DJIA
Last loading.. Chg. loading..
FTSE
Last loading.. Chg. loading..
NDXI
Last loading.. Chg. loading..
POPULAR NEWS
Gold settles with a gain for the session and shorter week

Gold futures climbed on Thursday, also posting a gain for the holiday-shortened week, as concerns over the increase in COVID-19 cases in part of the world provided safe-haven support for the metal. Some of that support lacked in the U.S., where data showed better-than-expected jobs growth in June. "The employment numbers are spectacular but an 11% unemployment rate is still elevated," said Jeff Wright, executive vice president of GoldMining Inc. "COVID cases are back on rise and numerous...

Oil futures end higher, with U.S. prices at their highest since March

Oil futures settled higher on Thursday, buoyed by a hefty decline in last week's U.S. crude supplies and better-than-expected domestic jobs growth in June. August West Texas Intermediate oil rose 83 cents, or 2.1%, to settle at $40.65 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to FactSet data. There will be no regular trading for Nymex oil futures Friday because of the Independence Day holiday. Prices were up...

Gold Heads for Weekly Gain Amid Virus Woes, Jobs Data

Gold headed for a fourth weekly gain as concerns over the resurgence of coronavirus cases countered better-than-expected monthly U.S. jobs data. Texas ordered residents to wear masks, reversing course as it reported its second-most daily infections of the outbreak, while Florida™s largest county, Miami-Dade, will impose a curfew. The novel coronavirus is showing some signs of mutating in a way that may make it easier for the pathogen to spread, according to Anthony...

Gold Prices Edge Higher as Market Awaits Labor-Market Update

Gold futures inched higher Thursday ahead of employment data in the U.S. that could influence trading in the precious commodity, a day after hope for a vaccine and a rally in stocks eroded appetite for the haven metal. Economists polled by MarketWatch estimate that 3.7 million jobs were created in June, with some estimates ranging as high as 8 million. Meanwhile, a weekly report on individuals seeking unemployment insurance weekly is estimated to show that 1.4 million people sought such...

Oil Set for Weekly Gain With Economic Optimism Outweighing Virus

Oil slipped Friday but remained on track for a weekly gain as aggressive supply cuts and better-than-expected U.S. economic data overshadowed a surge in coronavirus cases in the world™s largest economy. Futures in New York fell toward $40 a barrel in Asian trading, but are still up almost 5% for the week. Crude rose along with broader markets on Thursday as data showed a rebound in the U.S. jobs market accelerated in June. That came after American crude stockpiles fell by the most...

Home

Gold Prices Gridlocked, Bears Take Wheel
Monday, 21 October 2019 13:10 WIB | GOLD CORNER |Gold CornerGold Outlook

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.

Main Street investors remain bullish on gold in the near-term. Retail investors have been bullish on gold since mid-May, which was the last time bullish bets were below the 50% level.

Bill Baruch, president of Blue Line Futures, said that gold is struggling as the investor sentiment in broader financial markets waffles between risk-on and risk-off sentiment. He noted that the door is open for lower prices. Still, the yellow metal continues to hold critical support just below $1,500 an ounce.

"I don't expect a ton of volatility, but I am cautiously optimistic in the near-term and remain a long-term bull," he said.

Last week, 14 market professionals took part in the Wall Street survey. Seven analysts or 50% said they see lower prices this week. Two analysts, or 14%, predicted gold would rise. The remaining five voters, or 36%, saw a sideways market or else were neutral.

Meanwhile, 876 respondents took part in an online Main Street poll. A total of 490 voters, or 56%, called for gold to rise. Another 214, or 24%, predicted gold would fall. The remaining 172 voters, or 20%, saw a sideways market.

In the last survey, both Wall Street and Main Street proved to be correct as both sides called for higher prices for last two week. As of 12.57 p.m. EST, December gold futures last traded at $1,495.50 an ounce, up nearly 0.5% from the previous week.

Wall Streets' record is now 20-17 year to date, meaning respondents have been right 54% of the time. Meanwhile, Main Street™s record improved to 19-18, meaning this group has been right 51% so far this year.

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, said that he is bullish on gold in the near-term, but doesn™t see a dramatic rise in the price.

Although investor sentiment has improved in financial markets, he noted that there is still a lot of uncertainty in the marketplace.

"Despite some positive developments towards a China trade agreement and Brexit”which would both be negative for gold -- neither of these two agreements is yet final," he said. "Brexit has to be approved by the U.K. Parliament, for example. There remain many uncertainties that are positive for gold, not least of which is the direction of monetary policy around the world."

For many analysts, the Brexit vote over the weekend among British politicians could be an important event for gold.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said that he is neutral on gold ahead of the vote.

"I think it could potentially make a significant move depending on what happens this weekend in the U.K. If Parliament approves the recent UK-EU deal, confidence could improve and gold could decline," he said. "If Parliament rejects the deal and Brexit is delayed again, gold could hold steady. If Parliament rejects the deal and chaos ensues, uncertainty could spark a gold rally."

