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Gold Expected To Gain Some Luster After Fed

Wall Street and Main Street both look for gold prices to rise this week, based on the weekly Kitco News gold survey. The U.S. Federal Open Market Committee meeting is widely expected to hike interest rates another 25 basis points this week. But that hasn't deterred analysts, who suggest this is already factored into prices. Eighteen market professionals took part in the Wall Street survey. Thirteen respondents, or 72%, predicted higher prices. There were two votes, or 11%, calling for lower...

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Kitco News Weekly Outlook: Where Are Gold Prices Heading - Flip A Coin, Analysts
Monday, 26 February 2018 11:41 WIB | GOLD CORNER |Gold OutlookGold Corner

While there is still substantial bullish sentiment in the gold market, analysts are recommending investors taking a more cautious stance this week as prices are caught in the middle of a near-term trading range.

According to many analysts, gold's short-term technical is stuck in neutral territory; prices can just as easily fall to $1,300 an ounce, as they could rise back to test resistance at $1,360 an ounce.  April gold futures settled at $ 1,330.30 an ounce last Friday, down almost 2% from the previous week. The selloff comes after the yellow metal rallied more than 3% in the previous week, its best percentage gain in almost two years.

It's not just gold that is suffering; silver prices were also dragged lower, last trading at $16.55 an ounce, down almost 1% since last week. The market continues to struggle as prices are unable to break above key resistance at $17 an ounce.

Analysts said that gold™s correction after the failed breakout above $1,360 is not a significant surprise. But the question to answer now: does the market have further to correct before it pushes higher?

œI maintain my positive outlook for gold. If you think the global economic growth looks shaky, then you want to own some gold, Ole Hansen, head of commodity strategy at Saxo Bank. œBut I think you need to play gold cautiously and wait for the breakout."

In the near-term, he said that investors need to brace for gold prices to drop to $1,300 an ounce as U.S. bond yields and the U.S. dollar push higher.

Greg Harmon, president of Dragonfly Capital, described the gold market as floundering for direction in an environment of zero momentum.

œIf I were asked how to trade this market I would say: ˜Don't and look for something else to trade,™ he said.

Fawad Razaqzada, technical analyst at City Index, said that while gold's technical outlook is unclear, he said that he thinks the risks are skewed to the downside as he expects the U.S. dollar to find some momentum in the near-term. He added that the U.S. dollar's recent bounce off a three-year low could represent long-term support.

œI am bullish on the U.S. dollar, so I guess I'm bearish on gold, the analyst said. œThe U.S. dollar looks oversold and fundamentals don't support these lower prices.

Source: Kitco News

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POPULAR NEWS
Gold Expected To Gain Some Luster After Fed

Wall Street and Main Street both look for gold prices to rise this week, based on the weekly Kitco News gold survey. The U.S. Federal Open Market Committee meeting is widely expected to hike interest rates another 25 basis points this week. But that hasn't deterred analysts, who suggest this is already factored into prices. Eighteen market professionals took part in the Wall Street survey. Thirteen respondents, or 72%, predicted higher prices. There were two votes, or 11%, calling for lower...

Gold Drops Second Day as Trade War, Rate Hike in Focus

Gold declines for second day with trade war in focus as U.S. and China hours away from new round of tariffs on each other's goods, and as investors count down to Federal Reserve's policy-setting meeting this week. Bullion for immediate delivery lost 0.3% to $1,196.81/oz by 9:15am in Singapore; fell 0.6% Friday. Bloomberg Dollar Spot Index added 0.1% after rose 0.2% Friday. $200 billion of Chinese products will be subject to tariffs from 12 p.m. Beijing time, on top of the...

Oil Rises Near 2-Month High as OPEC Stops Short of Pledging More

Oil climbed near the highest level in more than two months as OPEC gave a tepid response to U.S. President Donald Trump's demand that it take rapid action to reduce prices, saying it would boost output only if customers requested it. Futures in New York rose as much as 1.2 percent after a 0.7 percent gain Friday. the Organization of Petroleum Exporting Countries and its allied producers stopped short of promising specific extra volumes of crude after the group™s meeting...

Aussie Falls, Asia Stocks Face Drop on Trade Woes

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Asian shares wobble as China halts trade talks with U.S.

Asia shares eased in holiday-thinned trading on Monday and the safe haven yen gained as China canceled upcoming tariff talks with the United States, while oil prices jumped after top producers including Russia ruled out boosting crude output. U.S. stock futures were a touch weaker while MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3 percent. Most of the action was in currencies as financial markets in major Asian centers Japan, China and South Korea were closed for a...

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