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Tokyo Stocks Start The Week in The Red

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Gold Expected To Gain Some Luster After Fed
Monday, 24 September 2018 11:35 WIB | GOLD CORNER |

Wall Street and Main Street both look for gold prices to rise this week, based on the weekly Kitco News gold survey.

The U.S. Federal Open Market Committee meeting is widely expected to hike interest rates another 25 basis points this week. But that hasn't deterred analysts, who suggest this is already factored into prices.

Eighteen market professionals took part in the Wall Street survey. Thirteen respondents, or 72%, predicted higher prices. There were two votes, or 11%, calling for lower prices, while three respondents, or 17%, were neutral or looked for a sideways market.

Meanwhile, 374 people responded to an online poll. A total of 215 respondents, or 57%, called for gold to rise. Another 105, or 28%, predicted gold would fall. The remaining 54, or 14%, see a sideways market.

'I think the Fed may moderate forward language, so I continue to be constructive on the gold price,' said Peter Hug, global trading director for Kitco Metals.

Jasper Lawler, head of research at London Capital Group, said that while the price action looks soft, positioning and market sentiment support higher prices. He said if the Federal Reserve maintains its current guidance, then gold will rally, as he would expect the U.S. dollar to weaken.

œAfter the strong rally we have seen in the U.S. dollar, the market needs something more than Fed™s current steady path for interest rates, he said. œFrom a risk/reward standpoint, the gold market looks good at these levels.

Darin Newsom, an independent technical analyst, cited chart-based factors, particularly for the U.S. dollar. Gold tends to move inversely to the greenback.

œGiven last week™s bearish breakdown by the U.S. dollar index, gold could trade higher this week, Newsom said. œWith the USDX [U.S. dollar index] hitting a new four-week low last week, December gold could take out last week™s high of $1,218 and possibly challenge its four-week high of $1,220.70.

Adam Button, managing director of ForexLive, is also bullish.

œGold has likely bottomed for the year, Button said. œThe market is growing more upbeat on global growth and less worried about trade, despite the risks. That backdrop should weigh on the U.S. dollar and lead to a slow recovery in gold.

Ralph Preston, principal with Heritage West Financial, lists a target of $1,226, commenting that he is looking for œan accelerated move out of the recent congestion.

Meanwhile, Kitco senior technical analyst Jim Wyckoff said he looks for gold to be steady to lower since œcharts remain bearish.

Richard Baker, editor of the Eureka Miner Report, is also short-term bearish, listing an $1,190 target.

Kevin Grady, president of Phoenix Futures and Options LLC, described himself as neutral on prices at the moment.

œThe higher interest-rate picture is keeping a lid on gold, he said. œThere is a big short [bearish] position in gold. A lot of people are looking to buy the bottom in gold. I don™t see a reason to do that unless you™re looking for a short-covering rally.

Sean Lusk, director of commercial hedging with Walsh Trading, sees gold steady but choppy.

œRallies continue to get hit, he said, pointing out that gold climbed to a weekly high early Friday but promptly fell some $10, which was disconcerting for bulls. He later added, œIt just doesn™t seem to me like we can get a run.

Source: Kitco News

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POPULAR NEWS
Tokyo Stocks Start The Week in The Red

Tokyo stocks opened lower Monday, kicking off the week in the red following several days of extreme volatility on global markets due to rising US interest rates and a US-China trade war. The benchmark Nikkei 225 index was lower by 0.78 percent or 177.31 points at 22,517.35 in early trade, while the broader Topix index was down 0.63 percent or 10.68 points at 1,691.77. Source : AFP

Yen Steady as Investors Seek Fresh Trading Cues: Inside Japan

Yen trades little changed against the dollar as investors look for fresh triggers after the Japanese currency capped its best week since February. JGB investors seen lacking trading incentives amid absence of a government auction and a Bank of Japan purchase operation. USD/JPY steady at 112.17 after falling 1.3% last week; pair touched 111.83 on Oct. 11, its lowest since Sept. 18. Leveraged funds boosted net yen short positions for a third straight week in period to Oct. 9, CFTC...

Asian Shares Slip on Lingering Trade, U.S. Rates Worries

Asian shares slipped on Monday as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs tempered optimism despite a rebound in global equities late last week. Not helping the mood, oil prices jumped and Saudi Arabian shares tumbled on rising diplomatic tensions between Riyadh and the West after the monarchy warned against threats to punish it over disappearance of a journalist. MSCI's broadest index of Asia-Pacific shares outside...

Hong Kong Stocks Resume Slide in Early Trade

Hong Kong stocks fell in early trade on Monday, continuing a slump sparked by concerns over the global economy and trade tensions between China and the United States. The Hang Seng Index shed 1.16 percent, or 299.94 points, to 25,501.55 in the opening minutes. The benchmark Shanghai Composite Index meanwhile edged down 0.04 percent, or 1.00 points, to 2,605.91. But the Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.26 percent, or 3.35 points, to...

Gold Gains as Risks Proliferate From Stocks to Trade

Gold rises as a stock slump resumes in Asia, President Donald Trump hints at imposing more trade tariffs on China, and investors track tensions in energy markets after Saudi Arabia threatened to retaliate against any punitive measures over the disappearance of journalist Jamal Khashoggi. Bullion capped the first back-to-back weekly gain since April last week, trading above $1,200 an ounce, as concerns about the impact of a burgeoning trade war triggered sell-off in U.S. stocks,...

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