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Gold prices settle at nearly two-week peak

Gold futures edged higher on Monday, settling at their highest in almost two weeks as prices extended recent gains scored on the back of expectations for a U.S. Federal Reserve interest-rate cut at the end of the month. Gold for August delivery on Comex added $1.30, or about 0.1%, to settle at $1,413.50 an ounce. That™s the highest most-active contract settlement since July 3, which saw a finish at $1,420.90”the highest since May 2013, FactSet data show. September silver also rose 12.9...

Gold steadies on mixed Chinese data, higher equities curb gains

Gold steadied on Monday after data showed Chinese economic growth slowed to its weakest in about 27 years, while gains in equities curbed appetite for bullion as investors latched onto some positive readings from the world's second-biggest economy. China's second-quarter annual GDP growth fell to a 27-year low of 6.2% as expected, but its quarterly growth reading of 1.6% beat forecasts. June reports on industrial production, retail sales and urban investment were above expectations. Spot...

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Oil prices carried over a bullish tone from last week after Tropical Storm Barry shut down almost three-quarters of U.S. Gulf of Mexico production over the weekend. Futures in New York were up slightly, after gaining 4.7% last week. Barry weakened to a tropical depression Sunday, with some producers preparing to re-staff their offshore platforms. As of Sunday, Barry caused nearly 73% of crude oil production in the gulf to shut, up from 70% the day before, the Bureau of Safety...

Hong Kong shares end higher on upbeat China data (Review)

Hong Kong shares rose on Monday after China's upbeat retail sales and factory output numbers pointed to some stabilisation in the world's second-largest economy, and as China's second-quarter economic growth met expectations. At the close of trade, the Hang Seng index was up 83.26 points, or 0.29%, at 28,554.88. The Hang Seng China Enterprises index rose 0.47% to 10,838.99. The sub-index of the Hang Seng tracking energy shares rose 0.1%, while the IT sector gained 1.37%, the financial sector...

Gold Trades Steady Ahead of China GDP Data

Gold prices held steady in early Asian trade on Monday, as market participants awaited key economic data from China for cues about the health of the world™s second-largest economy. Spot gold was flat at $1,415.34 per ounce as of 0100 GMT. U.S. gold futures were up 0.3% at $1,416.50 an ounce. Source : Reuters

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Wall St., Main St. Look For Gold Prices To Keep Bouncing
Monday, 29 April 2019 13:35 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street are both bullish in the weekly Kitco News gold survey, looking for the metal to continue the bounce from the year-to-date low it hit at the start of last week.

The Comex June futures bottomed at $1,267.90 an ounce on Tuesday, but “ assuming they hang onto Friday™s gains “ then proceeded to rise for three days in a row.

Eighteen market professionals took part in the Wall Street survey. Eight voters, or 44%, look for gold to rise this week. Six voters, or 33%, call for lower prices, while the remaining four, or 22%, expect prices to be sideways or were neutral.

Meanwhile, 437 respondents took part in an online Main Street poll. A total of 239 voters, or 55%, called for gold to climb. Another 140, or 32%, predicted gold would fall. The remaining 58 voters, or 13%, saw a sideways market.

In the last survey, Main Street was bullish while Wall Street was bearish on gold for last week. Just before 11 a.m. EDT, Comex June gold futures were trading up 1% for the week so far at $1,289.30 an ounce.

œGold should bounce, said Phil Flynn, senior market analyst with Price Futures Group. œThe dollar looks a bit overpriced, so gold should get some support.

Sean Lusk, director of commercial hedging with Walsh Trading, looks for gold to make further headway to the upside after the recent downdraft held around the 200-day moving average in the area of $1,267 to $1,268. Technically, if the market can break $1,288 level, it can challenge $1,300, he suggested.

œA lot of longs have liquidated themselves out of the market, Lusk said. This means potential for them to re-enter as buyers. œThey™re starting to creep back into the market, Lusk added.

Afshin Nabavi, head of trading at trading house MKS, figures the increased number of shorts (bearish traders) means potential for short covering as those market participants buy to exit those positions.

œIt looks like we held [around] the $1,270 area quite nicely, he said, also citing gold™s ability to snap back after a strong U.S. report on first-quarter gross domestic product Friday.

Meanwhile, Kitco senior technical analyst Jim Wyckoff said prices are in a near-term downtrend, œmeaning the path of least resistance for prices remains sideways to lower. Bob Haberkorn, senior commodities broker with RJO Futures, also looks for renewed downside.

œI think equities will remain strong, which will compete against gold a little bit, Haberkorn said.

David Madden, market analyst at CMC Markets, also said that he is bearish on gold.

œGold™s negative trend is still place even with this bounce, he said. œThe U.S. dollar™s uptrend is clear, and that will be damaging to the gold market.

Meanwhile, Colin Cieszynski, chief market strategist at SIA Wealth Management, he said that he is neutral on gold right now.

œThe technicals in gold look really messy right now. I think we are seeing a trading bounce within a downtrend, he said. The analyst added that it will be hard for gold to rally as the U.S. dollar remains within an elevated trading channel.

œI remain neutral again for gold this week, said Kevin Grady, president of Phoenix Futures and Options. œI think all rallies up to $1,305 should be sold. Gold does not seem to be responding positively to any geopolitical or economic news.

Source: Kitco News

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POPULAR NEWS
Gold prices settle at nearly two-week peak

Gold futures edged higher on Monday, settling at their highest in almost two weeks as prices extended recent gains scored on the back of expectations for a U.S. Federal Reserve interest-rate cut at the end of the month. Gold for August delivery on Comex added $1.30, or about 0.1%, to settle at $1,413.50 an ounce. That™s the highest most-active contract settlement since July 3, which saw a finish at $1,420.90”the highest since May 2013, FactSet data show. September silver also rose 12.9...

Gold steadies on mixed Chinese data, higher equities curb gains

Gold steadied on Monday after data showed Chinese economic growth slowed to its weakest in about 27 years, while gains in equities curbed appetite for bullion as investors latched onto some positive readings from the world's second-biggest economy. China's second-quarter annual GDP growth fell to a 27-year low of 6.2% as expected, but its quarterly growth reading of 1.6% beat forecasts. June reports on industrial production, retail sales and urban investment were above expectations. Spot...

Oil Holds Advance After Storm Barry Disrupts U.S. Production

Oil prices carried over a bullish tone from last week after Tropical Storm Barry shut down almost three-quarters of U.S. Gulf of Mexico production over the weekend. Futures in New York were up slightly, after gaining 4.7% last week. Barry weakened to a tropical depression Sunday, with some producers preparing to re-staff their offshore platforms. As of Sunday, Barry caused nearly 73% of crude oil production in the gulf to shut, up from 70% the day before, the Bureau of Safety...

Hong Kong shares end higher on upbeat China data (Review)

Hong Kong shares rose on Monday after China's upbeat retail sales and factory output numbers pointed to some stabilisation in the world's second-largest economy, and as China's second-quarter economic growth met expectations. At the close of trade, the Hang Seng index was up 83.26 points, or 0.29%, at 28,554.88. The Hang Seng China Enterprises index rose 0.47% to 10,838.99. The sub-index of the Hang Seng tracking energy shares rose 0.1%, while the IT sector gained 1.37%, the financial sector...

Gold Trades Steady Ahead of China GDP Data

Gold prices held steady in early Asian trade on Monday, as market participants awaited key economic data from China for cues about the health of the world™s second-largest economy. Spot gold was flat at $1,415.34 per ounce as of 0100 GMT. U.S. gold futures were up 0.3% at $1,416.50 an ounce. Source : Reuters

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