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POPULAR NEWS
Gold futures down a third straight session

Gold futures marked a third straight session decline on Wednesday, posting their lowest settlement in more than three weeks. Strength in the U.S. stock market, as well as smaller-than-expected private-sector job losses in May pressured prices for the haven metal. August gold fell by $29.20, or 1.7%, to settle at $1,704.80 an ounce. That was the lowest finish for a most-active contract since May 11, according to FactSet data. Source: Marketwatch

Gold marks first gain in 4 sessions on weakness in U.S. dollar and stocks

Gold futures rose on Thursday, with prices posting their first gain in four sessions on the back of weakness in the U.S. stock market and the dollar, as investors digested policy actions by the European Central Bank. Gold for August delivery on Comex tacked on $22.60, or 1.3%, to settle at $1,727.40 an ounce, after trading as high as $1,729. Prices for the most-active contract tumbled 1.7% on Wednesday amid a strong rally in global equities. That decline marked a third straight loss for the...

Gold Under Pressure as Investors Snap Up Stocks, Dulling Demand for Havens

Gold lost ground Wednesday, unable to find traction higher as demand for equities dulls haven-related demand for the precious metal. Gold for August delivery on Comex was down $3.90, or 0.2%, at $1,730.20 an ounce. July silver was up 2 cents, or 0.1%, at $18.280 an ounce. Stock-index futures pointed to a higher start for U.S. equities, which have pushed back to early March levels on optimism over efforts to reopen the economy. Gold has failed to find much in the way of traditional haven...

Gold Declines as Investors Assess Recovery, Protests

Gold dropped for a second day as traders assessed the haven™s merits amid a rally in stocks and positive signs from economies reopening, while also focusing on continued civil unrest across the U.S. Businesses are resuming operations worldwide, while manufacturing gauges are painting a more optimistic picture. Activity in China has recovered to 80% to 85% of pre-virus levels, according to Bloomberg Economics. Still, risks to growth remain, including simmering U.S.-China relations...

Gold Rises on Political Frictions, Weaker Dollar

Gold prices gained from last session™s fall on lingering political tensions and a weaker dollar, but were still near their lowest in over a week as equities were set to extend their gains on economic optimism. Spot gold rose 0.4% to $1,703.67 per ounce, as of 0212 GMT. On Wednesday, it fell 1.7% to reach its lowest since May 27. U.S. gold futures were flat at $1,704.90. The European Central Bank is certain to give more stimulus, with the only question being timing ” whether later on...

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Gold Prices Seen Building On Biggest Weekly Gain Since 2008
Monday, 30 March 2020 13:03 WIB | GOLD CORNER |EMASGOLD

Seventy-one percent of the Wall Street and Main Street respondents in the weekly Kitco gold price survey look for the precious metal to build on its gains this week.

Just before 11 a.m. EDT on Friday, Comex April gold was trading at $1618.10 an ounce. Even though that was down $33.10 for the day, the metal had still posted a gain of 9% for the week so far. Analysts pointed out that the metal posted its biggest weekly gain since 2008, with the biggest impetus an early-week announcement of open-ended quantitative easing and other programs from the Federal Reserve to prop up the economy and markets amid the COVID-19 outbreak.

The U.S. Senate approved a stimulus package and the House of Representatives was expected to do likewise.

Fourteen market professionals took part in the Wall Street survey. There were 10 votes, or 71%, for higher prices this week. One respondent, or 7%, was bearish, while three, or 21%, were neutral or called for sideways prices.

Meanwhile, 1,595 votes were cast in an online Main Street poll. A total of 1,138 voters, or 71%, looked for gold to rise in the this week. Another 244, or 15%, said lower, while 213, or 13%, were neutral.

œI think we are going to be up this week after we see if the vote [on stimulus in the U.S. House of Representatives] is passed and after we see if the stimulus that is promised by the G20 [Group of 20 nations] is in effect also, said George Gero, managing director with RBC Wealth Management.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for gold to rise some more now that the June dollar index has fallen enough to test the 20-day moving average near 98.95. The dollar has bounced from its low, and some late-week profit-taking has occurred in gold, he said.

œBut longer term, I think gold is going to continue to push higher, Nedoss said. Technically, he added, the area around $1,600 an ounce should offer good support for gold as both a psychological level and since it™s also the area around the 20- and 50-day moving averages.

Kevin Grady, president of Phoenix Futures and Options LLC, also described himself as bullish for next week despite Friday™s pullback.

œI believe the sell-off today is attributed to the both the options expiration last night and the fact that the April contract will be rolling into June by Monday, Grady said. œAt this time, longs have to decide whether to roll their existing position or to liquidate. I think that we are seeing April liquidation today. Gold margins were raised from $7,000 to $8,350 on March 25th. This could be a big factor in their decision.

