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Wall St., Main St. Bullish On Gold, See End Of Road For USD
Monday, 18 February 2019 15:47 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street remain bullish in the weekly Kitco News gold survey.

A number of analysts and traders cited an expectation that the U.S. dollar™s recent rally will stall, which would help gold due to the inverse relationship between the two. Others cited technical-chart strength in gold.

Seventeen market professionals took part in the Wall Street survey. There were 13 votes, or 76%, calling for higher prices. There were two votes each, or 12%, for both lower and sideways.

Meanwhile, 455 respondents took part in an online Main Street poll. A total of 244 voters, or 54%, called for gold to rise. Another 115, or 25%, predicted gold would fall. The remaining 96 voters, or 21%, see a sideways market.

œI think we are getting ready to head towards $1,350 per ounce by next week, said Afshin Nabavi, head of trading at trading house MKS (Switzerland) SA. œSo any retracement lower would be a good opportunity to buy, in my opinion.

Sean Lusk, director of commercial hedging with Walsh Trading, looks for gold to remain in an uptrend amid geopolitical uncertainty over issues such as U.S.-China trade negotiations and reports that President Donald Trump is going to declare an emergency in an effort to fund his border wall. He also cites gold™s ability to hold a number of lows lately just above the $1,300 level.

œFrom a technical standpoint, we should start to run here, Lusk said.

Adam Button, managing director of ForexLive.com, also said he looks for gold to rise, although he said the call is a œtough one because the trend has fizzled. Still, he continued, œI think gold has one more push in it to $1,365 on risk aversion when U.S.-China trade talks go sideways.

Several Wall Street respondents called for gold to rise on an expectation that the U.S. dollar will lose some of its upward momentum.

œThe dollar seems to be hitting resistance up here, said Bob Haberkorn, senior commodities broker with RJO Futures. Additionally, some Federal Reserve officials are scheduled to speak next week and are likely to tilt dovish, Haberkorn said. œThat should be supportive for gold, he said.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, also said the U.S. dollar is probably getting to the high end of its trading range and he doubts it will rise further, particularly after softer U.S. economic data lately.

Eugen Weinberg, head of commodity research at Commerzbank, said that he expects gold prices to continue to rise despite recent upward momentum in the U.S. dollar, adding that it will be difficult for the U.S. dollar to keep rallying in the face of growing headwinds.

œThere are a number of factors weighing on the U.S. dollar: growing recession fears, weaker manufacturing data and a Federal Reserve that will not be raising interest rates anytime soon, Weinberg said.

Meanwhile, David Madden, senior market analyst at CMC Markets, said investors could expect to see gold rally even if the dollar does likewise. He favors buying the metal on price dips.

œDon™t expect to see any major breakouts, but the upward trend in gold is here to stay, he said. œThe U.S. dollar is strong because of weakness in other global currencies, but ultimately a neutral Federal Reserve is a headwind for legitimate dollar strength.

Richard Baker is one of the analysts who sees a temporary pullback in gold, calling for consolidation of the recent gains. He pointed out that the metal had a good week despite a strong dollar and gains in U.S. equities, and gold bounced from its 200-day moving average œlike a rubber ball earlier this month. He said 10-year inflation expectations are rising again from the early-January bottom, stabilizing real rates below.

œThis is a bullish tailwind for gold going forward, Baker said. œHowever, there is probably some consolidation ahead next week before a move higher to the retake the January high ($1,331.10).

Source: Kitco

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POPULAR NEWS
Gold claws up from 2019 low, but ascent limited by stock-market gains

Gold trade steadied Wednesday morning, with prices poking into positive territory, after a hunt for assets viewed as risky took the haven metal to its lowest finish of the year a day ago. Gold for June delivery on Comex was up $1.10, or less than 0.1%, at $1,278.30 an ounce. June gold settled at $1,277.20 Tuesday. That was the lowest finish for a most-active contract since Dec. 26, according to FactSet data. Gold had moved lower this week as equity benchmarks in the U.S. flirted with records...

Gold futures end at lowest since December, down 1.5% for the week

Gold futures posted a modest decline on Thursday, to tally a loss of 1.5% for the week. "U.S. dollar strength, enhanced not only by economic data but release of the Mueller report is going to keep a lid on gold in the short term," said Jeff Wright, executive vice president of GoldMining Inc. June gold lost 80 cents, or less than 0.1%, to settle at $1,276 an ounce on Comex. That was the lowest finish for a most-active contract since Dec. 26, according to FactSet data. Gold trading will be...

Stocks open higher after upbeat corporate earnings

Stocks rose at the opening bell on Wednesday as investors keyed into the next round of first-quarter corporate earnings, while showing little interest in China's robust economic data. The S&P 500 was up 0.3% to 2,916. The Dow Jones Industrial Average picked up 32 points, or 0.1%, to 26,484. The Nasdaq Composite climbed 0.6% to 8,046. Key equity benchmarks continue to move toward their record highs, with the S&P 500 less than 1% away from its all-time closing high on Sept. 20. China's...

U.S. dollar edges lower after stronger-than-expected China GDP data

The U.S. dollar was off slightly versus its biggest rivals Wednesday after data showed the pace of Chinese economic growth steadied in the first quarter, helping to soothe fears of a global economic slowdown. The ICE U.S. Dollar Index a measure of the currency against six major rivals, was off 0.1% at 96.918. The U.S. unit traded at 111.99 Japanese yen down marginally from its level late Tuesday in New York trading at ¥112.02. The euro fetched $1.1308, up from $1.1283. China's economy grew...

Strong Earthquake hits East Taiwan

The 6.1 magnitude earthquake hit the eastern coast of Taiwan late Thursday, according to the country's Central Weather Bureau. Television footage of landslides in one area, but no one reported on land or mountains. The bureau said the earthquake occurred at one minute after 1 pm, with the epicenter about 10 kilometers northwest of the city of the eastern coast of Hualien. The Depth earthquake was 10 kilometers, according to the United States Geological Survey. The quake shook buildings in...

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