DJIA
Last loading.. Chg. loading..
FTSE
Last loading.. Chg. loading..
NDXI
Last loading.. Chg. loading..
POPULAR NEWS
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...

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....

Gold Prices Jump Amid Middle East Tensions; Investors Eye Central Banks Meetings

Gold Prices jumped on Monday in Asia after a strike against two Saudi Arabian oil facilities heightened tensions in the Middle East and boosted safe-haven demand. Gold Futures for delivery on the Comex exchange gained 0.8% to $1,510.95a troy ounce by 12:38 AM ET (04:38 GMT). An attack on Saudi Arabia's oil facilities on Saturday knocked out more than 5% of global oil supply, intensifying tensions in the Middle East and sent oil prices surging as much as 20%. U.S. President Donald Trump said...

Gold Rallies on Concern Saudi Attack May Presage Wider Conflict

Gold and other precious metals rallied after a strike against Saudi Arabian oil facilities raised the possibility of retaliatory U.S. military action in the Middle East. Investors are seeking haven assets at the start of a week that will also see critical policy decisions from central banks including the Federal Reserve. Gold jumped as much as 1.6% as investors gauged the ramifications from the assault against the world™s top oil exporter, and palladium hit a fresh record. Secretary...

Hong Kong stocks open in negative territory

Hong Kong stocks fell in the first few minutes of trade Monday following last week's healthy gains, while traders were also spooked by more protest violence in the city at the weekend. The Hang Seng Index eased 0.69 percent, or 189.85 points, to 27,162.84. The benchmark Shanghai Composite Index rose 0.35 percent, or 10.68 points, to 3,041.92, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.35 percent, or 5.89 points, to 1,687.12. Source : AFP

Home

'Gold Has Nothing To Stand On Right Now': Watch The $1,269 Price Level - Analysts
Wednesday, 22 May 2019 10:19 WIB | GOLD CORNER |Gold OutlookGold Corner

The U.S. dollar has been stealing gold's thunder again as it took on a role of a safe-haven, with analysts warning to keep a close eye on the $1,269 level, which if broken can be a gateway to even lower prices.

The yellow metal has been struggling this week as equities rebounded, the U.S. dollar climbed higher, and geopolitical tensions seemed to favor the dollar over gold. June Comex gold futures were last trading at $1,273.60, down 0.29% on the day.

"We've seen a pretty strong dollar index, a resurgence in risk appetite, and we've had a move higher in the U.S. yields," TD Securities head of global strategy Bart Melek told Kitco News on Tuesday. "It is not because anything is spectacularly great. There is a bit of safe-haven move into the U.S. dollar. Typically gold should benefit from that. However, at a time when you have equities recovering ¦ there isn't a big incentive for us to move into gold."

The U.S.-China trade tensions also seem to be benefiting the U.S. dollar, as financial markets view the American currency as a safe place to be.

"We still got the uncertainty coming from potential trade wars with China. Ordinarily, that should be supportive of gold as a risk hedge, but in this environment of a stronger dollar, the dollar seems to be the major beneficiary," said Mitsubishi analyst Jonathan Butler. "There is also a longer-term question of imports to the U.S. potentially decreasing and the balance of trade moving in the U.S.' favor as a result of fewer imports from China, [which] should speak to a stronger dollar."

Critical Levels To Watch

The $1,269 has become key in terms of future price action when it comes to gold as it represents a significant threshold that if breached, could lead to a major sell-off.

"Gold doesn't have anything to stand on right now," RJO Futures senior market strategist Phillip Streible told Kitco News. "Gold still looks like it is going to weaken. It touched the $1,269.60 level. We bounced off that level three times, so we are at a critical junction point where if we break through that level on a closing basis, we could start the next wave lower."

A move lower could be as significant as touching the $1,160 level, added Butler, while confirming that this kind of a scenario is an unlikely one.

