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POPULAR NEWS
Gold falls to three-month low as demand for haven assets wanes

Gold futures settled firmly lower Monday, driving the yellow metal to the weakest level level in about three months. December gold concluded the session off $5.80, or 0.4%, at $1,457.10, marking the lowest finish for the most-active contract since early August, according to Dow Jones Market Data. A recent resurgence in equity markets, notably the Dow Jones Industrial Average and the S&P 500 index have sapped demand for gold and assets perceived as havens, including Treasurys. Indeed,...

Crude Oil Dips Amid Mixed Signals on Trade Talks From Trump

Oil eased in Asian trading Monday after President Donald Trump said trade talks with Beijing were progressing, while casting doubt on how far the White House was prepared to bend in removing tariffs. Brent crude futures were down 0.3%, after rising 0.4% on Friday. The global crude benchmark gained 1.3% over the past week. Trump said Saturday that negotiations with China are moving along œvery nicely, and said the leaders in Beijing wanted a deal œmuch more than I do....

Gold Rebounds Amid Hong Kong Unrest; Palladium Drops

Gold advanced after its biggest weekly drop in three years as investors weigh the latest developments in U.S.-China trade talks and escalating unrest in Hong Kong. Palladium fell to a one-month low. President Donald Trump said Saturday trade talks with China are moving along œvery nicely, and said the leaders in Beijing wanted a deal œmuch more than I do. Citywide protests in Hong Kong that saw a demonstrator shot helped support demand for haven assets after last week™s...

Dollar consolidates gains amid cautious optimism on tariff deal

The dollar held near multi-week highs on Monday amid optimism that the United States and China would roll back tariffs that have hurt global growth. Against the Australian dollar the greenback stood just below a two-week peak at $0.6857. Against the New Zealand dollar, it was close to a month high at $0.6336, and likewise against a basket of currencies at 98.358. Moves were slight as traders kept a wary eye for further news on the U.S.-China trade war. The dollar was marginally weaker...

U.S. Oil Prices Sink 0.7% Amid Worries of China Trade Progress

Oil futures settled lower Monday as recent developments in Sino-American trade negotiations reignited some fears about demand for energy assets in the face of a prolonged tariff scuffle. West Texas Intermediate crude for December delivery, the U.S. benchmark, fell 38 cents, or 0.7%, to end at $56.86 a barrel. President Donald Trump on Saturday said negotiations between China and the U.S. toward a partial trade deal, referred to as phase one, were going "very nicely" but he said recent...

Wall St., Main St. See Gold Prices Maintaining Upward Momentum
Monday, 22 July 2019 13:24 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street look for gold to keep building on its recent gains, according to the weekly Kitco News gold survey.

The metal hit a fresh six-year high in screen trading after renewed dovishness from Federal Reserve officials last Thursday.

œGold has not only continued its upward move, it has clearly broken out to the upside, said Phil Flynn, senior market analyst with at Price Futures Group. œA slew of dovish comments by Fed officials, along with rising geopolitical tensions with Iran, will keep gold on its upward trek.

Twelve market professionals took part in the Wall Street survey. A total of eight voters, or 67%, called for gold to be higher. There were three votes, or 25%, for lower, while one respondent, or 8%, looks for the metal to be sideways.

Meanwhile, 643 respondents took part in an online Main Street poll. A total of 477 voters, or 74%, called for gold to rise. Another 96, or 15%, predicted gold would fall. The remaining 70 voters, or 11%, saw a sideways market.

In the last survey, Main Street was bullish while the largest bloc of Wall Street voters was either neutral or called for sideways prices. Just before 11 a.m. EDT on Friday, Comex August gold futures were trading $16.80 higher for the week so far at $1,429 an ounce.

Wall Street has a 15-12 winning record for the year, meaning respondents have been right 56% of the time. Main Street is 14-13 for 52%.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for gold to rise after the metal got an extra boost last Thursday when the market initially construed remarks from New York Fed President John Williams as a possible hint at a 50-basis-point rate cut.

