DJIA
Last loading.. Chg. loading..
FTSE
Last loading.. Chg. loading..
NDXI
Last loading.. Chg. loading..
POPULAR NEWS
Gold Prices Flat; Traders Looking for Next Catalyst

Gold is flat in early Asian trade. Traders are most likely looking for the next catalyst that will lift gold prices, AxiTrader says. Meanwhile, gold is likely to remain supported by recent weak global economic data and risks related to U.S.-China trade tensions in the near term, it says. Spot gold is flat at $1,490.57/oz. Source : Bloomberg

Asian Share Markets Cautious, Pound Stumbles on Brexit Drama

Asian stocks were steady in a cautious start to the week on Monday, while the British pound fell following a delay to a crucial vote on Britain's divorce from the European Union. MSCI's broadest index of Asia-Pacific shares outside Japan were flat, with Australian shares off down 0.3%. Japan's Nikkei rose 0.13%. The Brexit maelstrom, worries over slowing global growth and international trade frictions have kept investors on edge over recent months. Oil futures fell as lingering economic...

Oil Prices Dip on Weak Demand Outlook, Supply Concerns

Oil prices eased on Monday amid persistent concerns about the global economic outlook and the impact on oil demand, while Russia again missed its target to cut oil output last month. Global benchmark Brent crude oil futures fell by 10 cents, or 0.2%, to $59.32 a barrel by 01:08 GMT. U.S. crude oil futures were down by 9 cents, or 0.2%, to $53.69. The Organization of the Petroleum Exporting Countries (OPEC), Russia and other oil producers, an alliance known as OPEC+, agreed in December to...

Hong Kong: Stocks Rise in Opening Trade

Hong Kong stocks started Monday with small gains after China's top negotiator hailed "substantial progress" in pushing through a partial trade deal with the United States. The Hang Seng Index added 0.08 per cent, or 21.84 points, to 26,741.42. The benchmark Shanghai Composite Index edged down 0.14 per cent, or 4.24 points, to 2,933.90 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, was marginally higher, gaining 0.63 points to 1,616.09. Source : AFP

Palladium Eyes $1,800 as Rally Resumes; Gold Drifts

Palladium resumed its upward march after a brief retreat late last week, boosted by concerns over South African mine supply in an already tight market. The metal, used to curb emissions from vehicle engines, reached a record $1,784.94 an ounce on Oct. 17. Gold is little changed as investors weigh the latest trade and Brexit developments ahead of the Federal Reserve™s monetary policy decision at the end of this month. Money managers have decreased their bullish gold bets to a...

Home

Wall Street neutral on gold price, Main Street optimism hits 3-month low
Monday, 30 September 2019 15:22 WIB | GOLD CORNER |Gold OutlookGold Corner

The sidelines in the gold market are getting a little crowded with Wall Street analysts projecting range-bound trading despite rising volatility in the near-term.

Meanwhile, Main Street investors remain bullish on gold this week even as sentiment drops to a three-month low, according to the latest Kitco News Weekly Gold Survey.

A majority of analysts are turning neutral on the yellow metal after prices broke below their 50-day moving average and continued strength in the U.S. dollar weighs on the yellow metal in the near-term.

Last week, 16 market professionals took part in the Wall Street survey. A total of 8 voters or 50% called for gold to trade sideways this week. Meanwhile, 5 analysts or 31% said that they see higher prices in the near-term. Three analysts or 19% saw lower prices this week.

Meanwhile, 855 respondents took part in an online Main Street poll. Looking at the results, a total of 479 voters, or 56%, called for gold to rise. Another 222, or 26%, predicted gold would fall. The remaining 154 voters, or 18%, saw a sideways market.

Although a clear majority of retail investors remain bullish on gold in the near-term, sentiment is at its lowest level since mid-June and has fallen for the last four consecutive weeks.

In the last survey, Main Street and Wall Street were both bullish on prices for the week now winding down. As Friday 12:02 p.m. EDT, Comex December gold futures were trading at $1,501.80 an ounce down roughly 1% from the previous week.

Wall Street and Main Street both have an 18-16 winning record for the year to date, meaning respondents have been right 53% of the time.

Although some gold analysts have turned more cautious, they are not ready to give up on the yellow metal™s long-term rally.

Ole Hansen said that he expects gold prices to head lower this week but described the price action as œa weak correction in a strong uptrend.

œI think the uptrend remains I place but we need to see it bounce from a lower price, he said.

Hansen added that he would not be surprised to see gold prices test support at $1,450 in the near-term.