Jim Wyckoff, senior technical analyst with Kitco, also said higher.

œCharts are friendly and investors/traders are now confident about buying markets, as opposed to standing on the sidelines and hoarding cash amid recent higher anxiety, Wyckoff said.

Adam Button, managing director of ForexLive, also looks for gains in gold now that investors aren™t having to sell to raise cash instead, as was the case earlier this month when equities were in a free fall.

œThe liquidation phase of this crisis is over, and the focus is shifting to monetary debasement and economic uncertainty, Button said.

Richard Baker, editor of the Eureka Miner™s Report, looks for gold to rise since a number of obstacles to higher prices were cleared last week. These include the U.S. dollar coming down from its highs and perhaps facing increasing pressure from the multi-trillion-dollar relief package from Congress; an abatement of the liquidations that previously depressed precious metals, even though Friday morning™s sharp equity decline may signal a smaller round is underway; and a bullish low interest-rate environment.

œWith the U.S. quickly becoming the new epicenter of this horrific pandemic, the uncertainty facing the economies and markets will propel gold to $1,800 per ounce, perhaps higher, Baker said. œI believe it likely that Comex gold will see at least $1,680 per ounce this week, with embattled silver following to $14.80 per ounce.

Meanwhile, Mark Leibovit, publisher of VR Metals/Resource Letter, said in an email that gold œlooks toppy to me. Called the pullback to the mid $1,400s when everyone else was bullish. Cycles down to summer.

The neutral votes included Colin Cieszynski, chief market strategist at SIA Wealth Management, and Phillip Streible, chief market strategist with Blue Line Futures.

œGold appears to be settling into a $1,600-$1,640 trading range but...the potential exists for large swings in both directions, Cieszynski said. œWhat happens with the U.S. dollar may continue to drive short-term trading swings, while the ongoing dovishness of central banks provides longer-term support.

Added Streible: œGold futures are fighting heavy resistance at $1,704 and will need more clarity on the stimulus and weaker equity prices in order to attract further buying.

The April futures peaked at $1,704.30 on March 9 and stopped just shy of $1,700 two days last week.

Source: Kitco News

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POPULAR NEWS
Gold futures down a third straight session

Gold futures marked a third straight session decline on Wednesday, posting their lowest settlement in more than three weeks. Strength in the U.S. stock market, as well as smaller-than-expected private-sector job losses in May pressured prices for the haven metal. August gold fell by $29.20, or 1.7%, to settle at $1,704.80 an ounce. That was the lowest finish for a most-active contract since May 11, according to FactSet data. Source: Marketwatch

Gold marks first gain in 4 sessions on weakness in U.S. dollar and stocks

Gold futures rose on Thursday, with prices posting their first gain in four sessions on the back of weakness in the U.S. stock market and the dollar, as investors digested policy actions by the European Central Bank. Gold for August delivery on Comex tacked on $22.60, or 1.3%, to settle at $1,727.40 an ounce, after trading as high as $1,729. Prices for the most-active contract tumbled 1.7% on Wednesday amid a strong rally in global equities. That decline marked a third straight loss for the...

Gold Under Pressure as Investors Snap Up Stocks, Dulling Demand for Havens

Gold lost ground Wednesday, unable to find traction higher as demand for equities dulls haven-related demand for the precious metal. Gold for August delivery on Comex was down $3.90, or 0.2%, at $1,730.20 an ounce. July silver was up 2 cents, or 0.1%, at $18.280 an ounce. Stock-index futures pointed to a higher start for U.S. equities, which have pushed back to early March levels on optimism over efforts to reopen the economy. Gold has failed to find much in the way of traditional haven...

Gold Declines as Investors Assess Recovery, Protests

Gold dropped for a second day as traders assessed the haven™s merits amid a rally in stocks and positive signs from economies reopening, while also focusing on continued civil unrest across the U.S. Businesses are resuming operations worldwide, while manufacturing gauges are painting a more optimistic picture. Activity in China has recovered to 80% to 85% of pre-virus levels, according to Bloomberg Economics. Still, risks to growth remain, including simmering U.S.-China relations...

Gold Rises on Political Frictions, Weaker Dollar

Gold prices gained from last session™s fall on lingering political tensions and a weaker dollar, but were still near their lowest in over a week as equities were set to extend their gains on economic optimism. Spot gold rose 0.4% to $1,703.67 per ounce, as of 0212 GMT. On Wednesday, it fell 1.7% to reach its lowest since May 27. U.S. gold futures were flat at $1,704.90. The European Central Bank is certain to give more stimulus, with the only question being timing ” whether later on...

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