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Wall St., Main St. Look For Gold Prices To Tick Higher
Monday, 8 April 2019 12:06 WIB | GOLD CORNER |Gold OutlookGold Corner

The biggest voting blocs on Wall Street and Main Street look for gold prices to rise over the this week, according to the weekly Kitco News gold survey.

Thirteen market professionals took part in the Wall Street survey. Seven participants, or 54%, described themselves as bullish for the this week. There were three voters each, or 23%, for both bearish and sideways.

Meanwhile, 534 respondents took part in an online Main Street poll. A total of 239 voters, or 45%, called for gold to rise. Another 191, or 36%, predicted gold would fall. The remaining 104 voters, or 19%, saw a sideways market.

In the last survey, Wall Street and Main Street were both bullish on gold for the last week. As of 11 a.m. EDT, Comex June gold futures were trading 0.2% lower for the week so far at $1,295.90 an ounce. So far in 2019, both Wall Street and Main Street are 7-5 in the weekly poll for a winning percentage of 58%.

"Gold should be up," said Phil Flynn, senior market analyst with Price Futures Group. "We held key support this week and we expect that physical demand will pick up."

He pointed out that core inflation remains "calm" and commented that the Federal Reserve probably won't raise interest rates even with a strong U.S. employment number.

Daniel Pavilonis, senior commodities broker with RJO Futures, also looks for gold to bounce from support levels that held around this week's lows.

"This [recent weakness] was a washout and an opportunity to start getting long [establish a bullish position] again," Pavilonis said. "We™re positive now. If we have a strong close today, I think we™ll see a lot of follow-through next week."

Afshin Nabavi, head of trading at trading house MKS (Switzerland) SA, also looks for gold to rise.

"With the geopolitical issues around the world, and the recent test of $1,280s ( yesterday), I can only remain bullish and look for a break above $1,295 and $1,300 level to push the price of the gold to the recent highs of $1,345," Nabavi said.

Charlie Nedoss, senior market strategist with LaSalle Futures Group who correctly predicted that gold would slip two weeks in a row, looks for still another down week. He noted that data still show the economy doing OK.

"I'm still friendly to the dollar," he said, later adding, "That, in turn, will weigh on gold."

Technically, one key will be what June gold does around the 100-day moving average near $1,294.60, Nedoss said. The metal has been below it last week but was hovering nearly right on this as Nedoss spoke. If this fails, the strategist said he does not see "hard support" until the 200-day average of $1,266.50.

Jim Wyckoff, senior technical analyst with Kitco, looks for gold to be "steady and choppy as near-term technicals have turned neutral at best."

Source: Kitco News

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POPULAR NEWS
Gold lower and risks weekly loss, on upbeat U.S. economic data

Gold futures fell Friday, building on a loss for the week, on the back of a jump in U.S. consumer sentiment and a slightly firmer dollar. June gold on Comex was off $9.50, or 0.7%, at $1,276.70 an ounce. Prices were headed for the lowest most-active contract finish since May 2, according to FactSet data. Declines leave the metal headed for a roughly 0.8% loss for the week. Among other metals, July silver declined 14.4 cents, or 1%, to $14.395 an ounce. The silver market was looking at a...

Pound Suffers as Johnson Revives Hard Brexit Fears

The British pound was hovering just above a four-month low early Friday in Europe, as fears about Brexit returned to haunt the currency after a month of relative calm. At 03:00 AM ET (07:00 GMT), sterling was at $1.2786, and had fallen to 1.1432 against the euro, on concerns that the U.K. may yet leave the EU without any sort of arrangements in place to cushion the transition. The pound slipped after Theresa May told party colleagues she would set a timetable for her departure next month,...

Gold Steady as Stronger Dollar Counters Trade Concerns

Gold held recent declines as improved U.S. economic data boosted the dollar, leaving bullion little changed for the week despite ongoing trade concerns. Other precious metals extended weekly drops. After reaching a one-month high on Tuesday, gold has failed to hold those gains as the greenback climbed to the highest in three weeks. In the continuing trade spat, China signaled a lack of interest in resuming talks with the U.S. under the current threat to escalate tariffs, while the...

Hong Kong, Shanghai Shares End Tough Week on a Low (review)

Hong Kong stocks dived on Friday, topping off another torrid week, as investors fret about rising trade tensions between China and the United States. The Hang Seng Index fell 1.16 percent, or 328.61 points, to 27,946.46. The benchmark Shanghai Composite Index tumbled 2.48 percent, or 73.41 points, to 2,882.30, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, lost 3.26 percent, or 51.59 points, to 1,533.22. Source : AFP

U.S. Stocks Fall as China Casts Doubt on Further Trade Talks

Stock-index futures point to a lower start for Wall Street Friday after Chinese state media indicated little appetite by Beijing to resume trade talks following Trump administration™s move to raise tariffs on Chinese imports and to target tech giant Huawei. The Dow Jones Industrial Average fell 160 points, or 0.6% to 25,712, while the S&P 500 index lost 17.52 points, or 0.6%, to 2,859. The Nasdaq Composite Index meanwhile, declined 58 points, or 0.7% to 7,841. On Thursday, the Dow rallied...

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