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Gold Settles at a More Than a 1-Week High as Historic Oil Outage Rattles investor Nerves

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Wall St., Main St. Split On Short-Term Outlook For Gold Prices
Monday, 22 April 2019 15:34 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street leans slightly bearish and Main Street slightly bullish in the weekly Kitco News gold survey.

Neither the bulls nor the bears had an outright majority in either survey, however. The Wall Street bulls figure gold is due for a corrective bounce higher, while the bears look for the downward momentum to continue due to technical-chart damage and recently stronger equities.

Fifteen market professionals took part in the Wall Street survey. Six voters, or 40%, look for gold to continue its recent slide. Five voters, or 33%, called for higher prices, while the remaining four, or 27%, expect prices to be sideways or were neutral.

Meanwhile, 522 respondents took part in an online Main Street poll. A total of 242 voters, or 46%, called for gold to rise. Another 206, or 39%, predicted gold would fall. The remaining 74 voters, or 14%, saw a sideways market.

In the last survey, Main was bullish while Wall Street was split on gold for the last week. As of 11:10 a.m. EDT, Comex June gold futures were trading down 1.3% for the week so far at $1,277.80 an ounce.

œI think you will see more downside just because of the fact that equities are so strong now, said Bob Haberkorn, senior commodities broker with RJO Futures. œWith equities [up] there, it will be hard for gold to stage a rally.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for June gold to edge lower still toward the 200-day moving average around $1,266.90. However, he added, the market may find support there and bounce, particularly since an upside breakout occurred from around here late last year.

œI think we still come down and test the 200-day average, Nedoss said. œThere is enough momentum to the downside. The dollar [index] keeps testing that 97 level.

Meanwhile, Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, looks for gold to bounce after becoming œoversold during the recent downdraft.

œOn a longer-term basis, the dollar needs to decline for gold to move meaningfully higher and on a sustained basis, Day added.

Afshin Nabavi, head of trading at trading house MKS (Switzerland) SA, also looks for gold to stage a recovery after some bulls exited in response to recent U.S. dollar strength.

œ[The] $1,270 [area] held rather well, he said. œI wouldn™t be surprised if this week, when everyone is back on Tuesday [following Easter weekend], we see a move back up again if there are no fresh surprises in the market.

Mark Leibovit, editor of the VR Gold Letter, said he is bullish on gold overall, but for now is œneutral until the summer cyclical lows are posted.

Sean Lusk, director of commercial hedging with Walsh Trading, looks for a steady market this week. Technically, a move above $1,282 portends further strength, he said. But if prices remain below, they could test the 200-day moving average the around $1,267 neighborhood. Keys will be whether equities remain elevated and the next move in the U.S. dollar, he added.

Source: Kitco News

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POPULAR NEWS
Gold Settles at a More Than a 1-Week High as Historic Oil Outage Rattles investor Nerves

Gold futures finished solidly higher on Monday, at their highest price in just over a week, after an attack on Saudi Arabian oil production sent oil values skyrocketing and investors turning to haven assets, including bonds and precious metals. December gold on Comex gained $12, or 0.8%, to settle at $1,511.50 an ounce, after registering on Friday a weekly decline of 1.1%. The settlement was the highest for a most-active contract since Sept. 6, FactSet data show. Silver for December delivery...

Gold Surges as Saudi Attack Spurs Haven Demand Ahead of Fed Meet

Gold and silver rallied after a strike against Saudi Arabian oil facilities hurt supplies and prompted a record surge in oil prices, with investors seeking haven assets at the start of a week that™ll also see critical policy decisions from central banks including the Federal Reserve. Gold jumped more than 1%, trading above $1,500 an ounce, while its cheaper sister metal climbed more than 2% as investors gauged the ramifications from the assuault against the world's biggest...

Gold scores a pop from historic oil outage

Gold futures headed solidly higher on Monday after an attack on Saudi Arabian oil production sent oil prices skyrocketing and investors turning to haven assets, including bonds and precious metals. December gold on Comex gained $9.70, or 0.7%, to $1,509.20 an ounce, after registering on Friday a weekly decline of 1.1%. Silver for December delivery added 32 cents, or 1.8%, to trade at $17.885 an ounce, following a weekly loss of 3%, according to FactSet data. The gain for oil comes after...

Dollar falls as oil attacks send investors to safety

The dollar fell while safe-havens and currencies of oil producing countries rallied on Monday, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions. Oil prices surged more than 15% following the strikes on two plants, including the world's biggest petroleum processing facility in Abqaiq, knocked out more than 5% of global oil supply. Yemen's Iran-aligned Houthi group claimed responsibility for the damage, but the U.S....

Oil Rallies 15%, With U.S. Prices Settling at Their Highest in 4 Months

Oil futures rallied Monday, as a weekend attack on Saudi oil facilities cut the kingdom's daily crude production down by more than half, sparking concerns of a potentially prolonged supply shortage. The news sparked talk of $100 oil prices, but that scenario "would only occur if there is an all-out war between Saudi Arabia and Iran," said Jay Hatfield, portfolio manager of the Infracap MLP exchange-traded fund. "If production is restored and there is no escalation of tensions, we would expect...

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