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Gold futures settle lower, then move higher after Fed cites growing 'uncertainties'

Gold futures finished with a modest loss on Wednesday, easing back after settling a day earlier at their highest in 14 months. Prices for the precious metal then climbed in electronic trading after the U.S. Federal Reserve left key interest rates unchanged, but also said it will "closely monitor" the economy in light of growing "uncertainties." August gold was at $1,353 an ounce shortly after the Fed policy statement. The contract settled down $1.90, or 0.1%, at $1,348.80 on Comex, ahead of...

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'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

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POPULAR NEWS
Gold futures settle lower, then move higher after Fed cites growing 'uncertainties'

Gold futures finished with a modest loss on Wednesday, easing back after settling a day earlier at their highest in 14 months. Prices for the precious metal then climbed in electronic trading after the U.S. Federal Reserve left key interest rates unchanged, but also said it will "closely monitor" the economy in light of growing "uncertainties." August gold was at $1,353 an ounce shortly after the Fed policy statement. The contract settled down $1.90, or 0.1%, at $1,348.80 on Comex, ahead of...

Gold Prices Drop Ahead of Fed Decision as U.S.-China Trade Tension Eases

With markets on hold ahead of the Federal Reserve™s policy decision, gold prices dropped on Wednesday on further signs of easing tension in the Sino-U.S. trade dispute. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange, fell $3.85, or 0.3%, at $1,346.85 a troy ounce by 7:07 AM ET (11:07 GMT). U.S. President Donald Trump had tweeted on Tuesday that he had a œvery good telephone conversation with President Xi and said trade negotiators from both...

Gold Jumps to More Than 5-Year High as Fed Signals Ready to Cut

Gold surged to the highest in more than five years after the U.S. Federal Reserve indicated a readiness to cut interest rates. Bullion for immediate delivery jumped as much as 2.5% to $1,394.11 an ounce, the highest since September 2013, and traded at $1,382.83 by 9:13 a.m. in Singapore. Futures in New York climbed as much as 3.6% to $1,397.70 an ounce, also the highest since 2013. The metal has rallied since late May as investors seek havens amid slowing global growth due to the...

Hong Kong stocks end with healthy gains (review)

Hong Kong stocks ended up one percent Tuesday, building on the previous day's gains, as traders look ahead to a crucial meeting of the Federal Reserve. The Hang Seng Index rose 1.00 percent, or 271.61 points, to 27,498.77. The benchmark Shanghai Composite Index ended up 0.09 percent, or 2.54 points, to 2,890.16 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.16 percent, or 2.45 points, to 1,504.57. Source  : AFP

US oil settles down 0.3% at $53.76 as Fed keeps rates unchanged

Oil prices were little changed on Wednesday after the Federal Reserve said that the central bank will keep interest rates steady. Brent crude futures were down 29 cents, or 0.47 percent, to $61.85 a barrel.U.S. West Texas Intermediate crude settled down 14 cents, or 0.3 percent, to $53.76 a barrel. On Tuesday, it had recorded its biggest daily rise since early January. Government data showed U.S. crude inventories fell more than expected, while the prospect of a trade deal between Washington...

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