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POPULAR NEWS
Gold Heads for Weekly Advance Amid Brexit Uncertainty

Gold headed for the first weekly gain in three as investors sought haven assets amid uncertainty surrounding the political situation in the U.K. and the U.S.-China trade war. Palladium slipped after surging to a record on Thursday. Bullion for immediate delivery strengthened 0.1% to $1,214.43/oz at 7:55am in London; added 0.4% this week. Bloomberg Dollar Spot Index edged 0.1% lower. The yield on 10-year Treasuries at 3.11%. British Prime Minister...

Gold Hits 1-Week High as Dollar Softens; Palladium Near Record

Gold rose to a one-week high on Friday as the dollar softened following recent gains on uncertainty over Britain's exit from the European Union, while palladium held near a record high, putting it close to the price of bullion. The surge in palladium, used as an emissions-reducing auto catalyst for vehicles, reflected speculative buying driven by expectations of increased demand in a tight market, analysts said. Spot gold was up 0.2 percent at $1,215.33 per ounce by 1126 GMT, having touched...

Stocks Turn Lower as Retail Drop Offsets Utilities

U.S. equity indexes fluctuated as a plunge in retail and technology stocks was partly offset by energy and utility gains. Treasuries climbed and the dollar retreated. The S&P 500 Index fell 0.2 percent as of 11:46 a.m. New York time.The S&P 500 Index turned lower as department-store chain Nordstrom Inc. declined on disappointing results, following letdowns from Macy™s Inc. and Dillard™s Inc. At the same time, California utilities PG&E Corp. and Edison International began to...

US stocks set to open lower amid Brexit turmoil

U.S. stock index futures indicated a slightly lower open Friday morning as investors look ahead to fresh economic data and monitor political developments overseas. At around 4:00 a.m. ET, Dow futures were down 37 points, indicating a slightly lower open of 18.27 points. The Nasdaq and S&P futures also pointed to slightly lower opening trades. In the previous session, major stock indexes snapped multi-day losing streaks as J.P. Morgan Chase led banks higher and iPhone maker Apple...

Hong Kong Shares Close Week on Positive Note

Hong Kong stocks finished the week with gains Friday, tracking a positive lead from Wall Street with energy firms supported by an uptick in oil prices. The Hang Seng Index rose 0.31 percent, or 80.19 points, to close at 26,183.53. The benchmark Shanghai Composite Index closed 0.41 percent, or 10.94 points higher at 2,679.11, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.84 percent, or 11.78 points, to finish at 1,410.18. Source : AFP

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Main St. Overwhelmingly Bearish On Gold; Wall St. Bullish
Monday, 20 August 2018 11:28 WIB | GOLD CORNER |Gold OutlookGold Corner

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 will be lower in a week. Another 414 voters, or 19%, said gold will rise, while 150, or 6%, see a sideways market.

Respondents who voted in the Twitter portion of the Main Street poll were slightly bullish, however. Twitter voters leaned bullish by 45% to 41%, although this sampling (114 votes) was far smaller than the online poll.

Meanwhile, 14 market professionals took part in the Wall Street survey. Eight respondents, or 57%, called for higher prices, while five, or 36%, said lower. One respondent, or 7%, predicted a sideways market.

Ken Morrison, editor of the newsletter Morrison on the Markets, is among the Wall Street majority who figures gold is due for a bounce.

œGold enters this week with an ideal set-up for a counter-trend rally, Morrison said. œBullish sentiment has touched 6% this week, the lowest level since December 2016. In contrast, sentiment in the dollar index [is] at 96%, the highest over the same period. Add to the sentiment extremes record net-short [position in] futures held by managed money and gold is set up for a recovery to $1,200-$1,210 this week.

Ralph Preston, principal with Heritage West Financial, said he looks for a bounce off of $1,180 support as the Turkish lira crisis subsides for at least a short time.

Jim Wyckoff, senior technical analyst with Kitco Metals, sees steady to higher prices. œThe bears appear to be exhausted on the downside, he says.

