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POPULAR NEWS
Gold Rises as Brexit Turmoil Eclipses Jump in Equities

Gold futures rose for the third time in four sessions as the U.K.™s fallout over Brexit eclipsed a global stock market rally. The metal is heading for a fifth week of gains as the U.K. parliament is mired in turmoil surrounding the terms of leaving the European Union. Haven demand helped boost holdings in exchange-traded funds backed by bullion to a 13th straight gain and the highest since May. In the cash market, platinum, trading near a decade low, is near...

Gold Pulls Back From 2-Week High as $1,300 Mark Proves Elusive

Gold futures pulled back on Thursday from the nearly two-week high they settled at a day earlier, as the psychologically important $1,300 line remained elusive for another session. Gold for February delivery edged down by $1.50, or 0.1%, to settle at $1,292.30 an ounce. It settled Wednesday at an almost two-week high of $1,293.80, on the back of political turmoil in the U.K. and U.S. March silver also fell 10.2 cents, or 0.7%, to $15.536 an ounce on Thursday. Source : Marketwatch

Gold pauses as investors wave off geopolitical worries, snap up stocks

Gold futures struggled for direction Wednesday as investors waved off turmoil surrounding the U.K.'s plan to leave the European Union and continued to pile into equities, depriving the yellow metal of haven-related demand. Gold for February delivery was up $2, or 0.2%, at $1,290.40 an ounce, while March silver was off 4 cents, or 0.3%, to $15.58 an ounce. In other metals trading, April platinum rose 0.1% to $800.70 an ounce, while March palladium was up 1.2% to $1,292 an ounce. March copper...

Gold Drifts as Stocks Rise, Brexit Turmoil Continues

Gold lacked a clear direction, holding the tight range that it™s been stuck in so far this year, as investors weighed the U.K.'s fallout over Brexit against global stock market gains. Spot gold unchanged at $1,289.51/oz while Bloomberg Dollar Spot Index edged 0.1% up. Bullion rallied in the final month of 2018 on stock market turmoil and speculation the Federal Reserve would pause in raising rates, but has struggled to sustain momentum in January. The metal hasn™t breached...

USD/JPY opens Tokyo on 109 handle, but faltering at key resistance

USD/JPY has been better bid on the back of renewed optimism surrounding Brexit and global stocks. China announcing stimulus endeavours and with the market backing the notion that the UK will find a resolution to the deadlock in a hung parliament surrounding the Brexit plan has helped risk sentiment rally, supporting the upside in the pair. As far as the no-confidence vote went,  the victory of the vote following yesterday's humiliating defeat where PM May lost the 'meaningful vote' on...

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Wall, Main St. Split on Price Direction
Saturday, 28 April 2018 04:43 WIB | GOLD CORNER |Gold OutlookGold Corner

Sentiment in the gold market is mixed as Wall Street is bearish while Main Street is bullish on the short-term outlook for gold prices, based on the Kitco News weekly gold survey.

The market professionals who took part in the Wall Street survey look for further gold declines on signs of peace on the Korean Peninsula, which would mean less safe-haven buying of the precious metal. They also point to recent U.S. dollar strength and technical-chart factors.

The bulls, however, say it's too early to assume peace, plus they look for the metal to bounce from chart support.

Twenty-three market professionals took part in the survey. Twelve respondents, or 52%, called for gold prices to rise over the next week. Another five voters, or 22%, looked for gold to fall, while six, or 26%, called for a sideways market.

Meanwhile, 903 voters responded in an online Main Street survey. A total of 522 respondents, or 58%, predicted that gold prices would be higher in a week. Another 295 voters, or 33%, said gold will fall, while 86, or 10%, see a sideways market.

For the trading week now winding down, 44% of Wall Street voters and 68% of Main Street “ the largest bloc of voters for each poll -- were bullish. Just before 11 a.m. EDT, Comex June gold was down 1.1% for the week so far to $1,323.40 an ounce.

Kevin Grady, president of Phoenix Futures and Options, looks for gold to ease as some bullish traders liquidate positions. He suggested the metal could test the recent lows near $1,309 last month.

œThe news coming out of Korea is very positive, Grady said. œThe dollar is looking strong with interest rates [in the U.S. rising].

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, also sees short-term weakness in gold.

