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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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Wall St., Main St. Look for Bounce in Gold Prices
Monday, 4 May 2020 12:06 WIB | GOLD CORNER |Gold CornerGold Outlook

Wall Street and Main Street were both undeterred by last week™s pullback in gold, calling for the metal to rise this week, according to the weekly Kitco News gold survey.

Wall Street is not as heavily bullish as a two week ago, when 80% of the respondents were bullish. However, the majority of the bears in this week™s survey say they actually remain constructive in the long term, but figure there is a chance for the current correction lower to continue for a while yet.

Nine out of 15 Wall Street voters, or 60%, said they are bullish for this week. Five voters, or 33%, called for lower prices, while one, or 7%, was neutral.

Meanwhile, 1,750 votes were cast in an online Main Street poll. A total of 943 voters, or 54%, looked for gold to rise in the this week. Another 505, or 29%, said lower, while 302, or 17%, were neutral.

Richard Baker, editor of the Eureka Miner™s Report, said some end-of-month activity played a role in gold™s tumble on Thursday and suggested the yellow metal will return to $1,700 per ounce or higher this week, with silver following to $15.14 per ounce.

œWhy? The environment that [Apple chief executive] Tim Cook describes is one where gold thrives -- uncertainty driven by the viral influence of COVID-19 on global markets, Baker said. œInterest rates are still favorable; the Bund remains underwater and is now rejoined by France and Japan after the latter two have enjoyed marginally positive 10-year rates for some time. Although U.S. 10-year inflation expectations remain low, real rates are still negative.

Phil Flynn, senior market analyst with at Price Futures Group, is also among those who see gold bouncing. œI think gold™s ECB setback [on Thursday] should be forgotten about this week as the focus returns to global economic stimulus, Flynn said.

Sean Lusk, co-director of commercial hedging with Walsh Trading, said he looks for higher prices for the week, commenting that while prices may eventually ease some more, he looks for buying to emerge on the dips. He listed chart support around $1,675 and $1,625 an ounce.

œHigher, said Adam Button, managing director of ForexLive. œThe late-week fall in gold has left it close to support at $1,659 and that should be a springboard for a rise back above $1,700.

Meanwhile, Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, said he looks for gold to ease some more even though he personally does not plan to be a seller.

œGold could slide more after its strong run-up from the mid-March crash, as the economy begins to open up, bringing with it some optimism, perhaps largely misplaced, Day said. œNonetheless, that is generally positive for stocks, and negative for gold in the near term. So down this week, but we certainly are not selling; given the very positive fundamentals and huge upside, it would be a mistake to try to capture an extra dollar or two at the risk of missing the next move up.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, also said he looks for gold to come down and test the 50-day moving average near $1,654 an ounce, likely to be hurt by dollar strength, even though he said he remains bullish on the metal for the long term.

œThursday was a disappointing day. We had an outside day [on the technical charts], he said. œWe closed through the 10- and 20-day moving averages.

Mark Leibovit, publisher of VR Metals/Resource Letter, described himself as bearish for this week.

œLooking for a seasonal pullback, he said. œAlso thinking deflationary forces may surprise the bulls. Just a hunch. Too many thinking inflation.

Kevin Grady, president of Phoenix Futures and Options LLC, was the neutral vote for this week.

œThere are reports of Venezuelan gold sales by the Bank of England, he said. œAlthough this may be putting pressure on the market, I still believe that the global expansion of central-bank balance sheets will ultimately be very positive for gold.

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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