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Gold futures finish lower for a second straight session

Gold futures fell on Wednesday for a second straight session, pressured on the heels of some strength in the U.S. dollar, even as concerns over the economic hit from COVID-19 remain. "It would appear that gold needs a clear sign of a pandemic and clear signs of severe global slowing to ignite a return of aggressive investment buying," said analysts at Zaner Metals, in a daily note. "The trade could be fearful about the potential for a sustained setback in Chinese physical gold...

Gold futures give up earlier gains to log a third straight session decline

Gold futures gave up earlier gains on Thursday to finish lower for a third straight session. "Gold prices are always sensitive to the outlook for interest rates, but it's rarely been more strongly correlated against bond yields than it is right now," said Adrian Ash, director of research at BullionVault. "So while the plunge in the stock market should keep driving gold higher, any pullback in these surging bond prices is also going to hit gold short-term," he said. Bond prices move in the...

Gold Climbs as Trump Comments Fail to Ease Virus Fears

Gold rose for the seventh time in eight days as investors continued to weigh the impact of the coronavirus outbreak, with comments by the Trump administration failing to allay concerns about the disease. More cases were reported in countries other than China in the past 24 hours for the first time, the World Health Organization said, with new infections in nations from Pakistan to Brazil. President Donald Trump assured Americans that they face little risk, although...

Gold Gains on Virus Spread, Rate Cut Hopes

Gold prices rose on Thursday as the rapid spread of coronavirus outside China fueled demand for safe-haven assets and bolstered bets for interest rate cuts by major central banks, while palladium scaled an all-time high on supply deficit worries. Spot gold rose 0.6% to $1,648.63 per ounce. Prices jumped more than 1% in intraday trade on Wednesday before closing 0.3% higher. U.S. gold futures were up 0.5% at $1,650.50. Governments ramped up measures on Thursday to battle the coronavirus as...

Oil futures settle at lowest in over a year

Oil futures declined on Wednesday, with the U.S crude benchmark settling at its lowest in more than a year as global energy demand worries fed by the spread of COVID-19 pulled prices down for a fourth consecutive session. April West Texas Intermediate oil fell $1.17, or 2.3%, to settle at $48.73 barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since January 2019, according to FactSet data. Source : MarketWatch

Unique split on Wall Street to keep investors guessing the gold price this week
Monday, 18 November 2019 11:02 WIB | GOLD CORNER |Gold CornerGold Outlook

This week will be an interesting one for gold with Wall Street uniquely split between expectations of higher and neutral gold prices, while Main Street is still very bullish, according to the latest Kitco News gold price survey.

It's been a messy week for gold prices as the metal was unable to break resistance at $1,475 an ounce but managed to remain well supported above $1,450 in light of higher U.S. equities and stronger U.S. dollar.

Overall, prices are down around 0.14% on last week at the time of writing with December Comex gold futures last trading at $1,469.60, down 0.26% on the day.

A total of 15 market professionals took part in Kitco's gold survey last week ” representing the Wall Street side. There was an interesting split formed between projections of higher and neutral prices. Six of the analysts, or 37.5%, said they see gold moving higher this week, while another six, or 37.5%, said they project neutral prices. Another four, or 25%, voted for a move down in gold.

The Main Street side, on the other hand, kept its bullish hopes for this week. Out of the 473 total online responders, 290 votes, or 61.3%, called for higher prices; 104 votes, or 22%, projected lower prices; and another 79, or 16.7% called for neutral prices this week.

In the last survey, Wall Street anticipated lower prices last week and was proven right, while Main Street called for higher prices.

Gold price moves this week are likely to be dominated by the U.S.-China trade headlines, macro data, and the risk-on/risk-off sentiment in the marketplace, analysts told Kitco News.

œGrowing optimism on a Phase I U.S./China trade deal has returned last week pushing the S&P 500 to a new record also bolstered by positive retail sales numbers. This has put pressure on safe-havens, said Eureka Miner Report editor Richard Baker.

