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Gold futures finish higher, near 1-week high

Gold futures moved higher on Monday, building on last week's climb to mark their highest finish in almost a week. The ICE U.S. Dollar Index was down 0.4% in Monday dealings, providing a boost to dollar-denominated gold prices.  August gold rose $3.50, or 0.2%, to settle at $1,793.50 an ounce. That was the highest settlement since June 30, when prices ended above $1,800 for the first time since September 2011. Source: Marketwatch

Gold Ticks Up on Concerns Over Increase in Virus Cases

Gold climbed as investors sought haven assets amid the rise in coronavirus cases, with the World Health Organization reporting a one-day high in global infections over the weekend. U.S. virus cases increased 2%, more than the seven-day average, according to an updated Johns Hopkins University count, while global cases topped 11.3 million. Mexico overtook France with the fifth-deadliest outbreak. Spot gold +0.2% to $1,776.01/oz at 8:10am in Singapore. Last week,...

Gold Rises Back Near $1,800 as U.S. Dollar Softens to Start July's First Full Week

Gold futures headed higher early Monday, supported in part by a weakening U.S. dollar, which was providing a runway for the commodity even as global stocks rallied. The U.S. dollar was off 0.5%, as measured by the ICE U.S. Dollar Index, a gauge of the buck against a half-dozen currencies. A weaker U.S. dollar can make assets priced in the currency more attractive to buyers using other monetary units. Against that backdrop, August gold rose $4.30, or 0.2%, at $1,794.50 an ounce, after the...

Gold Ticks Up on Concerns Over Increase in Virus Cases

Gold climbed as investors sought haven assets amid the rise in coronavirus cases, with the World Health Organization reporting a one-day high in global infections over the weekend. U.S. virus cases increased 2%, more than the seven-day average, according to an updated Johns Hopkins University count, while global cases topped 11.4 million. Mexico overtook France with the fifth-deadliest outbreak, while India™s coronavirus epidemic became the third...

Gold Holds Gain Amid Virus Resurgence, Weaker Dollar

Gold held near the highest level in more than seven years on demand for haven assets amid the resurgence in coronavirus cases in some parts of the world, while the U.S. dollar slipped. The pace of new infections in Tokyo, Iran and elsewhere is raising concerns about a fresh wave. Australia™s two most-populous states will close their shared border from Tuesday night as authorities battle to contain a spike in cases. Any vaccine developed to ward off the novel...

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Wall Street, Main Street Sill Bullish On Gold, But Caution Creeping Higher
Monday, 12 August 2019 12:41 WIB | GOLD CORNER |Gold OutlookGold Corner

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 biggest weekly gain in more than three years as prices trade near a fresh six-year high. Although economic and geopolitical uncertainty continues to dominate the marketplace, some analysts think the market could be close to a near-term top and is due for a consolidation.

However, sentiment remains clearly bullish as analysts are reluctant to outright short gold.

œYou can™t sell this market, said Darin Newsom, president of Darin Newsom Analysis Inc. œI don™t want to buy at this level because the market is sharply overbought, but I also won™t be the first person to sell.

Last week, 16 market professionals took part in the Wall Street survey. A total of 12 voters, or 75%, called for gold to be higher this week. Bearish and neutral votes were tied with each getting two votes or 13%.

Meanwhile, 910 respondents took part in Kitco™s online Main Street poll. Participation in this week™s survey is at its highest level in more than a year. A total of 599 voters, or 65%, called for gold to rise further. Another 187 participants, or 21%, predicted for gold to fall. The remaining 124 voters, or 14%, saw a sideways market.

In the last survey, Main Street and Wall Street were both significantly 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 week.

Gold prices surged higher after the China government let the yuan rise above 7 against the U.S. dollar for the first time in more than a decade, sparking fears that the U.S. “China trade war has evolved into a currency war.

Adrian Day, president of Adrian Day Asset Management, said that although a correction is overdue in the gold market, investor sentiment in the overall financial market has changed.

