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

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 uncertainty dominates financial markets.

"The bears tried to break the market and they failed so now we get to see what this market is really made of," said Charlie Nedoss, senior market strategist with LaSalle Futures Group.

With the Federal Reserve's monetary policy in the rearview mirror, analysts say that global uncertainty and an escalation in the trade war between China and the U.S. will continue to drive gold higher after prices held critical support at $1,400 an ounce.

Last week, 14 market professionals took part in the Wall Street survey. A total of 13 voters, or 93%, called for gold to be higher. There was only one or 7%, who called for lower price and nobody in the survey saw neutral price action in the near-term.

Meanwhile, 870 respondents took part in Kitco's online Main Street poll. A total of 540 voters, or 62%, called for gold to rise. Another 229, or 25%, predicted gold would fall. The remaining 117 voters, or 13%, saw a sideways market.

In the last survey, Main Street and Wall Street were both bullish on prices for the week now winding down. As of 12:05 pm, last Friday, Comex August gold futures were trading $1,458.30 an ounce, up 2.7% for the last week.

Gold prices are ending last week at a fresh six-year high, recovering from a mid-week selloff after the Federal Reserve, as expected, cut rates by 25 basis points, but signaled that it wasn™t in a hurry to continue to cut rates.

Gold started its late-week rally after President Donald Trump announced on twitter that the government was imposing a 10% tariff on $300 billion in imported Chinese goods. This is on top of the 25% tariffs already targeting $250 billion in Chinese imports.

The new salvo in the ongoing trade war is one of the biggest factors why analysts are so bullish on gold in the near-term.

"Trump does whatever he wants and doesn't really listen to anybody," said Afshin Nabavi, head of trading with MKS (Switzerland). "For this reason I don't think we will see an end to the uncertainty anytime soon."

Nabavi added that even before Trump™s tweet last Thursday, gold was demonstrating resilient strength by holding support at $1,400 an ounce.

"I think $1,400 will become a very strong and important level of support for gold moving forward," he said.

Nedoss said that gold saw a major technical move on Thursday as prices recovered from Wednesday's selloff and ended the day at a session highs. He added that he expects the ongoing trade war to weigh on the U.S. dollar.

"I just don't see a lot of resistance for gold," he said. "There is a lot of fear out there and not a lot of alternatives."

Sean Lusk, co-director of commercial hedging at Walsh Trading, said that he remains bullish on gold with a target of $1,445 in the medium term. He added that equity markets are seeing some major selling pressure and he expects some of that capital to flow into gold.

"You just can't compete with all this uncertainty and gold thrives in this environment," he said.

As for how to play gold, Lusk said that he liked buying November $1,500 calls and selling two November $1,560 calls.

The lone gold bear in last week's survey was Frank McGee, precious metals dealer at Alliance Financial, who said that a lot of the news driving gold is now priced into the market.

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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