"The level for me is the 200-day moving average, which right now is coming in around $1,258. We haven't seen gold trade below its 200-day moving average since late last year. But, we are coming closer to that level. If that were to breach, potentially you™ve got a trading range down to $1,200 or even back down to the lows of August last year at $1,160," he said.

Other critical levels to watch when it comes to gold are $1,263 and $1,258, noted Melek.

"There's very significant support near where we are. Short-term here, we have support around $1,263. And longer term, $1,258 is strong support. But, at this point, I don't see gold breaching the $1,264. Most likely, it will challenge most recent lows from early May around $1,266 or so," said Melek.

TD Securities viewed this week's downward move in gold as a temporary one, explaining that the U.S. economy is likely to slow later this year, which is supportive of higher gold prices.

"We are very likely to see the Federal Reserve ¦ talk about some risks in the FOMC minutes scheduled to come out on Wednesday," Melek said. "As we move into 2019, chances are that the U.S. economy is going to slow down a little bit ¦ I would expect gold to return to the $1,280s here."

Source: Kitco News

RELATED NEWS
Gold to keep bullish trend this week: ECB, U.S. data in focus...
Monday, 9 September 2019 11:35 WIB

After a very volatile session, gold is closing with a second straight week of losses last Friday while analysts remain bullish but slightly more cautious for this week. Seeing gold hit new fresh six-...

Bearish Cracks Appearing In Bullish Gold Market...
Monday, 19 August 2019 15:16 WIB

After three-straight weeks of gains, cracks are starting to appear in gold's bullish veneer, particularly among Wall Street analysts, according to the latest results of the Kitco News Weekly Gold Surv...

Wall Street, Main Street Sill Bullish On Gold, But Caution Creeping Higher...
Monday, 12 August 2019 12:41 WIB

The market remains emphatically bullish on gold. But, looking past the headlines, the yellow metal is beginning to look overbought, according to some analysts. The gold market is on track to see its ...

Gold Survey Shows Bulls In Full Control...
Monday, 5 August 2019 13:19 WIB

The gold bears had their chance to take control of the market but failed, and now the bulls are in full control as both Wall Street and Main Street expect to see higher prices in the near-term as unce...

Wall St., Main St.: Gold To Shine During FOMC Week...
Monday, 29 July 2019 14:29 WIB

Wall Street and Main Street both look for gold prices to climb this week, with the Federal Open Market Committee widely expected to cut U.S. interest rates, according to the weekly Kitco News gold sur...

POPULAR NEWS
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...

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....

Gold Prices Jump Amid Middle East Tensions; Investors Eye Central Banks Meetings

Gold Prices jumped on Monday in Asia after a strike against two Saudi Arabian oil facilities heightened tensions in the Middle East and boosted safe-haven demand. Gold Futures for delivery on the Comex exchange gained 0.8% to $1,510.95a troy ounce by 12:38 AM ET (04:38 GMT). An attack on Saudi Arabia's oil facilities on Saturday knocked out more than 5% of global oil supply, intensifying tensions in the Middle East and sent oil prices surging as much as 20%. U.S. President Donald Trump said...

Gold Rallies on Concern Saudi Attack May Presage Wider Conflict

Gold and other precious metals rallied after a strike against Saudi Arabian oil facilities raised the possibility of retaliatory U.S. military action in the Middle East. Investors are seeking haven assets at the start of a week that will also see critical policy decisions from central banks including the Federal Reserve. Gold jumped as much as 1.6% as investors gauged the ramifications from the assault against the world™s top oil exporter, and palladium hit a fresh record. Secretary...

Hong Kong stocks open in negative territory

Hong Kong stocks fell in the first few minutes of trade Monday following last week's healthy gains, while traders were also spooked by more protest violence in the city at the weekend. The Hang Seng Index eased 0.69 percent, or 189.85 points, to 27,162.84. The benchmark Shanghai Composite Index rose 0.35 percent, or 10.68 points, to 3,041.92, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.35 percent, or 5.89 points, to 1,687.12. Source : AFP

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.