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POPULAR NEWS
Gold Settles Higher as November Inflation Data Meet Expectations And The Dollar Takes a Dip

Gold futures settled higher on Wednesday, scoring their first gain in three sessions after data showed U.S. inflation remained flat in November and the dollar took a dip after strengthening over the last two sessions. Gold for February delivery on Comex rose $2.80, or 0.2%, to settle at $1,250 an ounce, while March silver added 22.3 cents, or 1.5%, to $14.851 an ounce. The consumer-price index was unchanged in November, matching the forecast of economists polled by MarketWatch. Core CPI,...

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Wall, Main St. Bullish On Gold Prices
Monday, 14 May 2018 16:17 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street are both heavily bullish on the near-term direction of gold prices, based on the Kitco News weekly gold survey.

The traders and analysts who take part in the Wall Street poll cite mostly technical-chart factors - in particular, gold™s ability to hold around the 200-day moving average and the psychologically important $1,300-an-ounce level during a recent price pullback. They also suggest the U.S. dollar™s recent strength may be waning.

Nineteen market professionals took part in the survey. Fifteen of the respondents, or 79%, called for gold prices to rise over the this next week. There were two votes each, or 11%, calling for gold to fall or be sideways.

Meanwhile, a larger-than-average 2,491 voters responded in an online Main Street survey. A total of 2,207 respondents, or 89%, predicted that gold prices would be higher in a week. Another 185 voters, or 7%, said gold will fall, while 99, or 4%, see a sideways market.

 œGold has weathered the storm from the strong U.S. dollar and held above the 200-day moving average, said Adam Button, managing director of ForexLive. œThat's a positive sign for this week.

Added Jim Wyckoff, senior technical analyst with Kitco: œThe $1,300 level has held to suggest a near-term market bottom is in place.

Mark Leibovit, editor of the VR Gold Letter, looks for more of a rally in gold due to a likely pullback in the U.S. dollar. However, he added, the œdollar pullback may only be temporary, in my view.

Phil Flynn, senior market analyst with at Price Futures Group, is also bullish on gold, commenting that the metal appears to have established a technical bottom after a œrough week, with recent pressure prompted by U.S. dollar strength.

œIt looks like we™ve turned the corner, perhaps because of geopolitical risks and inflation data that not as hot as people thought, Flynn said. œIt allows gold to go up because they [traders] as not as fearful of the Fed raising interest rates.

Sean Lusk, director of commercial hedging with Walsh Trading, also cited gold™s ability to avoid follow-through selling as the metal recently approached the $1,300 level.

Meanwhile, Ralph Preston, principal with Heritage West Financial, is among those who look for gold to pull back again. œWe got a little pop higher, he said, but after the bounce from the recent lows, he now looks for the metal to run into chart resistance around the $1,344 area.

Robin Bhar, metals analyst at Societe Generale, sees gold trading mostly sideways. œFor the moment, geopolitical tensions are being offset by the dollar, Bhar commented.

Source: Kitco News

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POPULAR NEWS
Gold Settles Higher as November Inflation Data Meet Expectations And The Dollar Takes a Dip

Gold futures settled higher on Wednesday, scoring their first gain in three sessions after data showed U.S. inflation remained flat in November and the dollar took a dip after strengthening over the last two sessions. Gold for February delivery on Comex rose $2.80, or 0.2%, to settle at $1,250 an ounce, while March silver added 22.3 cents, or 1.5%, to $14.851 an ounce. The consumer-price index was unchanged in November, matching the forecast of economists polled by MarketWatch. Core CPI,...

Gold Declines as Palladium Retreats From a Record Settlement

Gold futures ended lower Thursday, with overall strength in the dollar helping the metal build on its losses for the week, while palladium eased back from the record settlement it scored in the previous session. Gold for February delivery lost $2.60, or 0.2%, to settle at $1,247.40 an ounce, giving back nearly all of the $2.80 gain it saw a day earlier. Week to date, it has lost 0.4%. March silver settled at $14.855 an ounce, up just under half a cent for the session. March palladium...

Gold Prices Jump to Session Highs After U.S. Inflation Data

Gold prices ticked higher on Wednesday, hitting the best levels of the session after data showed that U.S. consumer price growth slowed in November. Comex gold futures were up $4.00, or about 0.3%, at $1,251.20 a troy ounce by 8:45AM ET (13:45 GMT), not far from a five-month peak of $1,256.60 touched at the start of the week. Meanwhile, spot gold was trading at $1,246.28 per ounce, up $3.30, or 0.25%. In other metals action, silver futures gained 15.9 cents, or about 1.1%, at $14.78 a troy...

Gold Steady as Investors Weigh U.S. Inflation, Trade

Gold was steady as investors weighed a pickup in underlying U.S. inflation and the latest developments in U.S.-China trade talks. The so-called core consumer price index, which excludes volatile food and energy costs, rose as expected in November, reinforcing expectations that the Federal Reserve will raise interest rates next week. While trade tensions have appeared to ease, Trump administration officials on Wednesday signaled that Beijing will have to do more to end the tariff...

Gold Steady as ETF Holdings Expand to Four-Month High

Gold steadies as holdings in bullion-backed exchange-traded funds expand amid concerns about slowing global economic growth and a potential pause in interest rate increases by the Federal Reserve. The U.S. central bank is unlikely to raise rates in 2019 and 2020 based on bond market indicators and the greenback is expected to weaken, according to Jeffrey Gundlach, chief investment officer of DoubleLine Capital. Money managers reduced bearish bets on bullion in...

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