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Wall St., Main St. Look For Gold To Regain Its Shine
Monday, 11 February 2019 11:38 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street both remain bullish in the weekly Kitco News gold survey, in essence considering last week's pullback as a correction in a market that still is still in an uptrend.

Fifteen market professionals took part in the Wall Street survey. There were 11 votes, or 73%, calling for higher prices. There were two votes each, or 13%, for both lower and sideways.

Meanwhile, 467 respondents took part in an online Main Street poll. A total of 259 voters, or 55%, called for gold to rise. Another 129, or 28%, predicted gold would fall. The remaining 79 voters, or 17%, see a sideways market.

In the last survey, nearly two-thirds of Wall Street and Main Street was bullish on gold.

œI remain bullish on gold for this week, said Colin Cieszynski, chief market strategist at SIA Wealth Management. œA recent correction appears to have run its course with gold having successfully tested $1,305 support and the price starting to turn back upward again. With another U.S. government shutdown looming, Brexit talks going nowhere, U.S.-China trade talks having normal ups and downs, and earnings season continuing, there is a lot going on to keep the volatility pot boiling and defensive havens like gold still attractive to some investors.

Kevin Grady, president of Phoenix Futures and Options, also looks for further price appreciation as long as gold holds above $1,305.

œWe™re kind of in a step-up pattern technically, said Daniel Pavilonis, senior commodities broker with RJO Futures. œI think stocks are still going to be weak, but I think the metals will be higher.

Phil Flynn, senior market analyst with at Price Futures Group, also looks for the precious metal to trade higher, citing its ability to bounce late in the week even as the U.S. dollar remained strong. The continuing U.S.-China trade spat could prompt some safe-haven buying, he continued.

œGenerally speaking, gold has been a forgotten asset for a while, Flynn said. œIt is starting to look better from a technical standpoint.

Jim Wyckoff, senior technical analyst with Kitco, also said higher, commenting that the œtrend is still up and the downside correction is likely near an end.

Afshin Nabavi says the area around $1,302 is becoming a strong support and the market could move higher. œThe concerns over U.S.-China trade dispute [and] eventual possibility of another government shutdown would make me think of a push towards $1,350ish area, he said.

Meanwhile, independent technical analyst Darin Newsom is one of those who sees gold moving lower.

œI still see April gold moving into a secondary downtrend on its weekly chart, Newsom said, citing bearish crossovers by weekly Stochastics above the overbought 80% mark.

œThe U.S. dollar index moved to a new four-week high last week, indicating more strength ahead, which should mean increased pressure on gold.

Phillip Streible, senior market strategist with RJO Futures, looks for gold to be in a sideways pattern. œI wouldn™t be surprised that we have a new defined range between $1,306-$1,330."

Source: Kitco

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POPULAR NEWS
China stocks rally to a near 13-month closing high

Chinese shares rallied on Friday afternoon in thin volumes from earlier profit-taking to end the day at a near 13-month closing high, with signs of an economic recovery in China contributing to a recent surge. At the close, the Shanghai Composite index was up 0.63 percent at 3,270.80, erasing earlier losses. It was the strongest close for the index since March 21, 2018. The blue-chip CSI300 index was up 1.19 percent at 4,120.61 points, its highest close since March 12, 2018. Trading...

Tokyo Shares End Higher as Nintendo Soars on China Report

Tokyo stocks closed higher Friday following healthy gains on Wall Street, with Nintendo jumping more than 14 percent following reports its games and popular Switch console will soon be available in China. The benchmark Nikkei 225 index added 0.50 percent or 110.44 points at 22,200.56, while the broader Topix index climbed 0.12 percent or 1.96 points to 1,616.93. Source : AFP

Nikkei buoyed by cyclical stocks; Nintendo jumps 16 pct

Japan's Nikkei rose on Friday morning as Wall Street gains raised risk appetite and lifted cyclical stocks, while Nintendo jumped after Tencent won approval to sell its Switch console in China. The Nikkei share average advanced 0.6 percent to 22,223.41 at the midday break. For the week, the index has risen 1.6 percent, poised for a third week of gain. Shares of Nintendo Co soared after China's Tencent won a key approval to begin selling Nintendo™s Switch console in China, the world™s...

USD/JPY frozen near 111.90 ahead of US housing data

The USDJPY pair extends its side-tend into the European session, wavering back and forth in a 10-pips extremely narrow range just below the 112 handle. A tug of war between the bulls and bears continue tor the sixth straight session, despite some volatility witnessed on Thursday after the Yen hit fresh weekly tops at 111.76 against its American peer following the disappointing German and Eurozone PMIs induced broad risk-aversion. The spot pulled back sharply from the weekly trough and...

Russian Ambassador in Caracas Rejects Monroe Doctrine Revival

As Venezuela's reliance on Russia grows amid the country's unfolding crisis, Vladimir Putin's point man in Caracas is pushing back on the U.S. revival of a doctrine used for generations to justify military interventions in the region. In a rare interview, Russian Ambassador Vladimir Zaemskiy rejected an assertion this week by U.S. National Security Adviser John Bolton that the 1823 Monroe Doctrine is "alive and well." The policy, originally aimed at opposing any European meddling in the...

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