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Stocks Close Down for Second Straight Session as Trade Concerns Persist

U.S. stocks closed lower Monday, with technology shares leading major benchmarks to their second straight losing session. The S&P 500 fell roughly 0.7% to end at 2,840, while the Dow Jones Industrial index shed 0.3% to about 25,679. The Nasdaq Composite index retreated 1.5% to approximately 7,702. Concerns over U.S.-China trade relations deepened after U.S. technology companies began complying with new export restrictions instituted last week by the Trump administration against China's...

Gold posts a modest rise after ending last week at a 2-week low

Gold prices finished Monday with a modest gain after settling at a two-week low in the previous session, with the dollar showing some weakness and U.S. stocks on the decline. June gold on Comex added $1.60, or 0.1%, to settle at $1,277.30 an ounce. It ended Friday at $1,275.70, the lowest most-active contract finish since May 2, according to FactSet data. Gold futures logged a weekly loss of 0.9% last week on the back of a jump in U.S. consumer sentiment and a slightly firmer buck. Among...

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Gold futures ended lower Tuesday as global stocks staged a rebound and the dollar strengthened a bit, dulling bullion's appeal and sending prices to the lowest finish in almost three weeks. June gold on Comex lost $4.10, or 0.3%, to settle at $1,273.20 an ounce, after booking a modest rise on Monday. The yellow metal logged the lowest most-active contract settlement since May 2, and turned slightly lower week to date, according to FactSet data. Gold's recent gains had been supported by...

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Gold held a weekly loss as the dollar steadied and markets remained fragile after the escalation in the U.S.-China trade war. Spot gold -0.1% at $1,275.92/oz at 7:24am in London, after dropping 0.7% last week. Bloomberg Dollar Spot Index steady, after +0.8% last week. Chinese Foreign Minister Wang Yi told U.S. Secretary of State Mike Pompeo in a call on Saturday that while it™s still possible to work out a deal, Beijing must safeguard its interests....

Gold Claws Up From Two-Week Lows as Dollar, Stocks Point Lower

Gold futures prices inched up from the two-week lows hit to wrap up last week, with both the dollar and stocks pointing lower Monday. A narrow trading band continues to hamper significant moves for the haven metal, which typically might draw strong demand based on concern for a prolonged trade war that keeps risk markets, including stocks, in flux. Instead, gold futures prices logged a weekly loss of 0.9% last week on the back of a jump in U.S. consumer sentiment and a slightly firmer...

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Gold Ekes Out 1.3% Gains For Q1 2019
Monday, 1 April 2019 15:14 WIB | GOLD CORNER |Gold OutlookGold Corner

œPatience has been the latest mantra for gold investors as the yellow metal has struggled to find momentum while the first quarter of 2019 comes to a close.

Gold prices are looking to close in negative territory last week, ending a three-week winning streak. Despite a strong rally at the start of the new year, for the quarter, the yellow metal is eking out a modest gain, up 1.3%. June gold futures last traded at $1,297.70 an ounce.

According to analysts, although the precious metal is supported by falling bond yields, it continues to struggle against resilient strength in equity markets and the U.S. dollar; however, some analysts continue to look past near-term U.S. dollar strength as threats to the economy continue to build.

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that he expects weaker equity markets to signal an end to the dollar™s rally.

œWe expect last year's strong dollar performance to have marked a last gasp for the bull market, and for the greenback to remain near the bottom of 2019 performers, which is primarily supportive of metals, he wrote in a report Friday.

In a recent interview with Kitco News, Axel Merk, president and chief investment officer of Merk Investments said that a lot of the recent price action in gold can be chalked up to quarter-end positioning. He added that long-term, the recent drop in 10-year bond yields remains gold supportive.

Although gold could remain volatile in the near-term, Merk added that last week™s dovish move from the Federal Reserve, raises the risk for higher inflation pressures, another long-term positive factor for gold.

A Big Week For Economic Data

For some analysts, This week, which sees a full calendar of important economic reports, could set the tone for equities, the U.S. dollar and gold prices. Some of the important reports that will garner the most market attention include February™s retail sales numbers, March ISM PMI data, to be released Monday and March™s nonfarm payrolls report, to be released Friday.

œIf we see weak economic data come out next week then I would expect to see gold prices push higher on safe-haven flows, said Ross Strachan, senior commodity economist at Capital Economics. œAnything that will push equities lower will be the biggest factor for gold in the medium term.

