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Gold Futures Fall Sharply for The Session, Climb for The Month

Gold futures fell sharply on Tuesday, but scored a gain for month against a backdrop of ongoing worries about the spread of the coronavirus and overall losses in the stock market. June gold fell $46.60, or 2.8%, to settle at $1,596.60 an ounce. The contract, which is now the most active, was up 1.6% from its finish at $1,571.80 on Feb. 28, according to FactSet data. Source : Marketwatch

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Gold futures were attempting to regain some traction higher on Wednesday to start the new month and quarter, amid expectations of increasingly poor economic data due to the COVID-19 pandemic which has helped to partly support gold buying or at least limited downside for the precious metal. Earlier Wednesday, a report on private-sector employment from Automatic Data Processing Inc. ADP, -0.82% helped give gold prices a modest push higher. The report found that 27,000 jobs were lost in the...

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Wall St., Main St. Anticipate Comeback for Gold Prices
Monday, 23 March 2020 10:29 WIB | GOLD CORNER |

Wall Street and Main Street alike look for gold prices to start regaining their footing this week, based on the weekly Kitco Gold price survey.

The metal tumbled since the seven-year high hit in early March, with most analysts attributing the decline to traders liquidating to raise cash after the carnage that occurred in other markets, with U.S. stock indices going from record highs to bear-market territory.

Now, however, "I think gold is overdue for a bounce," said Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, offering a view expressed by other Wall Street participants as well.

Still, Day added, much will hinge on future developments. The COVID-19 virus is still spreading, while governments and central bankers are scrambling to come up with measures to limit the economic fallout.

Thirteen market professionals took part in the Wall Street survey. There were nine votes, or 69%, for higher prices this week. No respondents were bearish, although four, or 31%, were neutral or called for sideways prices.

Meanwhile, 1,163 votes were cast in an online Main Street poll. A total of 589 voters, or 51%, looked for gold to rise in the this week. Another 365, or 31%, said lower, while 209, or 18%, were neutral.

In last week's survey for the trading week now winding down, Main Street remained bullish while Wall Street was split on whether gold would rise or fall. As of 11:14 a.m. EDT, Comex April gold was down by 1.3% for the week so far to $1,497.50 an ounce.

"I am bullish on gold for next week," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "Gold has been knocked down by the recent rush of capital into USD [U.S. dollar] cash, which has depressed other currencies. I suspect that this could peak over the next couple of weeks if it has not done so already and that the pendulum on USD could start to swing back, easing some of the pressure on gold."

Jim Wyckoff, senior technical analyst with Kitco, looks for gold to trade higher as buyers become "more confident in many beaten-down markets" with global stock and financial markets appearing to be stabilizing.

Kevin Grady, president of Phoenix Futures and Options LLC, is also upbeat about the metal's prospects.

"The violent move in gold last week was due to margin selling from hedge funds trying to meet their equity margin calls," Grady said. "I expect that selling to subside as stocks try to find some footing. The government will be pumping a mass amount of liquidity into the system so as not to cause any credit disruptions. I think the increase in liquidity coupled with this low-interest environment, should give a bid to gold this week."

Bob Haberkorn, senior commodities broker with RJO Futures, looks for the futures market to catch up with the strong demand for coins emerging in the physical market. Previously, he said, the futures sold off due to liquidity needs of traders as markets across the board went into a free fall.

"The market looks like it's stabilizing after this liquidity crunch," Haberkorn said. "I think you'll see it higher this week."

Richard Baker, editor of the Eureka Miner's Report, said, "don't give up on gold" just yet even though the U.S. dollar index hit its highest level in more than three years, putting pressure on commodities like gold.

"However, gold soared relative to key commodities with significant value gains against major currencies and domestic equities too “ a very bullish sign," Baker said in an email. "For example, the gold-to-oil (WTI) ratio touched an alarming 68 barrels per ounce on Wednesday, more than 10 bbl/oz above its prior February 2016 peak. The gold-to-copper ratio scored 718 pounds per ounce the same day, more than 100 lb/oz than peaks seen in the 2008-2009 financial crisis. Gold relative to the S&P 500 regained all value lost after the presidential election and more as stock indexes tumbled.

"Once selling pressure abates, gold in dollars will catch a gear higher followed by embattled silver."

Meanwhile, Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for a sideways market. One technical-chart resistance point will be the 200-day moving average that was at $1,515.50 an ounce for April gold, as of the time he spoke.

"That's going to be a hard nut to crack," Nedoss said. "There is pretty decent support at $1,470."

Ole Hansen, head of commodity strategy at Saxo Bank, said that he is neutral on gold in the near term. He commented that while liquidity issues are starting to fade, gold could still struggle to attract buying momentum as volatility remains high.

"We need to see lower volatility for gold to catch a sustained bit," Hansen said. "Gold is holding up relatively well, but we don't know if we will see a second wave of selling."

John Weyer, co-director of commercial hedging with Walsh Trading, called for a mostly sideways market, noting that one headline can have a significant impact on a volatile market lately.

"We're up today," he said. "But we've seen some days with a range of $50 up and $40 down."

Source: Kitco News

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POPULAR NEWS
Gold Futures Fall Sharply for The Session, Climb for The Month

Gold futures fell sharply on Tuesday, but scored a gain for month against a backdrop of ongoing worries about the spread of the coronavirus and overall losses in the stock market. June gold fell $46.60, or 2.8%, to settle at $1,596.60 an ounce. The contract, which is now the most active, was up 1.6% from its finish at $1,571.80 on Feb. 28, according to FactSet data. Source : Marketwatch

Gold Down 4th Straight Session as Traders Cast a Wary Eye on Economic Data Amid Coronavirus Spread

Gold futures on Wednesday started the month with a loss, stretching their decline to a fourth straight session, as traders cast a wary eye on the latest U.S. economic data amid the spread of the COVID-19 pandemic, which has helped to partly support gold buying or at least limited downside for the precious metal. Equity markets are "down on dire modeling predictions from U.S. officials Monday on the number of potential deaths in the nation from the coronavirus pandemic, said Jeff Wright,...

Gold Heads Lower As Dollar Finds Support And Bond Yields Edge Up

Gold futures head lower Tuesday morning, putting the precious metal on track for a second drop in a row as government bond yields and the US. dollar rose, pressuring precious metals that have mostly gained in the month and quarter against the backdrop of the COVID-19 pandemic. June gold on Comex was off $21.50, or 1.3%, at $1,621.87 an ounce, after falling 0.7% on Monday. For the month, gold has advanced 3.5% thus far, and is on pace for a return for the first quarter, which ends on Tuesday,...

Gold Holds Biggest Drop in 2 Weeks on China Economy

Gold held the biggest decline in more than two weeks amid signs China™s economy may be improving, although the coronavirus pandemic remains a threat to global growth. Spot gold +0.2% to $1,580.84/oz at 9:16am in Singapore. Price -2.8% Tuesday, the biggest drop since March 13, paring the quarterly gain to 4%. Bloomberg Dollar Spot Index steady Other precious metals: Silver +0.3% to $14.0110/oz after -22% in the first quarter, Platinum steady at $723.25/oz; -25%...

Gold Attempts To Bounce Higher To Start April, Second Quarter Amid Coronavirus Spread

Gold futures were attempting to regain some traction higher on Wednesday to start the new month and quarter, amid expectations of increasingly poor economic data due to the COVID-19 pandemic which has helped to partly support gold buying or at least limited downside for the precious metal. Earlier Wednesday, a report on private-sector employment from Automatic Data Processing Inc. ADP, -0.82% helped give gold prices a modest push higher. The report found that 27,000 jobs were lost in the...

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