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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
Wall. St. Sees More Weakness In Gold Price; Main St. Leans Bullish

Wall Street looks for the recent slide in gold prices to continue, while the largest block of Main Street voters is bullish, according to the Kitco News weekly survey. Nineteen market professionals took part in the survey. There were 12 votes, or 63%, calling for gold prices to fall. There were four votes, or 21%, calling for gold to rise, while three voters, or 16%, look for a sideways market. Meanwhile, 642 voters responded in an online Main Street survey. A total of 280 respondents, or...

Gold Holds Drop Amid Trade Tension; Powell Speech Eyed

Gold holds drop amid ongoing trade tensions and as investors await Federal Reserve Chairman Jerome Powell's speech later this week for further clues on the central bank's monetary policy path. Bullion for immediate delivery little changed at $1,243.55/oz at 9:27am in Singapore, after lost 0.3% Friday, according to Bloomberg generic pricing. This metal lost 0.9% last week. Bloomberg Dollar Spot Index flat after added 0.6% last week. œWhile the USD strength is...

China Stocks Hold Loss After GDP Meets Estimates; Xiaomi Tumbles

Chinese stocks remained lower after data showed 2Q GDP grew 6.7%, in line with expectations, while Xiaomi dropped after being excluded from a list of stocks eligible for trading via connects with mainland China. Shanghai Composite Index down 0.6% as of 10:19am local time. CSI 300 Index also 0.6% lower, ChiNext retreats 0.5%. Hang Seng Index falls 0.3%, erasing 0.6% gain; Hang Seng China Enterprises Index -0.9%. Xiaomi, which made its debut in Hong Kong last week, slides as much...

Hong Kong stocks ease by break

Hong Kong stocks ended the morning session slightly lower after data showed China's economic growth slowed marginally in the second quarter, just as the country faces the prospect of a damaging trade war with the US. The Hang Seng Index dipped 0.17 percent, or 47.71 points, to 28,477.73. Source: AFP

Oil prices dip as markets eye potential supply increases

Oil prices fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers. Brent crude futures were down 26 cents, or 0.4 percent, at $75.07 a barrel at 00:57 GMT. U.S. West Texas Intermediate (WTI) crude was down 27 cents, or 0.4 percent, at $70.74 a barrel. Supply outages in Libya and strike action in Norway and Iraq pushed oil prices higher late last week, although...

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