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Gold ends lower, suffers a weekly loss as bond yields rise

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Wall St. Bearish, Main St. Bullish On Gold Prices
Monday, 4 March 2019 14:52 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street are slightly split on where gold is headed next week, according to the weekly Kitco News gold survey.

The largest bloc of Wall Street voters called for lower prices, while Main Street remained bullish.

Sixteen market professionals took part in the Wall Street survey. Seven participants, or 44%, described themselves as bearish for this week. There were five votes, or 31%, for higher prices. Another four participants, or 25%, were neutral on the yellow metal.

Meanwhile, 556 respondents took part in an online Main Street poll. A total of 286 voters, or 51%, called for gold to rise. Another 192, or 35%, predicted gold would fall. The remaining 78 voters, or 14%, saw a sideways market.

Mark Leibovit, editor of the VR Gold Letter, and Colin Cieszynski, chief market strategist at SIA Wealth Management, both look for gold to ease on seasonal factors. Cieszynski added that Relative Strength Index momentum also turned downward.

"The collapse of the U.S.-North Korea summit and other political tensions have done nothing for gold and with the U.S. dollar starting to pick up, the balance of risks for gold has shifted to the downside for the coming week," Cieszynski said.

Neil Mellor, senior currency strategist at Bank of New York Mellon, said that he is bearish on gold, commenting that it is difficult to be bullish because of a stronger U.S. dollar and the fact that no matter where an investor looks, there are no inflation pressures growing within the global economy.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, also looks for gold to pull back on further consolidation as the market eases from its 10-month high earlier this month.

Meanwhile, Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, looks for political developments to boost gold prices.

"The failure of the Korea talks and the damaging Michael Cohen testimony in Congress can only be seen as dollar negative and gold positive," Day said. "The congressional hearings are simply an initial volley in what promises to be a relentless onslaught on [President Donald] Trump, with impeachment as the ultimate goal. This would be very positive for gold."

Daniel Pavilonis, senior commodities broker with RJO Futures, sees for a bounce from the late-week weakness.

"We backed off to a trendline," he said. "I think we™ll start to see a move higher."

Richard Baker, editor of the Eureka Miner Report, also looks for the metal to recover.

"Tides ebb and flow," Baker said. "I continue to maintain that the yellow metal will break $1,380 before May Day. Geopolitical tensions -- including the Indo-Pakistani conflict, failed U.S.-North Korea Summit, Brexit deadline and U.S.-China trade negotiations -- create enough uncertainty to keep the safe-haven waters flowing".

"Importantly, the environment for higher prices is still favorable. Inflation expectations are creeping up even though the 10-year Treasury yields are rising. This keeps real rates below 1%. Given low opportunity cost and negative interest rates in major economies outside the U.S., there are few obstacles to prevent a flood tide to higher gold prices given one or more geopolitical shocks."

Afshin Nabavi, head of trading at trading house MKS (Switzerland) SA, said gold could ease to the $1,300 level due to long liquidation and a stronger U.S. dollar. However, he continued, "with the geopolitical issues, I think we should hold the support and head higher." He called for the metal to be in a $1,300-$1,345 range.

Fawad Razaqzada, technical analyst at City Index, he said that he is neutral on gold in the near term.

"Gold has fallen more than I expected as bond yields have pushed up across the board, but I™m not convinced that bond markets will continue to sell off," he said. "I think investors need to sit on their hands for now and wait to see if buyers come in at key support. There is no reason why prices can™t go lower from these levels."

Phil Flynn, senior market analyst with at Price Futures Group, also looks for gold to hold around current levels.

"The late-week swoon on strong U.S. GDP [gross-domestic-product] data may lead to a flat week for gold," Flynn said. "Stocks are looking strong, and gold may go on the backburner as risk appetite shifts."

Source: Kitco

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POPULAR NEWS
Gold ends lower, suffers a weekly loss as bond yields rise

Gold futures ended lower on Friday, giving up earlier gains to feed a loss for the week as appetite returned for assets perceived as risky and bond yields climb. Gold pared some of its earlier gains then turned lower after data Friday revealed that the University of Michigan consumer sentiment index rebounded to 92 in September from 89.8 in August. U.S. business inventories also increased by 0.4% in July and U.S. retail sales rose 0.4% in August. December gold on Comex lost $7.90, or 0.5%,...

Hong Kong Shares End Week With Sharp Gains

Hong Kong stocks finished Friday with a flourish as investors were cheered by easing tensions in the China-US trade row while also betting on another interest rate cut by the Federal Reserve next week. The Hang Seng Index jumped 0.98 percent, or 265.06 points, to 27,352.69. Source : AFP

U.S Stocks End Mostly Lower as Dow Extends Seven-Day Streak of Gains

U.S. stocks closed mostly lower on Friday after easing trade tensions and central bank policy moves briefly buoyed investor sentiment earlier in the day. The S&P 500 was down less than 0.1% to end near 3,007. The Dow Jones Industrial Average advanced 36 points, or 0.1%, to finish around 27,219, based on preliminary numbers.The Nasdaq Composite fell 0.2% to end near 8,177. The blue-chip Dow clinched its seventh consecutive gain, its longest such streak since 2018. Both the Dow and the...

Sterling Rises on Speculation of U.K. Softening Brexit Stance

The pound rose on Friday on a newspaper report that the U.K. government is contemplating some type of regulatory divergence between Northern Ireland the U.K. in an attempt to secure a Brexit deal. According to The Times, Northern Ireland's DUP would be willing to accept some EU regulations following a U.K. withdrawal from the EU -- replacing the Irish backstop proposal -- raising some hopes of a new deal. But the DUP denied the report shortly afterwards. GBP/USD jumped 0.8% to 1.2431 as of...

U.S. Stocks Set for Weekly Gain as Treasury Yields Rise

U.S. stocks were mostlly higher as the rotation from growth to value shares carried on. Treasury yields climbed and the dollar slipped. Shares globally are headed for a third weekly gain thanks to easing trade fears and a new round of central bank stimulus. Higher-than-forecast U.S. retail sales in August added to the optimism. The Stoxx Europe 600 rose a fourth day led by banks and miners. The S&P 500 Index rose 0.1% to 3,012.34 as of 11:35 a.m. New York time, the highest in more than...

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