œWorldwide, you™re seeing pressure on rates, Nedoss said. œIt will be interesting to see what happens with the [U.S.] dollar, but that should be supportive for the metals.

Jim Wyckoff, senior technical analyst with Kitco, looks for gold to be higher due to a bullish charts posture.

Daniel Pavilonis, senior commodities broker with RJO Futures, figures œany kind of pullback will get bought. Afshin Nabavi, head of trading with MKS, said simply: œLooks like up, up and away!¨

Meanwhile, Sean Lusk, co-director of commercial hedging with Walsh Trading, figures that barring a major geopolitical flare-up, the market could be due a profit-taking pullback with so much Fed dovishness already factored into prices.

œThat means we™ll see a topping in prices, he said.

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, looks for the market to be roughly unchanged over the this week.

œThe gold market has high expectations for the Fed™s next meeting at the end of the month and is pretty much priced for perfection, Day said. œSo it will likely stay unchanged or even modestly weaker going into the meeting and could well see a pullback if the Fed fails to meet expectations on either the size of the rate cut of perhaps with cautious accompanying commentary. It is unlikely to do anything more than the market is expecting.

œBeyond that, however, we are very bullish, with gold supported by ongoing easy money and uneasy stock valuations.

Source: Kitco News

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POPULAR NEWS
Gold falls to three-month low as demand for haven assets wanes

Gold futures settled firmly lower Monday, driving the yellow metal to the weakest level level in about three months. December gold concluded the session off $5.80, or 0.4%, at $1,457.10, marking the lowest finish for the most-active contract since early August, according to Dow Jones Market Data. A recent resurgence in equity markets, notably the Dow Jones Industrial Average and the S&P 500 index have sapped demand for gold and assets perceived as havens, including Treasurys. Indeed,...

Crude Oil Dips Amid Mixed Signals on Trade Talks From Trump

Oil eased in Asian trading Monday after President Donald Trump said trade talks with Beijing were progressing, while casting doubt on how far the White House was prepared to bend in removing tariffs. Brent crude futures were down 0.3%, after rising 0.4% on Friday. The global crude benchmark gained 1.3% over the past week. Trump said Saturday that negotiations with China are moving along œvery nicely, and said the leaders in Beijing wanted a deal œmuch more than I do....

Gold Rebounds Amid Hong Kong Unrest; Palladium Drops

Gold advanced after its biggest weekly drop in three years as investors weigh the latest developments in U.S.-China trade talks and escalating unrest in Hong Kong. Palladium fell to a one-month low. President Donald Trump said Saturday trade talks with China are moving along œvery nicely, and said the leaders in Beijing wanted a deal œmuch more than I do. Citywide protests in Hong Kong that saw a demonstrator shot helped support demand for haven assets after last week™s...

Dollar consolidates gains amid cautious optimism on tariff deal

The dollar held near multi-week highs on Monday amid optimism that the United States and China would roll back tariffs that have hurt global growth. Against the Australian dollar the greenback stood just below a two-week peak at $0.6857. Against the New Zealand dollar, it was close to a month high at $0.6336, and likewise against a basket of currencies at 98.358. Moves were slight as traders kept a wary eye for further news on the U.S.-China trade war. The dollar was marginally weaker...

U.S. Oil Prices Sink 0.7% Amid Worries of China Trade Progress

Oil futures settled lower Monday as recent developments in Sino-American trade negotiations reignited some fears about demand for energy assets in the face of a prolonged tariff scuffle. West Texas Intermediate crude for December delivery, the U.S. benchmark, fell 38 cents, or 0.7%, to end at $56.86 a barrel. President Donald Trump on Saturday said negotiations between China and the U.S. toward a partial trade deal, referred to as phase one, were going "very nicely" but he said recent...

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