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Wall St., Main St. Look for Gold to Regain its Luster
Monday, 25 May 2020 14:32 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street look for gold prices to rise this week, according to the weekly Kitco News gold survey.

Traders and analysts who make up the Wall Street poll continued to cite the mass liquidity being dumped into the global economy to offset damage from the COVID-19 pandemic. Also, they pointed to rising U.S.-China tensions that were helping gold pare some of last week™s losses on Friday.

The Trump administration was already taking China to task over the pandemic, which hit China first. Then came news on Friday that Beijing has proposed imposing national security laws on Hong Kong, which could mean mainland intelligence agencies start operating there.

"Not only do you have low interest rates and economic stimulus supporting gold, you also have increasing tensions between the U.S. and China that will keep [gold] on its quest for all-time high prices," said Phil Flynn, senior market analyst with at Price Futures Group.

Ten out of 17 Wall Street voters, or 59%, said they are bullish for this week. There were five voters, or 29%, calling for lower prices. Two respondents, or 12%, were neutral.

Meanwhile, 1,809 votes were cast in an online Main Street poll. A total of 1,038 voters, or 57%, looked for gold to rise in the this week. Another 467, or 26%, said lower, while 304, or 17%, were neutral.

Gold bounced on Friday after a sell-off on Thursday. Sean Lusk, co-director of commercial hedging with Walsh Trading, said he looks for market participants to continue buying on price dips. As the week wound down, he was one of several market watchers who commented that the metal was being underpinned by renewed U.S.-China tensions.

"I just feel the level of uncertainty right now is greater, Lusk said.

Richard Baker, editor of the Eureka Miner's Report, also called for gold to rise, adding that industrial metal copper could come under pressure due to the U.S.-China situation.

"President Trump has decided to attack China for its lack of COVID-19 transparency as part of his re-election bid," Baker said. "This will likely reignite trade tensions between the world's two largest economies. Adding to China's woes are rekindled tensions in Hong Kong, a domestic economy damaged by the virus, and concerns about the global environment. All of this uncertainty is a boost for safe-haven gold and a growing headwind for the red metal [copper]."

Bob Haberkorn, senior commodities broker with RJO Futures, also looks for the precious metal to be stronger. The economy is gradually reopening after COVID-19 lockdowns, generating optimism about future economic growth, he said. Nevertheless, governments and central banks around the world have pumped massive sums of money into the economy, which observers for some time have characterized as bullish for gold.

"The medicine we threw at the economy “ all of this cash to confront the concerns of the shutdowns because of the pandemic “ are going to come back to benefit silver and gold," Haberkorn said. "Trillions of dollars have been created out of thin air between the European Union, U.S. Fed and other central banks. Interest rates are at or below zero at most places right now. It's a ripe environment for gold to go higher, and I think that will continue this week."

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for gold to move higher after the market was able to hold above support at the 10- and 20-day moving averages last week. "I'm still very friendly toward gold," he said.

Meanwhile, Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, suggested gold prices could ease this week before eventually rising again.

"As the U.S. economy opens, there will initially be optimism in the stock market, perhaps provoking an overdue pullback for gold," Day said. "So this week down. But we remain fundamentally extremely bullish on gold because of the so-called 'policy' being pursued by the world™s leading central banks."

Colin Cieszynski, chief market strategist at SIA Wealth Management, described himself as neutral for thist week, commenting that gold "is still digesting recent gains."

Adam Button, managing director of ForexLive, also said neutral.

"This is the gut-check moment in the gold market," he said. "Everything is in place for the big breakout [on] the fundamental side, but the market is worried about sovereign and central-bank selling, or lack of buying. Ultimately, the path is much higher but in the short term the trade is to wait for a close above $1,750 to buy, so I™m neutral."

Source: Kitco News

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POPULAR NEWS
Gold settles with a gain for the session and shorter week

Gold futures climbed on Thursday, also posting a gain for the holiday-shortened week, as concerns over the increase in COVID-19 cases in part of the world provided safe-haven support for the metal. Some of that support lacked in the U.S., where data showed better-than-expected jobs growth in June. "The employment numbers are spectacular but an 11% unemployment rate is still elevated," said Jeff Wright, executive vice president of GoldMining Inc. "COVID cases are back on rise and numerous...

Oil futures end higher, with U.S. prices at their highest since March

Oil futures settled higher on Thursday, buoyed by a hefty decline in last week's U.S. crude supplies and better-than-expected domestic jobs growth in June. August West Texas Intermediate oil rose 83 cents, or 2.1%, to settle at $40.65 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to FactSet data. There will be no regular trading for Nymex oil futures Friday because of the Independence Day holiday. Prices were up...

Gold Heads for Weekly Gain Amid Virus Woes, Jobs Data

Gold headed for a fourth weekly gain as concerns over the resurgence of coronavirus cases countered better-than-expected monthly U.S. jobs data. Texas ordered residents to wear masks, reversing course as it reported its second-most daily infections of the outbreak, while Florida™s largest county, Miami-Dade, will impose a curfew. The novel coronavirus is showing some signs of mutating in a way that may make it easier for the pathogen to spread, according to Anthony...

Oil Set for Weekly Gain With Economic Optimism Outweighing Virus

Oil slipped Friday but remained on track for a weekly gain as aggressive supply cuts and better-than-expected U.S. economic data overshadowed a surge in coronavirus cases in the world™s largest economy. Futures in New York fell toward $40 a barrel in Asian trading, but are still up almost 5% for the week. Crude rose along with broader markets on Thursday as data showed a rebound in the U.S. jobs market accelerated in June. That came after American crude stockpiles fell by the most...

Hong Kong stocks post strong gains (Review)

Hong Kong stocks soared Thursday, in line with a global advance on hopes for a virus vaccine and despite concerns over a draconian security law imposed on the city by Beijing that raised questions about its future as a business hub. The Hang Seng Index climbed 2.85 percent, or 697.00 points, to 25,124.19. The benchmark Shanghai Composite Index added 2.13 percent, or 64.59 points, to 3,090.57 while the Shenzhen Composite Index on China's second exchange jumped 1.25 percent, or 24.94 points,...

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