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Gold ends flat, then moves lower in electronic trade after Fed minutes

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Wall St., Main St. See Gold Prices Maintaining Upward Momentum
Monday, 22 July 2019 13:24 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street look for gold to keep building on its recent gains, according to the weekly Kitco News gold survey.

The metal hit a fresh six-year high in screen trading after renewed dovishness from Federal Reserve officials last Thursday.

œGold has not only continued its upward move, it has clearly broken out to the upside, said Phil Flynn, senior market analyst with at Price Futures Group. œA slew of dovish comments by Fed officials, along with rising geopolitical tensions with Iran, will keep gold on its upward trek.

Twelve market professionals took part in the Wall Street survey. A total of eight voters, or 67%, called for gold to be higher. There were three votes, or 25%, for lower, while one respondent, or 8%, looks for the metal to be sideways.

Meanwhile, 643 respondents took part in an online Main Street poll. A total of 477 voters, or 74%, called for gold to rise. Another 96, or 15%, predicted gold would fall. The remaining 70 voters, or 11%, saw a sideways market.

In the last survey, Main Street was bullish while the largest bloc of Wall Street voters was either neutral or called for sideways prices. Just before 11 a.m. EDT on Friday, Comex August gold futures were trading $16.80 higher for the week so far at $1,429 an ounce.

Wall Street has a 15-12 winning record for the year, meaning respondents have been right 56% of the time. Main Street is 14-13 for 52%.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for gold to rise after the metal got an extra boost last Thursday when the market initially construed remarks from New York Fed President John Williams as a possible hint at a 50-basis-point rate cut.

œWorldwide, you™re seeing pressure on rates, Nedoss said. œIt will be interesting to see what happens with the [U.S.] dollar, but that should be supportive for the metals.

Jim Wyckoff, senior technical analyst with Kitco, looks for gold to be higher due to a bullish charts posture.

Daniel Pavilonis, senior commodities broker with RJO Futures, figures œany kind of pullback will get bought. Afshin Nabavi, head of trading with MKS, said simply: œLooks like up, up and away!¨

Meanwhile, Sean Lusk, co-director of commercial hedging with Walsh Trading, figures that barring a major geopolitical flare-up, the market could be due a profit-taking pullback with so much Fed dovishness already factored into prices.

œThat means we™ll see a topping in prices, he said.

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, looks for the market to be roughly unchanged over the this week.

œThe gold market has high expectations for the Fed™s next meeting at the end of the month and is pretty much priced for perfection, Day said. œSo it will likely stay unchanged or even modestly weaker going into the meeting and could well see a pullback if the Fed fails to meet expectations on either the size of the rate cut of perhaps with cautious accompanying commentary. It is unlikely to do anything more than the market is expecting.

œBeyond that, however, we are very bullish, with gold supported by ongoing easy money and uneasy stock valuations.

Source: Kitco News

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POPULAR NEWS
Gold ends flat, then moves lower in electronic trade after Fed minutes

Gold prices finished unchanged on Wednesday, after spending much of the session losing ground on the back of strength in benchmark U.S. stock indexes. After future prices settled, minutes from the Federal Open Market Committee's July meeting showed that Federal Reserve officials shied away from saying how many more easing steps they might be willing to support this year. In electronic trading, gold for December delivery was at $1,514.30 an ounce shortly after the meeting minutes. The...

Gold posts lowest finish in nearly 2 weeks as bond yields climb

Gold futures declined on Thursday, pressured by strength in bond yields as the Fed™s symposium of central bankers got underway in Jackson Hole, Wyoming. U.S. Treasury bonds weakened Thursday, sending the benchmark 10-year Treasury note yield up 2.4 basis points to 1.6046%. Rising bond yields can dull the luster of gold, which offers no yield. December gold fell $7.20, or 0.5%, to settle at $1,508.50 an ounce after trading as low as $1,502.10. Prices finished at the lowest for a most-active...

Gold edges lower, focus on Jackson Hole summit for rate-cut direction

Gold prices fell marginally on Thursday, lingering around the key $1,500 level, as investors awaited the Federal Reserve chair's speech at a global central bankers' conclave for clues on future U.S. interest rate cuts. Spot gold inched down 0.2% at $1,499.60 per ounce as of 07:47 GMT. U.S. gold futures were down 0.5% at $1,507.60 an ounce. If Powell says they are going to cut rates aggressively, that may not be great for gold in the short-term since equities will gain, Halley...

U.S. oil prices settle lower as crude supplies log first weekly slump in 3 weeks

U.S. oil futures settled lower Wednesday after the government reported a weekly decrease in domestic crude supplies, the first in three weeks, but smaller than the market expected. Concerns over energy demand also continued to pressure prices. West Texas Intermediate crude for October delivery fell by 45 cents, or 0.8%, to settle at $55.68 a barrel on the New York Mercantile Exchange, following gains in each of the last three trading sessions. It was at $56.77 shortly before the supply...

Gold sinks as bond yields climb

Gold futures headed lower Thursday as bond yields edged up, dimming some of the luster from the precious metal, with the Federal Reserve's annual symposium of central bankers getting underway in Jackson Hole, Wyo. December delivery was last down $12.10, or 0.8%, to reach $1,503.90 an ounce, after finishing Wednesday™s session flat. September silver lost 13 cents, or 0.7%, to $17.025 an ounce. The benchmark 10-year Treasury note added more than 3 basis points to around 1.61% early Thursday...

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