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Gold futures log highest finish since September 2011

Gold futures marked their highest finish in nearly nine years, after climbing to nearly $1,810 an ounce during Tuesday's session. Prices had seen a "routine downside correction following recent gains" in early Tuesday action, that was "once again seen as a value-buying opportunity in the yellow metal, on strong notions more price appreciation lies ahead," said Jim Wyckoff, senior analyst at Kitco.com, in a market update. August gold rose $16.40, or 0.9%, to settle at $1,809.90 an ounce. That...

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Wall St., Main St. Upbeat About Short-Term Outlook for Gold Prices
Monday, 22 June 2020 13:29 WIB | GOLD CORNER |Gold OutlookGold Corner

Respondents in the weekly Kitco News gold survey are bullish on gold for this week, with some Wall Street professionals suggesting monetary policy and fiscal stimulus will lead to another test of the top end of the recent trading range.

"Gold has been in a battle but should end higher this week," said Phil Flynn, senior market analyst at Price Futures Group. "Gold has had a tough time breaking out on a mix of fears about the coronavirus slowing demand versus global economic stimulus. Yet with the Fed saying that they are going to stay the course and do whatever it takes, gold bulls will probably do the same."

Sixteen Wall Street professionals took part in last week survey. Nine, or 56%, called for prices to rise, while just two, or 13%, said lower. Five voters, or 31%, were neutral.

A total of 1,299 votes were cast in an online Main Street poll. Of these, 688 respondents, or 53%, looked for gold to rise in the this week. Another 302, or 23%, said lower, while 309, or 24%, were neutral.

Phillip Streible, chief market strategist with Blue Line Futures, said gold is "long overdue" for a breakout after consolidating for some three months.

"The Federal Reserve is trying their hardest to devalue the dollar index and try to boost exports to countries like China and help transport the economy," Streible said. A weaker dollar tends to support gold prices.

Jim Wyckoff, senior technical analyst with Kitco, said he looks for higher gold prices "as bulls show resilience amid rallying global stock markets."

Charlie Nedoss, senior market strategist with LaSalle Futures Group, is one of several Wall Street professionals who said they look for gold to test the $1,760 area.

"I [look for] the dollar to continue to come off. We held onto the 20-day moving average [in gold]," Nedoss said.

Added Adam Button, managing director of ForexLive, "It's early, but some animal spirits are returning, and gold has performed better in risk-on environments. $1,760 remains key, but a near-term test is increasingly likely."

Richard Baker, editor of the Eureka Miner's Report, listed a target of $1,760 this week, calling for the metal to rise to $1,800 or even higher this year. The interest-rate situation remains bullish. Baker also pointed out that gold has been rising lately when stocks do likewise, with a 0.82 positive correlation between the markets.

"Those two typically move in opposition during uncertain times; lately, they have been traveling down the same road," Baker said. "Much of these behaviors can be explained by the developing tension between public-health science and political expediency, at least in the U.S.

"Accelerated reopening of businesses supports a V-shaped recovery and this notion is allied by improving economic data. However, if reopening shortcuts public-health measures, the risk of a devastating second wave [of COVID-19] increases. This is evidenced by spiking infection rates and hospitalizations in some southern and western states. Stocks are propelled by the optimistic recovery scenario; safe-haven gold is underpinned by the possibility of the latter outcome."

Meanwhile, Daniel Pavilonis, senior commodities broker with RJO Futures, looks for gold to fall back as it remains within its trading range.

"Gold seems like it's still trapped in a range," he said. "I would say this week, if I had to pick a side, probably to the downside. We're at the upper end of the range now. So maybe we pull back a bit."

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, also anticipates softer prices in the short term.

"I am still expecting a pullback in gold, though given the long-term fundamental factors, gold is resisting and pulling back very hesitatingly, and any factor out of the blue could see gold back up," Day said. "I'll go with down for this week. Gold has shot up too far too fast, and is losing momentum, as seen by ETF [exchange-traded-fund] inflows and coin sales."

Colin Cieszynski, chief market strategist at SIA Wealth Management, said he remains neutral on gold in the short term.

"It's the last week before summer, gold remains range-bound $1,675 to $1,775, central bankers are done talking for a couple of months and there are no major economic reports," he said.

Source: Kitco News

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POPULAR NEWS
Gold futures log highest finish since September 2011

Gold futures marked their highest finish in nearly nine years, after climbing to nearly $1,810 an ounce during Tuesday's session. Prices had seen a "routine downside correction following recent gains" in early Tuesday action, that was "once again seen as a value-buying opportunity in the yellow metal, on strong notions more price appreciation lies ahead," said Jim Wyckoff, senior analyst at Kitco.com, in a market update. August gold rose $16.40, or 0.9%, to settle at $1,809.90 an ounce. That...

Gold futures up a fourth straight session to mark another finish at the highest since 2011

Gold futures climbed for a fourth straight session on Wednesday to mark another finish at their highest since September 2011. The move for gold above $1,800 is not surprising given "so many positive price drivers in its favor, with the key player being negative real rates," said Peter Spina, president and chief executive officer at GoldSeek.com. He does not expect to see a meaningful pullback in gold until it breaks past $2,000. On Wednesday, August gold rose $10.70, or 0.6%, to settle at...

Gold Holds Gain Amid Virus Resurgence, Weaker Dollar

Gold held near the highest level in more than seven years on demand for haven assets amid the resurgence in coronavirus cases in some parts of the world, while the U.S. dollar slipped. The pace of new infections in Tokyo, Iran and elsewhere is raising concerns about a fresh wave. Australia™s two most-populous states will close their shared border from Tuesday night as authorities battle to contain a spike in cases. Any vaccine developed to ward off the novel...

Oil moves lower as Covid-19 cases spark demand fears

Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. Brent crude futures declined by 24 cents, or 0.56%, to $42.86. West Texas Intermediate crude futures fell 1 cent, or 0.02%, to settle at $40.62 per barrel. œOil prices are lower today on concerns that the surge in coronavirus cases in the U.S. will limit a recovery in fuel demand, RBC said. Sixteen U.S. states have reported record...

Wall Street ends lower after strong recent rally as COVID cases mount

U.S. stocks eased on Tuesday as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as new U.S. coronavirus cases rose further. Large parts of the United States reported tens of thousands of new coronavirus infections. New York expanded its travel quarantine for visitors from three more states, while Florida™s greater Miami area rolled back its reopening. Unofficially, the Dow Jones Industrial Average fell 396.5 points, or 1.51%, to...

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