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Don't go quietly into that good night: Wall Street, Main Street bullish on gold prices
Monday, 7 October 2019 13:14 WIB | GOLD CORNER |Gold OutlookGold Corner

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 the weekend, according to the latest Kitco News Weekly Gold Survey.

For many analysts, gold's ability to recoup a 2% loss at the start of the week (30/9) and regain what became a critical psychological level is a sign of strong resilience in the marketplace. Many analysts have noted that growing recession fears and financial market uncertainty continue to support gold prices in the near term.

"Everywhere investors look there is another worry," said George Gero, managing director with RBC Wealth Management. "The U.S. dollar remains the biggest headwind for gold, but this uncertainty should continue to support prices around $1,500."

Last week, 17 market professionals took part in the Wall Street survey. Twelve analysts or 71% said they see higher prices for this week. Another two, or 18%, predicted gold would fall. The remaining 2 voters, or 12%, saw a sideways market or else were neutral.

Meanwhile, 679 respondents took part in an online Main Street poll. A total of 446 voters, or 65%, called for gold to rise. Another 145, or 21%, predicted gold would fall. The remaining 88 voters, or 13%, saw a sideways market.

Wall Streets' record is now 19-16 year to date, meaning respondents have been right 54% of the time. Meanwhile, Main Street™s record fell to 18-17, meaning this group has been right 51% so far this year.

Looking ahead, although a healthy jobs report is taking some momentum away from gold prices last Friday, many analysts still expect to see higher prices as the latest employment data has not shifted expectations for another interest rate cut from the Federal Reserve later this month.

Some analysts have noted that jobs data is a lagging indicator and the disappointing ISM data released last Tuesday and Thursday paint a picture of slowing economic growth in the U.S.

"I don't think the employment data was a game changer," said Fawad Razaqzada, technical analyst at City Index. "The Federal Reserve is still going to cut rates this month and that will weaken the U.S. dollar and push gold prices higher."

Afshin Nabavi, head of trading with MKS (Switzerland) SA, said that he expects gold prices to trade nervously between support at $1,485 and resistance at $1,520; however, he added that sentiment is still more bullish and he likes buying dips rather than selling rallies.

"Financial market uncertainty around the world is not going away anytime soon and because of that more investors are looking for gold to break on the upside," he said.

Lukman Otunuga, senior research analyst at FXTM, said that he sees the path of least resistance is higher.

"As long as concerns over slowing global growth, political risk, trade uncertainty and Brexit drama among many other geopolitical risk factors stimulate risk aversion, Gold bulls will remain in the driving seat," he said.

But not all analysts are optimistic on gold, Sean Lusk, co-director of commercial hedging at Walsh trading, said that he sees gold prices pushing lower as the $1,520 level is proving to be a strong resistance barrier.

He added that he doesn't see a lot of new information coming into the marketplace that will drive prices higher.

"I think right now there are way too many longs in the marketplace and I think we could see those investors start to leave if the market can't make new highs," he said. "We really need new information to push this market higher but I don't see where that will come from."

Richard Baker, editor of the Eureka Miner Report, also said that it looks like gold needs some fresh information as he sees prices trading back around $1,500.

"Gold appears to be pausing to assess its next direction, looking at an economic outlook that is not so dire as August, but with more impetus for Federal Reserve rate cuts given weakness in key areas," he said. "I believe Comex gold will retreat to the key $1,500-level this week but avoid a retest of Tuesday's low (7/10). Any adverse change in this fragile political and geo-political environment could quickly return safe-haven demand and reignite a gold rally."

Source: Kitco News

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POPULAR NEWS
Gold futures finish at their highest in more than 2 weeks

Gold futures settled at a more than two-week high on Thursday, as worries surrounding the spread of the coronavirus led to weakness in the U.S. stock market and a fall in bond yields, lifting the haven appeal of the precious metal. "Appetite towards the precious metal should remain supported by growing fears over the coronavirus outbreak in China," said Lukman Otunuga, senior research analyst at FXTM. "The general uncertainty is likely to accelerate the flight to safety with gold seen testing...

Hong Kong Stocks Sharply Down on Virus Fears (Review)

Hong Kong equities closed sharply lower on Thursday as investors took flight over the deadly SARS -like virus that has spread from China. The Hang Seng Index fell 1.52 percent, or 431.92 points, to end at 27,909.12. The benchmark Shanghai Composite Index losing 2.75 percent, or 84.23 points, to close at 2,976.53, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, tumbled 3.45 percent, or 62.79 points, to 1,756.82 at the finish. Source : AFP

Gold Inches Lower as Investors Seek Clarity on Virus Severity

Gold edged lower on Friday as investors sought details on the severity of the China virus after the World Health Organisation stopped short of announcing the outbreak as a global emergency. Spot gold fell 0.2% to $1,559.28 per ounce by 0748 GMT, but was on track to gain 0.2% for the week. U.S. gold futures slipped 0.4% to $1,559.30. Asian shares inched higher following the WHO statement on Thursday that the new China virus does not yet constitute an international emergency. However,...

U.S. oil futures mark lowest settlement since late November

Oil futures fell sharply on Thursday, sending U.S. prices to their lowest settlement since late November, as the spread of coronavirus raised worries about the global economy and energy demand. "All markets are watching the situation with China" and the coronavirus, said Tariq Zahir, managing member at Tyche Capital Advisors. "Energy markets could see a rather [large] impact on demand, especially if this virus gets worse." March West Texas Intermediate oil fell $1.15, or 2%, to settle at...

Tokyo stocks open high

Tokyo stocks opened higher on Friday, propped up by a calm session on Wall Street despite caution from investors over a new deadly virus from China. The benchmark Nikkei 225 index rose 0.25 percent or 59.38 points to 23,854.82 in early trade while the broader Topix index was up 0.12 percent or 2.16 points at 1,732.66. Sumber : AFP

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