. Which way of saying is correct in this context?
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Neither option says anything to suggest that it "will be found in the near future", nor even that it will ever be found. Both phrases are merely referring to the lost item itself and have nothing to do with whether it might ever be found.
Having said that, both phrases are apparently correct English — but that may depend on the rest of the sentence.
You can alternatively, for example, use either of the following:
You might write:
That would emphasise the intent of finding a single, specific gold watch.
This form is somehow more general — it applies to any pot of gold found at the end of any rainbow.
In many contexts, you might refer to the item as mislaid...
Words like lost, missing are okay so long as the context makes it clear do in fact you expect to find whatever it is. But to my mind only mislaid inherently implies currently lost, but will be found.