œAnd if you want to buy a little gold as a hedge on the rest of your portfolio, you tend to be less price sensitive. But all those small positions add up in a market as relatively small as the gold market.  So gold could well drive further upwards, he said.

Mark Leibovit, publisher of VR Metals/Resource Letter, said that he is bullish on gold as seasonal factors continue to support prices but he also warned that investors should be prepared for a correction.

Afshin Nabavi, head of trading with MKS (Switzerland) SA, said that it would be healthy to see a pullback in gold, but added that momentum continues to support higher prices in the near-term. He reiterated his call that because of the market™s momentum, any correction could be seen as a buying opportunity.

Along with Newsom, Colin Cieszynski, chief market strategist at SIA Wealth Management, was the second neutral vote in the latest survey. He said that although gold has room to move higher in the near-term, momentum indicators have slowed.

œGold has had a huge move in the last few months and it looks like it™s running into some resistance and looks like it wants to level off, he said. œI don™t think the rally is over but I think gold right now wants to pause and digest its recent gains.

Sean Lusk, co-director of commercial hedging at Walsh Trading, was one of the two bearish votes this week. He explained that gold™s momentum is starting to wane and it could prompt some traders to take some profits in gold.

However, he added that he would be reluctant to short the market in the current environment.

œThe market is hyper-sensitive and bullish sentiment could strengthen really quickly, he said. œI think traders should watch equity markets for near-term direction in gold.

Lusk said he would expect œback-and-fill trading to push gold to initial support at $1,495 to $1,480. However, he added that price could fall as low as $1,430 before gold bulls start to get a little nervous.

Source: Kitco News

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POPULAR NEWS
Gold futures finish higher, near 1-week high

Gold futures moved higher on Monday, building on last week's climb to mark their highest finish in almost a week. The ICE U.S. Dollar Index was down 0.4% in Monday dealings, providing a boost to dollar-denominated gold prices.  August gold rose $3.50, or 0.2%, to settle at $1,793.50 an ounce. That was the highest settlement since June 30, when prices ended above $1,800 for the first time since September 2011. Source: Marketwatch

Gold Ticks Up on Concerns Over Increase in Virus Cases

Gold climbed as investors sought haven assets amid the rise in coronavirus cases, with the World Health Organization reporting a one-day high in global infections over the weekend. U.S. virus cases increased 2%, more than the seven-day average, according to an updated Johns Hopkins University count, while global cases topped 11.3 million. Mexico overtook France with the fifth-deadliest outbreak. Spot gold +0.2% to $1,776.01/oz at 8:10am in Singapore. Last week,...

Gold Rises Back Near $1,800 as U.S. Dollar Softens to Start July's First Full Week

Gold futures headed higher early Monday, supported in part by a weakening U.S. dollar, which was providing a runway for the commodity even as global stocks rallied. The U.S. dollar was off 0.5%, as measured by the ICE U.S. Dollar Index, a gauge of the buck against a half-dozen currencies. A weaker U.S. dollar can make assets priced in the currency more attractive to buyers using other monetary units. Against that backdrop, August gold rose $4.30, or 0.2%, at $1,794.50 an ounce, after the...

Gold Ticks Up on Concerns Over Increase in Virus Cases

Gold climbed as investors sought haven assets amid the rise in coronavirus cases, with the World Health Organization reporting a one-day high in global infections over the weekend. U.S. virus cases increased 2%, more than the seven-day average, according to an updated Johns Hopkins University count, while global cases topped 11.4 million. Mexico overtook France with the fifth-deadliest outbreak, while India™s coronavirus epidemic became the third...

Gold Holds Gain Amid Virus Resurgence, Weaker Dollar

Gold held near the highest level in more than seven years on demand for haven assets amid the resurgence in coronavirus cases in some parts of the world, while the U.S. dollar slipped. The pace of new infections in Tokyo, Iran and elsewhere is raising concerns about a fresh wave. Australia™s two most-populous states will close their shared border from Tuesday night as authorities battle to contain a spike in cases. Any vaccine developed to ward off the novel...

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