Daniel Ghali, commodity strategist at TD Securities, said that he will be watching ISM manufacturing data closely as markets are laser-focused on growth expectations. Weak manufacturing data would add to growing growth fears.

œPoor data that highlights weak economic growth will reignite investors™ appetite for gold, he said.

However, not all analysts see weak economic data saving gold prices in the near-term. Some have noted that weak economic data could be seen as deflationary and as a falling tide lowers all boats, gold could suffer with equities and the U.S. dollar.

Do Technicals Support Higher Gold Prices

Other analysts are negative on the yellow metal as the price action has caused some technical chart damage.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said that a lot of the economic data has been mixed, providing little direction for gold, but he added that it™s difficult to be bullish when traders look at the technicals.

œThe recent failure to retake $1,325 and subsequent [decline] appears to have carved out the right shoulder of a head-and-shoulders top and arrives at a time when gold is moving from its stronger season of the year into its weaker season of the year, which runs through to the late summer, he said.

Christopher Vecchio, senior currency strategist at DailyFX, said that he also doesn™t like gold™s technical short-term outlook. He added that the problem the gold market faces is that there is a growing disconnect between market expectations for an economic slowdown and what the data are showing.

œThe big first-quarter slowdown that many economists were anticipating may not transpire, he said. œLooking at the data this week, I don™t think we should expect to see a strong downturn in the numbers. That in turn will reduce the safe-haven appeal for gold.

Levels To Watch

Vecchio added that technically he sees signs that the near-term uptrend in gold has exhausted itself and the markets needs to recalibrate. In the near-term he said that he is watching an important retracement level at $1,286 an ounce as initial support.

Chris Beauchamp, market analyst at IG, said that a break below $1,285 an ounce, could push gold prices to $1,277 an ounce.

Source: KitcoNews

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POPULAR NEWS
Stocks Close Down for Second Straight Session as Trade Concerns Persist

U.S. stocks closed lower Monday, with technology shares leading major benchmarks to their second straight losing session. The S&P 500 fell roughly 0.7% to end at 2,840, while the Dow Jones Industrial index shed 0.3% to about 25,679. The Nasdaq Composite index retreated 1.5% to approximately 7,702. Concerns over U.S.-China trade relations deepened after U.S. technology companies began complying with new export restrictions instituted last week by the Trump administration against China's...

Gold posts a modest rise after ending last week at a 2-week low

Gold prices finished Monday with a modest gain after settling at a two-week low in the previous session, with the dollar showing some weakness and U.S. stocks on the decline. June gold on Comex added $1.60, or 0.1%, to settle at $1,277.30 an ounce. It ended Friday at $1,275.70, the lowest most-active contract finish since May 2, according to FactSet data. Gold futures logged a weekly loss of 0.9% last week on the back of a jump in U.S. consumer sentiment and a slightly firmer buck. Among...

Gold Ends at Nearly 3-Week Low as Dollar, Stocks Perk Up

Gold futures ended lower Tuesday as global stocks staged a rebound and the dollar strengthened a bit, dulling bullion's appeal and sending prices to the lowest finish in almost three weeks. June gold on Comex lost $4.10, or 0.3%, to settle at $1,273.20 an ounce, after booking a modest rise on Monday. The yellow metal logged the lowest most-active contract settlement since May 2, and turned slightly lower week to date, according to FactSet data. Gold's recent gains had been supported by...

Gold Holds Weekly Drop as Dollar Steadies Amid Trade

Gold held a weekly loss as the dollar steadied and markets remained fragile after the escalation in the U.S.-China trade war. Spot gold -0.1% at $1,275.92/oz at 7:24am in London, after dropping 0.7% last week. Bloomberg Dollar Spot Index steady, after +0.8% last week. Chinese Foreign Minister Wang Yi told U.S. Secretary of State Mike Pompeo in a call on Saturday that while it™s still possible to work out a deal, Beijing must safeguard its interests....

Gold Claws Up From Two-Week Lows as Dollar, Stocks Point Lower

Gold futures prices inched up from the two-week lows hit to wrap up last week, with both the dollar and stocks pointing lower Monday. A narrow trading band continues to hamper significant moves for the haven metal, which typically might draw strong demand based on concern for a prolonged trade war that keeps risk markets, including stocks, in flux. Instead, gold futures prices logged a weekly loss of 0.9% last week on the back of a jump in U.S. consumer sentiment and a slightly firmer...

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