œThe dollar looks to have turned, as least temporarily, but could have more strength over the next week or more, and the dollar seems to be the largest driver of gold at present, Day said. œThis is only a temporary view, since we believe the dollar is fundamentally overvalued, particularly against the Asian currencies, and other factors are favorable towards gold.

Ken Morrison, editor of the newsletter Morrison on the Markets, commented that rising short-term interest rates and the dollar's strength could mean gold tests important support around $1,310 that has held every pullback since the January breakout.

œIn the near term, there may be enough global uncertainty (trade tariffs and the U.S. decision on the Iran agreement) to enable the market to hold above $1,310, but gold is on shaky ground where a break of the support opens downside risk to $1,280, Morrison said. œI expect gold trades to $1,300 sometime over the next week.

Ralph Preston, principal with Heritage West Financial, agrees. œI™m looking for a test of $1,300 on a strengthening dollar, he added.

Meanwhile, Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for gold to bounce as the 200-day moving average holds.

œWe came close to the 200-day, Nedoss said. œWe are at the low end of the range. I look for the dollar to pull back.

Afshin Nabavi, head of trading at trading house MKS (Switzerland) SA, looks for gold to bounce but stay within the same range.

œThe geopolitical situation will continue to be nervous, he said, expressing doubt that the hoped-for Korean resolution will come about and also citing ongoing worries about the Middle East.

Colin Cieszynski, chief market strategist at SIA Wealth Management, is one of the respondents who are neutral.

œGold is holding up surprisingly well considering the headwinds of a rising U.S. dollar (which is breaking out of a base) and easing political risks in the Korean Peninsula, he said. œOn the other hand, support for gold could come from increasing inflation (energy prices rising and demand for commodities growing in a strong world economic environment) and ongoing political risk in the Middle East.

Source: Kitco News                                       

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POPULAR NEWS
Gold Rises as Brexit Turmoil Eclipses Jump in Equities

Gold futures rose for the third time in four sessions as the U.K.™s fallout over Brexit eclipsed a global stock market rally. The metal is heading for a fifth week of gains as the U.K. parliament is mired in turmoil surrounding the terms of leaving the European Union. Haven demand helped boost holdings in exchange-traded funds backed by bullion to a 13th straight gain and the highest since May. In the cash market, platinum, trading near a decade low, is near...

Gold Pulls Back From 2-Week High as $1,300 Mark Proves Elusive

Gold futures pulled back on Thursday from the nearly two-week high they settled at a day earlier, as the psychologically important $1,300 line remained elusive for another session. Gold for February delivery edged down by $1.50, or 0.1%, to settle at $1,292.30 an ounce. It settled Wednesday at an almost two-week high of $1,293.80, on the back of political turmoil in the U.K. and U.S. March silver also fell 10.2 cents, or 0.7%, to $15.536 an ounce on Thursday. Source : Marketwatch

Gold pauses as investors wave off geopolitical worries, snap up stocks

Gold futures struggled for direction Wednesday as investors waved off turmoil surrounding the U.K.'s plan to leave the European Union and continued to pile into equities, depriving the yellow metal of haven-related demand. Gold for February delivery was up $2, or 0.2%, at $1,290.40 an ounce, while March silver was off 4 cents, or 0.3%, to $15.58 an ounce. In other metals trading, April platinum rose 0.1% to $800.70 an ounce, while March palladium was up 1.2% to $1,292 an ounce. March copper...

Gold Drifts as Stocks Rise, Brexit Turmoil Continues

Gold lacked a clear direction, holding the tight range that it™s been stuck in so far this year, as investors weighed the U.K.'s fallout over Brexit against global stock market gains. Spot gold unchanged at $1,289.51/oz while Bloomberg Dollar Spot Index edged 0.1% up. Bullion rallied in the final month of 2018 on stock market turmoil and speculation the Federal Reserve would pause in raising rates, but has struggled to sustain momentum in January. The metal hasn™t breached...

USD/JPY opens Tokyo on 109 handle, but faltering at key resistance

USD/JPY has been better bid on the back of renewed optimism surrounding Brexit and global stocks. China announcing stimulus endeavours and with the market backing the notion that the UK will find a resolution to the deadlock in a hung parliament surrounding the Brexit plan has helped risk sentiment rally, supporting the upside in the pair. As far as the no-confidence vote went,  the victory of the vote following yesterday's humiliating defeat where PM May lost the 'meaningful vote' on...

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