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POPULAR NEWS
Gold Prices Rose Nearly 0.9% For Biggest One-Day Gain Month to Date

Gold prices climbed Monday, bouncing back a bit after suffering from their worst weekly decline in more than year. December gold rose $10.40, or roughly 0.9%, to settle at $1,194.60 an ounce. That was the biggest single-session dollar and percentage gain since July 31, according to FactSet data. Source : Market Watch

Main St. Overwhelmingly Bearish On Gold; Wall St. Bullish

Main Street may be more bearish than ever on the direction of gold prices thisweek, while Wall Street leans bullish, based on the weekly Kitco News gold survey. Over the years, Main Street has tended to be mostly bullish on the metal. However, retail investors have called gold to be lower in three of the last four weeks, and perhaps never by as large of a percentage as this week. A total of 2,411 voters responded in a Main Street survey. Of these, 1,796 respondents, or 74%, predicted that...

Gold prices steady as U.S.-China trade optimism pressures dollar

Gold prices held steady on Monday after making up some ground from 19-month lows hit last week, supported by mild weakness in the U.S. dollar on hopes trade tensions between the United States and China could be easing. Spot gold was mostly unchanged at $1,184.24 an ounce at 00:37 GMT. Last week, it touched its lowest since January 2017 at $1,159.96. The metal fell 2.2 percent last week, recording a sixth consecutive weekly decline. It was also gold™s worst weekly performance since December...

Gold Climbs as Trump's Remarks on Fed Hurt the Dollar

Gold advances as dollar weakens after President Donald Trump said to complain about Federal Reserve raising interest rates. Bullion for immediate delivery rose 0.2% to $1,193.34/oz at 8:36am in Singapore after added 0.5% Monday. Bloomberg Spot Dollar Index lost 0.3% after weakened 0.2% on Monday. Trump said he expected Jerome Powell to be a cheap-money Fed chairman, telling donors at a fundraiser on Friday that his nominee instead had raised rates, according to...

Dollar dips on trade optimism, U.S.-China talks awaited

The dollar sagged on Monday as investor demand for the safe-haven currency receded on optimism over a reduction in U.S.-China trade tensions, with the focus on discussions between the two countries due this week. The dollar index against a basket of six major currencies was little changed at 96.126 after losing 0.55 percent on Friday. Escalating trade tensions between the United States and its trading partners, in addition to a plunge in the Turkish lira, has taken a heavy toll on emerging...

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Gold Prices Need To Hold $1,280 As U.S. Dollar Moves Higher - Saxo Bank
Wednesday, 2 May 2018 15:28 WIB | GOLD CORNER |Gold OutlookGold Corner

The gold market, which is trading at a four-month low is entirely at the mercy of the U.S. dollar, which is seeing a surge in momentum, pushing to a four-month high, according to one commodity analyst.

Ole Hansen, head of commodity strategy at Saxo bank said in a report Monday that the two support levels he is watching very closely are $1,300 an ounce and then $1,280 an ounce.

œMultiple failures since 2016 in breaking above an area between $1,365 and $1,375/oz has left the [gold] market nervous with the focus once again on finding support. He said. œThe potential success of these two levels in capping the downside at this stage is mostly in the hands of the dollar and its short-.term trajectory.

Hansen™s comments come as the gold prices have fallen to within a hair™s breadth of his first initial support target. June gold futures last traded at $1,307.10 an ounce, down 0.92% on the day and its lowest level since late December. The selling pressure in gold was exacerbated after prices fell below the 200-day moving, which came in at $1,313.50 an ounce. Meanwhile, the U.S. Dollar Index is currently trading at 92.37 points, the highest level since early January. Momentum picked up as the index broke above its 200-day moving average, which comes in at 92.01 points.

Unfortunately for the gold market, Hansen said that the U.S. dollar could continue to push higher as investors cover their massive short position. Trade data, he explained shows speculative bearish positions against the U.S. dollar are starting to shift after hitting a seven-year high.

œThe current strength of the dollar, driven by short-covering, rising bond yields and a slowdown in Europe, has rattled a market which previously held a general belief that the greenback would continue to weaken, he said.

Although gold appears directionless, the near term Hansen said that there are positive long-term trends for the precious metal, including an overall uptrend within the commodity sector, higher inflation pressures and ongoing geopolitical uncertainty, even if tensions have eased recently.

œThe threat of trade war between the US and China and more importantly the US and Iran remains in place and both could quickly reverse the current lack of focus, he said.

Hansen added that while the futures market has suffered, there is still healthy demand from retail investors as physical holdings of gold-backed exchange traded products has risen to their highest level since 2013, totaling 2,341 tonnes.

Source: Kitco News

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POPULAR NEWS
Gold Prices Rose Nearly 0.9% For Biggest One-Day Gain Month to Date

Gold prices climbed Monday, bouncing back a bit after suffering from their worst weekly decline in more than year. December gold rose $10.40, or roughly 0.9%, to settle at $1,194.60 an ounce. That was the biggest single-session dollar and percentage gain since July 31, according to FactSet data. Source : Market Watch

Main St. Overwhelmingly Bearish On Gold; Wall St. Bullish

Main Street may be more bearish than ever on the direction of gold prices thisweek, while Wall Street leans bullish, based on the weekly Kitco News gold survey. Over the years, Main Street has tended to be mostly bullish on the metal. However, retail investors have called gold to be lower in three of the last four weeks, and perhaps never by as large of a percentage as this week. A total of 2,411 voters responded in a Main Street survey. Of these, 1,796 respondents, or 74%, predicted that...

Gold prices steady as U.S.-China trade optimism pressures dollar

Gold prices held steady on Monday after making up some ground from 19-month lows hit last week, supported by mild weakness in the U.S. dollar on hopes trade tensions between the United States and China could be easing. Spot gold was mostly unchanged at $1,184.24 an ounce at 00:37 GMT. Last week, it touched its lowest since January 2017 at $1,159.96. The metal fell 2.2 percent last week, recording a sixth consecutive weekly decline. It was also gold™s worst weekly performance since December...

Gold Climbs as Trump's Remarks on Fed Hurt the Dollar

Gold advances as dollar weakens after President Donald Trump said to complain about Federal Reserve raising interest rates. Bullion for immediate delivery rose 0.2% to $1,193.34/oz at 8:36am in Singapore after added 0.5% Monday. Bloomberg Spot Dollar Index lost 0.3% after weakened 0.2% on Monday. Trump said he expected Jerome Powell to be a cheap-money Fed chairman, telling donors at a fundraiser on Friday that his nominee instead had raised rates, according to...

Dollar dips on trade optimism, U.S.-China talks awaited

The dollar sagged on Monday as investor demand for the safe-haven currency receded on optimism over a reduction in U.S.-China trade tensions, with the focus on discussions between the two countries due this week. The dollar index against a basket of six major currencies was little changed at 96.126 after losing 0.55 percent on Friday. Escalating trade tensions between the United States and its trading partners, in addition to a plunge in the Turkish lira, has taken a heavy toll on emerging...

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