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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 futures climb by nearly 2% to highest finish since Feb. 2013

Gold futures rose nearly 2% on Monday to mark their highest finish since February 2013. Concerns surrounding COVID-19 and expectations for further monetary easing among global central banks in response to the virus's economic impact continued to provide support for haven gold, analysts said. April gold rose $27.80, or 1.7%, to settle at $1,676.60 an ounce. Source : MarketWatch

Gold futures give back most of their gain from a day earlier

Gold futures fell nearly 2% on Tuesday, with prices giving back nearly all of what they gained a day earlier. "While economic growth concerns surrounding the coronavirus were the most recent impetus supporting gold prices, there is very little reason for gold prices to move significantly lower given the current global environment," said Jeff Klearman, portfolio manager at GraniteShares. "Gold prices have benefited from three main factors, including heightened investor appetite for safe haven...

U.S. oil prices settle down nearly 4% as coronavirus outbreak spreads

Oil futures settled lower on Monday, with U.S. prices losing almost 4% as the market continued to fret over the impact of coronavirus on energy demand. "It could be a bloodbath for oil in the short-term as the risks of a global pandemic will cripple travel and trade," said Edward Moya, senior market analyst at Oanda, in a market update. He said U.S. benchmark crude futures may trade in the mid-$40s by the end of the week "if the number of cases continue to spread across Europe and the Middle...

Gold Drops From 7-Year High as Equity Sell-Off Eases

Gold retreated from the highest level since 2013 as a sell-off in global stocks eased in Asia Tuesday, while authorities around the world moved to keep the coronavirus from spreading. Spot gold as much as -1% to $1,642.93/oz, before paring declines to $1,655.72 at 10:24am in Singapore. Metal as much as +2.8% to $1,689.31 on Monday, highest level since 2013. Bloomberg Dollar Spot Index -0.1% Other precious metals: Silver -0.2% to $18.6048/oz, Platinum +0.2% to...

Oil falls 3% to settle under $50 for first time in 2 weeks

Oil fell below $55 a barrel on Tuesday, dropping for a third day, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses. Crude fell almost 4% on Monday, with other commodities also reporting losses while U.S. and European equities suffered their steepest declines since mid-2016 on concern the coronavirus outbreak could turn into a pandemic. Brent crude fell $1.48 to trade at $54.86 per barrel. U.S. West Texas...

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