Solid floor for gold remains $1,450, Baker added, while projecting lower gold prices. œA 'risk-on' sentiment will [likely] extend into this week, bringing the yellow metal to the $1,460-level, he said.

Some analysts said they saw gold™s upside potential as limited to just below $1,500 an ounce for now.

œNews flow is slowing down and I think gold could stage a trading bounce, perhaps back up into the $1,480-$1,500 area but it could still have a hard time retaking $1,500. Downside support remains in place near $1,450, said SIA Wealth Management chief market strategist Colin Cieszynski.

The neutral vote was unusually high this week on Wall Street's side, suggesting that gold might stay on the sidelines until a new driver is triggered.

œThe safe-haven gold and silver markets are seeing buying interest squelched by generally upbeat trader and investor risk appetite the past several weeks, said Kitco's senior technical analyst Jim Wyckoff. œBulls have stabilized the market last week, suggesting sideways price action in the near term.

The path of least resistance for gold is tilted to the downside, added DailyFx.com senior currency strategist Christopher Vecchio.

œUntil the descending channel from the September and November highs breaks, it still holds that the path of least resistance is to the downside for gold prices. Support in the descending channel does not come into play until closer to $1,400 through the end of November “ a key area for the weekly timeframe and the longer-term inverted head and shoulders pattern, Vecchio said.

Only a strong move above $1,475 could trigger œa reconsideration of the short-term bearish bias for gold prices, he pointed out.

Another analyst who called for a sideways market said that it would be unlikely for gold to breach the $1,478 an ounce level this week. œThis is the 100-day moving average, said TD Securities head of global strategy Bart Melek.

œGold could move up ever so slightly. But, I wouldn't exactly say it is anything but neutral at this stage, Melek added, noting that he is watching $1,459 on the downside.

Source : Kitco News

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POPULAR NEWS
Gold futures finish lower for a second straight session

Gold futures fell on Wednesday for a second straight session, pressured on the heels of some strength in the U.S. dollar, even as concerns over the economic hit from COVID-19 remain. "It would appear that gold needs a clear sign of a pandemic and clear signs of severe global slowing to ignite a return of aggressive investment buying," said analysts at Zaner Metals, in a daily note. "The trade could be fearful about the potential for a sustained setback in Chinese physical gold...

Gold futures give up earlier gains to log a third straight session decline

Gold futures gave up earlier gains on Thursday to finish lower for a third straight session. "Gold prices are always sensitive to the outlook for interest rates, but it's rarely been more strongly correlated against bond yields than it is right now," said Adrian Ash, director of research at BullionVault. "So while the plunge in the stock market should keep driving gold higher, any pullback in these surging bond prices is also going to hit gold short-term," he said. Bond prices move in the...

Gold Climbs as Trump Comments Fail to Ease Virus Fears

Gold rose for the seventh time in eight days as investors continued to weigh the impact of the coronavirus outbreak, with comments by the Trump administration failing to allay concerns about the disease. More cases were reported in countries other than China in the past 24 hours for the first time, the World Health Organization said, with new infections in nations from Pakistan to Brazil. President Donald Trump assured Americans that they face little risk, although...

Gold Gains on Virus Spread, Rate Cut Hopes

Gold prices rose on Thursday as the rapid spread of coronavirus outside China fueled demand for safe-haven assets and bolstered bets for interest rate cuts by major central banks, while palladium scaled an all-time high on supply deficit worries. Spot gold rose 0.6% to $1,648.63 per ounce. Prices jumped more than 1% in intraday trade on Wednesday before closing 0.3% higher. U.S. gold futures were up 0.5% at $1,650.50. Governments ramped up measures on Thursday to battle the coronavirus as...

Oil futures settle at lowest in over a year

Oil futures declined on Wednesday, with the U.S crude benchmark settling at its lowest in more than a year as global energy demand worries fed by the spread of COVID-19 pulled prices down for a fourth consecutive session. April West Texas Intermediate oil fell $1.17, or 2.3%, to settle at $48.73 barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since January 2019, according to FactSet data. Source : MarketWatch

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