George Gero, managing director with RBC Wealth Management said that he sees potential for bargain hunting to support prices this week; however, he added that a strong U.S. dollar continues to be a major headwind for gold and that might not change anytime soon.

œThe world needs a safe haven and right now that is the U.S. dollar, he said. œBut because bond yields are so low it wouldn't take much for investors to once again see gold as the ultimate safe-haven.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, described the price action as just a flushing out of weak hands in the marketplace.

He added that with gold price below their 50-day moving average his next target is support at $1,470 an ounce.

Kevin Grady, president of Phoenix Futures and Options, said that after the rally this summer, it is now time for gold prices to test support.

Although there is more risks to the downside in the near-term as volatility picks up, Grady said that he remains neutral on gold as prices ultimately continue to consolidate.

œI see any drop in the price as a healthy correction, he said. œThe best way to see if a market is strong is to sell it.

Although gold prices are ending last week down 1%, some analysts remain bullish in the near-term as uncertainty continues to dominate the marketplace.

œThere are too many issues on the world stage that are supportive of gold, from Brexit to impeachment, trade disputes and easy money, said Adrian Day, chairman and chief executive officer of Adrian Day Asset Management.

Source: Kitco News

RELATED NEWS
Gold Prices Gridlocked, Bears Take Wheel...
Monday, 21 October 2019 13:10 WIB

Although Wall Street bears have an advantage, ultimately, gridlock in the gold market means prices are not going anywhere fast, according to the latest results from the Kitco News Weekly Gold Survey. ...

Gold prices to return to $1,500 levels soon - analysts...
Monday, 14 October 2019 11:29 WIB

Even though gold was getting beaten up last Friday, analysts were still optimistic that the precious metal was going to return to its key $1,500 level soon. Gold fell more than 1% on Friday (10/11/19...

Don't go quietly into that good night: Wall Street, Main Street bullish on gold prices...
Monday, 7 October 2019 13:14 WIB

Gold bulls are keeping the drive alive as both Wall Street analysts and Main Street investors remain firmly bullish on the yellow metal as the price has managed to regain the $1,500 level heading into...

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...

POPULAR NEWS
Gold Prices Flat; Traders Looking for Next Catalyst

Gold is flat in early Asian trade. Traders are most likely looking for the next catalyst that will lift gold prices, AxiTrader says. Meanwhile, gold is likely to remain supported by recent weak global economic data and risks related to U.S.-China trade tensions in the near term, it says. Spot gold is flat at $1,490.57/oz. Source : Bloomberg

Asian Share Markets Cautious, Pound Stumbles on Brexit Drama

Asian stocks were steady in a cautious start to the week on Monday, while the British pound fell following a delay to a crucial vote on Britain's divorce from the European Union. MSCI's broadest index of Asia-Pacific shares outside Japan were flat, with Australian shares off down 0.3%. Japan's Nikkei rose 0.13%. The Brexit maelstrom, worries over slowing global growth and international trade frictions have kept investors on edge over recent months. Oil futures fell as lingering economic...

Oil Prices Dip on Weak Demand Outlook, Supply Concerns

Oil prices eased on Monday amid persistent concerns about the global economic outlook and the impact on oil demand, while Russia again missed its target to cut oil output last month. Global benchmark Brent crude oil futures fell by 10 cents, or 0.2%, to $59.32 a barrel by 01:08 GMT. U.S. crude oil futures were down by 9 cents, or 0.2%, to $53.69. The Organization of the Petroleum Exporting Countries (OPEC), Russia and other oil producers, an alliance known as OPEC+, agreed in December to...

Hong Kong: Stocks Rise in Opening Trade

Hong Kong stocks started Monday with small gains after China's top negotiator hailed "substantial progress" in pushing through a partial trade deal with the United States. The Hang Seng Index added 0.08 per cent, or 21.84 points, to 26,741.42. The benchmark Shanghai Composite Index edged down 0.14 per cent, or 4.24 points, to 2,933.90 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, was marginally higher, gaining 0.63 points to 1,616.09. Source : AFP

Palladium Eyes $1,800 as Rally Resumes; Gold Drifts

Palladium resumed its upward march after a brief retreat late last week, boosted by concerns over South African mine supply in an already tight market. The metal, used to curb emissions from vehicle engines, reached a record $1,784.94 an ounce on Oct. 17. Gold is little changed as investors weigh the latest trade and Brexit developments ahead of the Federal Reserve™s monetary policy decision at the end of this month. Money managers have decreased their bullish gold bets to a...

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.