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Gold prices end lower for a second straight session

Gold futures ended lower Monday, extending their losses from the previous session after posting a third straight weekly advance, as the U.S. dollar strengthened against most of its currency rivals to start the week. December gold fell $4.10, or 0.3%, to settle at $1,224.60 an ounce after losing about 0.1% on Friday. Last week, however, prices tallied a gain of roughly 0.6%. In Monday dealings, the ICE U.S. Dollar Index added 0.3% to 95.99, trading about 0.9% higher month to date in the wake...

Oil holds steady as rising U.S. rig count offsets Iran sanctions worries

Oil prices were stable on Monday, supported by supply concerns ahead of the start of U.S. sanctions against Iran's crude exports, but held back by rising drilling activity in the United States. Front-month Brent crude oil futures were trading at $79.74 a barrel at 0042 GMT, 4 cents below their last close at the end of last week. U.S. West Texas Intermediate crude futures were at $69.07 a barrel, 5 cents below their last settlement. U.S. sanctions against Iran's oil exports will start on...

Gold Extends Rally as Safe Haven Demand Picks Up

Gold advanced for third day after White House economic adviser Larry Kudlow accused China of doing ''nothing'' to defuse a trade spat and as tensions between the U.S. and Saudi Arabia continue to simmer. U.S. stock-index futures declined, while equities in China climbed after President Xi Jinping vowed 'unwavering' support for the country's private sector. In an indication of renewed appetite for the metal as a safe haven, bearish bets on gold fell by the most since March. The...

Gold Prices Head Lower For a Second Straight Session

Gold futures edged lower Monday, extending their losses from the previous session after posting a third straight weekly advance, as the U.S. dollar strengthened against most of its currency rivals to start the week. December gold fell $3.90, or 0.3%, to $1,224.80 an ounce after losing about 0.1% on Friday. Last week, however, prices tallied a gain of roughly 0.6%. In Monday dealings, the ICE U.S. Dollar Index added 0.3% to 95.98, trading about 0.9% higher month to date in the wake of...

MKS: Gold Support Around $1,210-$1,220 Should Restrict Declines

Spot gold remains above chart support that starts around $1,220 an ounce, says MKS (Switzerland) S.A. 'Trade concerns between the U.S. and China remain elevated and the ongoing U.S.-Saudi tensions are likely to continue to underpin a bid tone for bullion over the near term,' MKS says. 'Supportive price action around $1,210-$1,220 should restrict declines amid current global political uncertainty, while a test through $1,230-$1,235 will likely squeeze further shorts out of the market and see...

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Price Bounce Expected To Continue
Tuesday, 29 May 2018 05:14 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street both look for gold to continue a price recovery this week, based on the Kitco News weekly gold survey.

Gold recouped the $1,300-an-ounce level during the latter part of last week after hitting its weakest price of 2018 on Monday. Catalysts behind the comeback included a technical bounce, Federal Open Market Committee minutes that did not show any signs that policymakers want to tighten any more than they have already signaled, and cancellation of a summit between the leaders of the U.S. and North Korea.

Eighteen market professionals took part in the survey. There were 11 votes, or 61%, calling for gold prices to rise. Another four voters, or 22%, were looking for gold prices to ease, while three voters, or 17%, see prices unchanged or sideways.

Meanwhile, 730 voters responded in an online Main Street survey. A total of 393 respondents, or 54%, predicted that gold prices would be higher in a week. Another 243 voters, or 33%, said gold will fall, while 94, or 13%, see a sideways market.

 œGold rebounded¦after the Fed minutes seemed to suggest that they were willing to let inflation run hot, said Phil Flynn, senior market analyst with Price Futures Group. œEven though the strong dollar weighed on the market last week, strong physical demand and increasing geopolitical risk should allow us to have a bullish week.

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, also looks for gold to rise.

œThe factors that have weakened gold in recent weeks and months”easing of international tensions, particularly over Korea; higher interest rates; and a strong stock market”are all in the process of unraveling, Day said. œHigher rates and a June hike [are] already priced into the gold market, but if the Federal Reserve goes slower after that, it will be positive for gold.

