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Gold futures end lower for session, cling to weekly gain

Gold futures prices settled fractionally lower Friday although maintained a weekly gain. A decline for the leading dollar index boosted the metal, with gains held in check by a rebound for the U.S. stock market. December gold fell $1.00, or 0.1%, to $1,229.10 an ounce. The contract was up nearly 0.6% for the week after trading as high as $1,231 earlier in the week, its loftiest since July, according to FactSet data. Marketwatch

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Gold is heading for a third straight week of gains, the longest stretch since January, amid renewed interest in the precious metal as a safe haven. Volatility in equity markets and tensions in the Middle East have spurred demand for bullion, with holdings in exchange-traded funds backed by the metal expanding to the highest level in more six weeks. Concerns about the economy were further fueled by a JPMorgan Chase model indicating that the chance of the U.S. tipping...

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Shanghai stocks rebounded from early losses to surge more than two percent Friday after top economic officials made rare coordinated statements aimed at shoring up investor confidence in the country's troubled markets. The benchmark Shanghai Composite Index jumped 2.58 percent, or 64.05 points, to 2,550.47 but it still finished the week 2.1 percent lower. The Shenzhen Composite Index, which tracks stocks on China's second exchange, also gained 2.58 percent, or 31.80 points, to 1,263.81 but...

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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 futures end lower for session, cling to weekly gain

Gold futures prices settled fractionally lower Friday although maintained a weekly gain. A decline for the leading dollar index boosted the metal, with gains held in check by a rebound for the U.S. stock market. December gold fell $1.00, or 0.1%, to $1,229.10 an ounce. The contract was up nearly 0.6% for the week after trading as high as $1,231 earlier in the week, its loftiest since July, according to FactSet data. Marketwatch

Gold Set for Longest Run of Weekly Gains Since January

Gold is heading for a third straight week of gains, the longest stretch since January, amid renewed interest in the precious metal as a safe haven. Volatility in equity markets and tensions in the Middle East have spurred demand for bullion, with holdings in exchange-traded funds backed by the metal expanding to the highest level in more six weeks. Concerns about the economy were further fueled by a JPMorgan Chase model indicating that the chance of the U.S. tipping...

Mega Millions Lottery Jackpot Inching Toward $1 Billion

Americans have a chance -- a very slight chance -- when the Mega Millions lottery numbers are picked Friday night. The jackpot has been building since the last winning set of numbers was drawn in July and has climbed to an astounding $970 million and could exceed the billion-dollar mark by the time all tickets are sold. Meantime, the jackpot for another lottery called Powerball stands at $430 million for a lucky winner in Saturday™s drawing. The odds of winning either game are about 1 in...

Shanghai Stocks Rally after Supporting Remarks

Shanghai stocks rebounded from early losses to surge more than two percent Friday after top economic officials made rare coordinated statements aimed at shoring up investor confidence in the country's troubled markets. The benchmark Shanghai Composite Index jumped 2.58 percent, or 64.05 points, to 2,550.47 but it still finished the week 2.1 percent lower. The Shenzhen Composite Index, which tracks stocks on China's second exchange, also gained 2.58 percent, or 31.80 points, to 1,263.81 but...

European markets close flat as Brussels looks to reduce tensions with Italy

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