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Wall Street, Main Street expect gold price uptrend to continue
Monday, 20 January 2020 10:52 WIB | GOLD CORNER |

Wall Street and Main Street alike look for gold to continue the recent bounce this week.            

Thirteen market professionals took part in the Wall Street survey. Ten, or 77%, called for gold to rise. There were no votes saying gold would fall, with three voters, or 23%, neutral or calling for a sideways market.

Meanwhile, 820 votes were cast in an online Main Street poll. A total of 475 voters, or 58%, looked for gold to rise in the this week. Another 208, or 25%, said lower, while 137, or 17%, were neutral.

In last two week™s first gold survey of the year, the largest Main Street and Wall Street voting blocs were bullish, although respondents overall were somewhat mixed with no camp garnering more than 50% of the vote. As of 10:42 a.m. EST,  Comex February gold was 0.3% lower for the week so far to $1,555.10 an ounce.

The Comex February futures rose to a roughly seven-year high of $1,613.30 an ounce on Jan. 8 when the world was worried about a war between the U.S. and Iran. Prices subsequently fell back as tensions de-escalated, bottoming at $1,536.40 an ounce on Tuesday, before the metal began working its way higher again.

œI think we are going to continue upwards this week, said Bob Haberkorn, senior commodities broker with RJO Futures. œIt™s due solely on some actions you™re seeing at night by the Fed ¦ with the liquidity injections they™ve doing.

Further, he added, even though equities have been hitting record highs, some investors have been moving into gold as a safety play just in case stocks suddenly correct sharply lower.

Richard Baker, editor of the Eureka Miner™s Report, also said higher, pointing out that gold has been able to climb alongside equities. He also cited low interest rates.

œIf the S&P 500 reaches 3,350 this week, gold must make $1,580 per ounce to stay above water, Baker said. œI'm optimistic that this is possible given residual uncertainty about the U.S. election, corporate earnings and 2019 growth. My vote is up, with silver following that level to $18.31 per ounce.

œFrom an interest-rate perspective, even with a trend higher in global yields, a bullish environment remains for a non-interest-earning asset like gold. Negative or near-zero interest rates for major countries and near-zero real rates in the U.S. remain in place.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for gold to be sideways to higher, but emphasized that much will hinge on whether February gold can close above the 10-day moving average near $1,558. As he spoke, gold was within striking distance of this.

œThe close is very important today, Nedoss said last Friday. œIf we close above that 10-day, that will be viewed as constructive.

A failure to do so, however, could mean a test of the 20-day average down around $1,534.80, he cautioned.

George Gero, managing director with RBC Wealth Management, looks for higher gold prices due œmany valid worries “ political, geopolitical and economic.

œGold should continue is bullish momentum in the new week, said Phil Flynn, senior market analyst with at Price Futures Group. œStrong stocks along with weak inflation data last week should give gold the edge. The phase-one [U.S.-China] trade deal should increase economic optimism, improving the outlook for jewelry demand as well.

Colin Cieszynski, chief market strategist at SIA Wealth Management, anticipates a neutral market.

œI think it has had a necessary correction as political tensions eased and may now return to consolidation mode around $1,550, he said.

 Jim Wyckoff, Kitco™s senior technical analyst, said he looks for œmore choppy and sideways trading as bulls have stabilized the market.

Source: Kitco News

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POPULAR NEWS
Gold Eases on Profit-Taking, But Poised For Best Week in 11 Years

Gold eased on Friday as some investors booked profits after prices hit a two-week high in the last session amid hopes for further stimulus to curb the coronavirus™ economic toll, but the metal was headed for its best weekly gain in more than 11 years. Spot gold slipped 0.5% to $1,621.07 per ounce by 0035 GMT, having risen to its highest since March 12 on Thursday. The metal was up 8.2% for the week, its biggest since December 2008, on weak U.S. unemployment data and the Federal Reserve™s...

Gold Prices Drops from Two-Week Highs to Stay Below $1,650 Level

Gold prices dropped on Friday in Asia as equities rebounded. Gold Futures for April delivery on the Comex exchange slid 0.7% to $1,640.05 by 12:55 AM ET (04:55 GMT). Despite the losses today, gold prices still traded sharply higher this week, gaining over 8% and heading for its biggest weekly gain in over a decade as the total number of coronavirus cases across the world continued to rise. The U.S. has now overtaken China for the most confirmed cases worldwide, as infections in New York...

Gold Pulls Back but Set for Biggest Weekly Gain Since 2008

Gold futures pulled back Friday, but remained on track for the biggest weekly rise in more than 11 years in a rebound fueled in part by a weaker U.S. dollar and concerns about disruptions in the physical market. Gold for April delivery on Comex fell $33.30, or 2%, to $1.617.90 an ounce, while May silver dropped 22.6 cents, or 1.7%, to $14.45 an ounce. For the week, gold is up nearly 9%, which would mark the biggest weekly rise since December 2008, according to FactSet. A retreat by the U.S....

Gold scores biggest weekly gain since 2008

Gold futures settled with a loss on Friday but still scored the biggest weekly rise in more than 11 years in a rebound fueled in part by a weaker U.S. dollar and concerns about disruptions in the physical market for the precious metal. Gold for April delivery on Comex fell $26.20, or 1.6%, to settle at $1,625 an ounce. For the week, prices for the most-active contract rose 9.5%, which marked the biggest weekly rise since September 2008, according to FactSet. May silver dropped 14.2 cents, or...

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