Phil Flynn, senior market analyst with at Price Futures Group, also sees potential for a recovery, commenting that the U.S. dollar should ease if international trade talks go well.

Meanwhile, Bob Haberkorn, senior commodities broker with RJO Futures, said he sees more downside, but added that it should be limited. In particular, markets are factoring in another expected Federal Reserve rate hike next month, he said.

œWe™re looking at two more rate hikes for the rest of the year, Haberkorn explained. œI think it™s going to be hard for gold this week to year-end to hold rallies.

Kevin Grady, president of Phoenix Futures and Options LLC, said he remains bearish but also cited one potential upside catalyst.

œI am looking for gold to test the $1,150 level, Grady said. œI do, however think that traders need to keep a close eye on the U.S. dollar. The Trump administration cannot be happy with the strong dollar, and I would expect the president to try to talk the dollar down prior to any formal intervention. There are a large amount of shorts in gold and any news-driven short covering will be violent.

Colin Cieszynski, chief market strategist at SIA Wealth Management, described offsetting factors.

œI am neutral on gold for this week, he said. œThe breakdown below $1,200/oz was a big bearish signal and I remain bearish on gold in the medium term. In addition to the rising U.S. dollar, negative sentiment toward China and a weakening Chinese economy could potentially cut into the demand for physical gold. On the other hand, for the short term, $1,160 has emerged as support and the weekly RSI [Relative Strength Index] on gold is the most oversold it has been in over five years. So I think gold could bounce back over the next week or two but it could struggle to regain $1,200.

Source: Kitco

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POPULAR NEWS
Gold Heads for Weekly Advance Amid Brexit Uncertainty

Gold headed for the first weekly gain in three as investors sought haven assets amid uncertainty surrounding the political situation in the U.K. and the U.S.-China trade war. Palladium slipped after surging to a record on Thursday. Bullion for immediate delivery strengthened 0.1% to $1,214.43/oz at 7:55am in London; added 0.4% this week. Bloomberg Dollar Spot Index edged 0.1% lower. The yield on 10-year Treasuries at 3.11%. British Prime Minister...

Gold Hits 1-Week High as Dollar Softens; Palladium Near Record

Gold rose to a one-week high on Friday as the dollar softened following recent gains on uncertainty over Britain's exit from the European Union, while palladium held near a record high, putting it close to the price of bullion. The surge in palladium, used as an emissions-reducing auto catalyst for vehicles, reflected speculative buying driven by expectations of increased demand in a tight market, analysts said. Spot gold was up 0.2 percent at $1,215.33 per ounce by 1126 GMT, having touched...

Stocks Turn Lower as Retail Drop Offsets Utilities

U.S. equity indexes fluctuated as a plunge in retail and technology stocks was partly offset by energy and utility gains. Treasuries climbed and the dollar retreated. The S&P 500 Index fell 0.2 percent as of 11:46 a.m. New York time.The S&P 500 Index turned lower as department-store chain Nordstrom Inc. declined on disappointing results, following letdowns from Macy™s Inc. and Dillard™s Inc. At the same time, California utilities PG&E Corp. and Edison International began to...

US stocks set to open lower amid Brexit turmoil

U.S. stock index futures indicated a slightly lower open Friday morning as investors look ahead to fresh economic data and monitor political developments overseas. At around 4:00 a.m. ET, Dow futures were down 37 points, indicating a slightly lower open of 18.27 points. The Nasdaq and S&P futures also pointed to slightly lower opening trades. In the previous session, major stock indexes snapped multi-day losing streaks as J.P. Morgan Chase led banks higher and iPhone maker Apple...

Hong Kong Shares Close Week on Positive Note

Hong Kong stocks finished the week with gains Friday, tracking a positive lead from Wall Street with energy firms supported by an uptick in oil prices. The Hang Seng Index rose 0.31 percent, or 80.19 points, to close at 26,183.53. The benchmark Shanghai Composite Index closed 0.41 percent, or 10.94 points higher at 2,679.11, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.84 percent, or 11.78 points, to finish at 1,410.18. Source : AFP

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