Sean Lusk, director of commercial hedging with Walsh Trading, figures gold could challenge $1,330 again in the weeks ahead.

œThere is some uncertainty in the air with a little uneasiness in the stock market, Lusk said. œWe hit bargain hunting under $1,300.

Added Adam Button, managing director of ForexLive: œThe geopolitical sands are shifting and hopes for a more peaceful world have been dashed by moves on Iran and North Korea. That uncertainty will lend a bid to gold.

Meanwhile, David Madden, market analyst at CMC Markets, is among those who are bearish on gold in the near term. He added that gold has been in a two-month downtrend and this move appears to be a so-called dead-cat bounce. Madden said that he would need to see prices above $1,326 to call an end to the current downtrend.

Neil Mellor, currency strategist at New York Bank of Mellon, said he is bearish on gold, commenting that he would need to see a rise in wage inflation in next week™s U.S. employment numbers to see a case for higher prices. Further, he noted there is no inflation in the global marketplace.

Ralph Preston, principal with Heritage West Financial, also looks for gold to ease.

œWe might see a pop higher on a geopolitical event, but it will be difficult for gold to sustain a rally if the U.S. dollar begins to rally on safe-haven flows, Preston said.

Ken Morrison, editor of the newsletter Morrison on the Markets, does not look for a big move either way in the next week.

œGold shook off the dollar strength and managed to rally near the downtrend line of resistance at $1,310, Morrison said. œI expect the market spends most of the next week consolidating in a $1,295-$1,310 range, basically a sideways pattern.

Source: Kitco News

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POPULAR NEWS
Gold prices end lower for a second straight session

Gold futures ended lower Monday, extending their losses from the previous session after posting a third straight weekly advance, as the U.S. dollar strengthened against most of its currency rivals to start the week. December gold fell $4.10, or 0.3%, to settle at $1,224.60 an ounce after losing about 0.1% on Friday. Last week, however, prices tallied a gain of roughly 0.6%. In Monday dealings, the ICE U.S. Dollar Index added 0.3% to 95.99, trading about 0.9% higher month to date in the wake...

Oil holds steady as rising U.S. rig count offsets Iran sanctions worries

Oil prices were stable on Monday, supported by supply concerns ahead of the start of U.S. sanctions against Iran's crude exports, but held back by rising drilling activity in the United States. Front-month Brent crude oil futures were trading at $79.74 a barrel at 0042 GMT, 4 cents below their last close at the end of last week. U.S. West Texas Intermediate crude futures were at $69.07 a barrel, 5 cents below their last settlement. U.S. sanctions against Iran's oil exports will start on...

Gold Extends Rally as Safe Haven Demand Picks Up

Gold advanced for third day after White House economic adviser Larry Kudlow accused China of doing ''nothing'' to defuse a trade spat and as tensions between the U.S. and Saudi Arabia continue to simmer. U.S. stock-index futures declined, while equities in China climbed after President Xi Jinping vowed 'unwavering' support for the country's private sector. In an indication of renewed appetite for the metal as a safe haven, bearish bets on gold fell by the most since March. The...

Gold Prices Head Lower For a Second Straight Session

Gold futures edged lower Monday, extending their losses from the previous session after posting a third straight weekly advance, as the U.S. dollar strengthened against most of its currency rivals to start the week. December gold fell $3.90, or 0.3%, to $1,224.80 an ounce after losing about 0.1% on Friday. Last week, however, prices tallied a gain of roughly 0.6%. In Monday dealings, the ICE U.S. Dollar Index added 0.3% to 95.98, trading about 0.9% higher month to date in the wake of...

MKS: Gold Support Around $1,210-$1,220 Should Restrict Declines

Spot gold remains above chart support that starts around $1,220 an ounce, says MKS (Switzerland) S.A. 'Trade concerns between the U.S. and China remain elevated and the ongoing U.S.-Saudi tensions are likely to continue to underpin a bid tone for bullion over the near term,' MKS says. 'Supportive price action around $1,210-$1,220 should restrict declines amid current global political uncertainty, while a test through $1,230-$1,235 will likely squeeze further shorts out of the market and see...

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