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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 futures finish lower for a second straight session

Gold futures fell on Wednesday for a second straight session, pressured on the heels of some strength in the U.S. dollar, even as concerns over the economic hit from COVID-19 remain. "It would appear that gold needs a clear sign of a pandemic and clear signs of severe global slowing to ignite a return of aggressive investment buying," said analysts at Zaner Metals, in a daily note. "The trade could be fearful about the potential for a sustained setback in Chinese physical gold...

Gold Climbs as Trump Comments Fail to Ease Virus Fears

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Gold Advances as Virus Fears Reignite Haven Demand

Gold rebounded after the U.S. Centers for Disease Control and Prevention warned Americans to prepare for a potential coronavirus outbreak at home and the total number of cases in South Korean topped the 1,000 mark. Spot gold as much as +0.7% to $1,646.33/oz, and was at $1,643.66 at 9:18am in Singapore Metal -1.5% Tuesday after touching $1,689.31 on Monday, the highest level since 2013 Bloomberg Dollar Spot Index steady after -0.2% Tuesday Other precious metals:...

Oil futures settle at lowest in over a year

Oil futures declined on Wednesday, with the U.S crude benchmark settling at its lowest in more than a year as global energy demand worries fed by the spread of COVID-19 pulled prices down for a fourth consecutive session. April West Texas Intermediate oil fell $1.17, or 2.3%, to settle at $48.73 barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since January 2019, according to FactSet data. Source : MarketWatch

Dollar Rises With Stocks, Investors Stay Cautious

The U.S. dollar rebounded on Wednesday from a two-week low hit in the previous session in step with U.S. equity markets, though moves were muted as investors remained cautious as the coronavirus continues to spread. The dollar index was 0.13% higher at 99.144 as Wall Street™s main indexes rose about 1% on Wednesday after suffering their worst four-day percentage fall in more than a year. The dollar was also dented as investors scaled back expectations that the U.S. Federal Reserve would...

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