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POPULAR NEWS
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Wall St. Bullish, Main St. Mixed On Gold Prices
Monday, 25 June 2018 18:47 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street remains bullish but Main Street is mixed on the direction of gold prices this week, based on the Kitco News weekly survey.

Gold tumbled to its lowest level in six months last week largely due to strength in the U.S. dollar. In doing so, the metal was unable to draw a safe-haven bid despite weakness in equity markets as worries about a global trade war intensified.

Seventeen market professionals took part in the survey. There were 10 votes, or 59%, calling for gold prices to rise. There were five votes, or 29%, calling for gold to fall, while two voters, or 12%, look for a sideways market.

Meanwhile, 2,276 voters responded in an online Main Street survey. A total of 915 respondents, or 40%, predicted that gold prices would be lower in a week. Another 796 voters, or 35%, said gold will rise, while 565, or 25%, see a sideways market.

œAlthough it went against me last week, I am bullish on gold for this week, said Colin Cieszynski, chief market strategist at SIA Wealth Management.

œTechnically gold looks ready for a bounce, RSI [Relative Strength Index] is oversold and turning up, Thursday was a hammer candle and a bump up Friday would complete a Morning Star pattern, he said. œOn the flip side, USD [the U.S. dollar] is looking tired with a negative RSI divergence emerging. With all of the central-bank news now out and trade war risks baked in, I think both gold and USD are due for a correction.

Ken Morrison, editor of the newsletter Morrison on the Markets, also sees a bounce.

œSentiment on gold got to its most bearish level since December 2016 Thursday but the recovery off the intra-day low combined with the modest turn lower in the dollar is encouraging for gold, Morrison said. œI expect the market can rally to its first resistance at $1,288 but has the potential to approach $1,305, the downtrend line of resistance.

Daniel Pavilonis, senior commodities broker with RJO Futures, is also looking for a recovery.

œThe dollar is going to weaken, he predicted. œIt should be supportive for the metals¦It™s more like a mean reversion. I don™t think we™ll see a substantial move to the upside.

Sean Lusk, director of commercial hedging Walsh Trading, figures some buying will emerge ahead of the end of the month and quarter. œThere is going to be some bargain hunting down here, Lusk said.

Meanwhile, Jim Wyckoff, Kitco senior technical analysts, is among those who see gold lower this week. œCharts remain bearish, he said.

Ralph Preston, principal with Heritage West Financial, also sees potential for more weakness since gold failed to break above resistance some time ago.

œGold prices have been unable to close above $1,345-$1,365 resistance zone on a quarterly/monthly basis, Preston said. œWe would need such a close to hope for a sustained rally.

Source: Kitco News

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POPULAR NEWS
Gold Settles Higher After Recent Downdraft, With Inflation Data, Dollar Action in Focus

Gold prices settled higher on Wednesday, marking a modest reversal in selling action that had driven the metal down for seven sessions in the past eight. December gold settled at $1,210.10 an ounce, up $8.70, or 0.7%. Tuesday™s finish at $1,201.40 was the lowest for a most-active contract since Oct. 10, according to FactSet data. December silver tacked on 10.3 cents, or 0.7%, to $14.08 an ounce. Its settlement Tuesday at $13.977 was the lowest for a most-active contract since January...

Gold Steady Before U.S. Inflation Data, Powell Speech

Gold held gains as investors awaited Wednesday™s U.S. inflationreport and a speech by Federal Reserve Chair Jerome Powell that may calm some concerns about the central bank pushing its interest rate-hike cycle too far. U.S. consumer inflation probably rebounded in October after easing in September. Meanwhile, Powell will discuss national and global economic issues in a moderated conversation with Dallas Fed President Robert Kaplan. Bullion for immediate...

Gold Holds Gain After Powell Says U.S. Faces Headwinds

Gold held two days of gains after Federal Reserve Chairman Jerome Powell said the U.S. economy is strong but could face headwinds next year as policy makers weigh how far and fast to raise interest rates. Prices were also supported overnight as the dollar and the British pound weakened amid a prolonged U.K. Cabinet meeting on the Brexit deal and a report that Prime Minister Theresa May could face calls for a no-confidence vote. Bullion for immediate delivery little...

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Gold prices are near unchanged and hovering just above $1,200.00 in early U.S. trading Wednesday. The silver market is slightly down and dipped to a nearly three-year low overnight. Both metals showed minimal price reactions to just-released U.S. inflation data. December gold futures were last up $0.70 an ounce at $1,202.10. December Comex silver was last down $0.017 at $13.96 an ounce. The U.S. economic highlight of the day was the release of the Consumer Price Index for October, which came...

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