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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
Tokyo's Nikkei index edges up at open

Tokyo's benchmark Nikkei index edged up at the open on Monday as investors awaited US-Japan summit talks later on the day. The key Nikkei 225 index was up 0.03 percent, or 5.97 points, at 21,123.19 in early trade, while the broader Topix index was down 0.04 percent, or 0.66 points, at 1,540.55. Sumber : AFP

Euro holds steady after EU vote shows pro-Europe parties cling to majority

The euro barely budged in early Monday trade after pro-European Union parties held on to two-thirds of seats in the EU parliament elections, limiting gains in nationalist opponents. The common currency was little changed at $1.1210 in Asian trade and off a two-year low of $1.11055 touched on Thursday, as the markets studied the outcome of the vote. The dollar was little changed against other currencies. The U.S. currency traded at 109.35 yen, not far from a three-month low of 109.02 touched...

Asia stocks steady, euro little moved as EU vote shows limited gains by nationalists

Asia stocks edged up early on Monday, and the euro was confined to a narrow range after the weekend's European Parliament elections highlighted the deepening political fragmentation of the 28-country bloc. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1%. South Korea's Kospi index was little changed. Australia's S&P/ASX 200 Index was flat. The euro was a shade higher at $1.1211, holding within a tight $1.2272-$1.2754 range in what was a limited reaction to so far the...

Gold Prices Rise; Brexit, Sino-U.S. Trade War in Focus

Gold prices rose on Monday in Asia. News on Brexit develop and the Sino-U.S trade war remained in focus. Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were up 0.2% at $1,286.55 per ounce by 1:20 AM ET (05:20 GMT). Traders await more trade-related news as U.S. President Donald Trump prepares to meet with his Chinese counterpart Xi Jinping next month at the G-20 meeting in Japan. The precious metal entered a new phase of uncertainty on its...

Gold Gains as Growth Concerns Curb Equity Demand

Gold rose for a third day as concerns that the U.S.-China trade war is hurting global growth damps risk appetite. With world stocks heading toward their first monthly decline of 2019, traders will be closely watching economic data for further clues on the impact of the trade tensions. China™s official manufacturing PMI for May is due Friday, with economists anticipating a tick down to 49.9, which signals a contraction. Spot gold +0.2% to $1,287.15/oz at 9:53am...

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