Even if Parliament does approve the proposed Brexit deal, Ashfin Nabavi, head of trading with MKS (Switzerland) S.A., said that investor angst won't be fading away anytime soon. He explained that there is still a lot of ambiguity about how the British economy will fair once it leaves the European Union. Economic weakness in the U.K. could then bleed into the E.U., which could impact the entire global economy.

"A lot of this uncertainty is turning into nightmares for some investors," he said. "We are in unchartered territory and it wouldn™t take much to push investors back into gold."

Navabi said that he is neutral on gold in the near-term but still sees potential for higher prices.

"I would prefer to trade the range from the long-side," he said. "I don™t want to be short in this market."

Kristina Hooper, chief market strategist at Invesco, said that she is neutral on prices as prices remain trapped in a range; however, she added that selling pressure is starting to build.

"There is a lot of geopolitical risks out there, and so I expect prices to ebb and flow with the news on geopolitical developments," she said. "However, yields have moved relatively higher in recent days, making the opportunity cost of owning gold to be higher and exerting downward pressure on gold prices."

Source: Kitco News

RELATED NEWS
Emas dan Saham Telah Berdamai...
Friday, 3 July 2020 14:53 WIB

Untuk pertama kalinya tren indeks berjangka emas tidak terpengaruh oleh sentimen pasar saham selama masa pandemi COVID-19. Di sisi lain, emas saat ini cenderung dipengaruhi oleh tingkat imbal hasil r...

Towards the end of July 2020, Prepare a Buy Option for Gold Futures...
Thursday, 2 July 2020 15:00 WIB

Initial trials of the COVID-19 vaccine developed by Pfizer Inc. and BioNtech SE have shown positive results, which are safe and enable patients to produce antibodies to the virus. This good news affec...

July, Gold is Still Promising...
Wednesday, 1 July 2020 16:41 WIB

Index futures closed above $ 1,800 per ounce on Tuesday, June 30, 2020, which also means closing in the first half of this year. Over the past six months gold has become the most active futures contra...

Wall St., Main St. Look for Gold Prices to Keep Shining...
Monday, 29 June 2020 13:42 WIB

Gold prices should maintain maintain their recent upward momentum as the COVID-19 pandemic keeps spreading and prompting worries about the economy, according to respondents in the weekly Kitco News go...

Wall St., Main St. Upbeat About Short-Term Outlook for Gold Prices...
Monday, 22 June 2020 13:29 WIB

Respondents in the weekly Kitco News gold survey are bullish on gold for this week, with some Wall Street professionals suggesting monetary policy and fiscal stimulus will lead to another test of the ...

POPULAR NEWS
Gold settles with a gain for the session and shorter week

Gold futures climbed on Thursday, also posting a gain for the holiday-shortened week, as concerns over the increase in COVID-19 cases in part of the world provided safe-haven support for the metal. Some of that support lacked in the U.S., where data showed better-than-expected jobs growth in June. "The employment numbers are spectacular but an 11% unemployment rate is still elevated," said Jeff Wright, executive vice president of GoldMining Inc. "COVID cases are back on rise and numerous...

Oil futures end higher, with U.S. prices at their highest since March

Oil futures settled higher on Thursday, buoyed by a hefty decline in last week's U.S. crude supplies and better-than-expected domestic jobs growth in June. August West Texas Intermediate oil rose 83 cents, or 2.1%, to settle at $40.65 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to FactSet data. There will be no regular trading for Nymex oil futures Friday because of the Independence Day holiday. Prices were up...

Gold Heads for Weekly Gain Amid Virus Woes, Jobs Data

Gold headed for a fourth weekly gain as concerns over the resurgence of coronavirus cases countered better-than-expected monthly U.S. jobs data. Texas ordered residents to wear masks, reversing course as it reported its second-most daily infections of the outbreak, while Florida™s largest county, Miami-Dade, will impose a curfew. The novel coronavirus is showing some signs of mutating in a way that may make it easier for the pathogen to spread, according to Anthony...

Gold Prices Edge Higher as Market Awaits Labor-Market Update

Gold futures inched higher Thursday ahead of employment data in the U.S. that could influence trading in the precious commodity, a day after hope for a vaccine and a rally in stocks eroded appetite for the haven metal. Economists polled by MarketWatch estimate that 3.7 million jobs were created in June, with some estimates ranging as high as 8 million. Meanwhile, a weekly report on individuals seeking unemployment insurance weekly is estimated to show that 1.4 million people sought such...

Oil Set for Weekly Gain With Economic Optimism Outweighing Virus

Oil slipped Friday but remained on track for a weekly gain as aggressive supply cuts and better-than-expected U.S. economic data overshadowed a surge in coronavirus cases in the world™s largest economy. Futures in New York fell toward $40 a barrel in Asian trading, but are still up almost 5% for the week. Crude rose along with broader markets on Thursday as data showed a rebound in the U.S. jobs market accelerated in June. That came after American crude stockpiles fell by the most...

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.