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POPULAR NEWS
Gold Extends Run Above $1,200; Palladium Gains

Gold futures gained Wednesday, leaving the contract on track to finish above the closely watched $1,200 line for a seventh straight session. December gold was up $4.50, or 0.4%, at $1,207.40 an ounce, as the dollar index flitted between small gains and losses. The dollar and gold, which is chiefly priced in the U.S. currency, tend to move inversely. The dollar index is down 0.5% month to date, trimming its 2018 gain so far to about 2.8%. Gold held its gain and the dollar index remained stuck...

Gold futures mark highest settlement this month to date

Gold saw prices edge higher, building on a rise for the week on the heels of a decline in the benchmark dollar index, which has already shed nearly 2% over the past month. Gold prices edged up, with the Dec. gold settled at $1,211.30/oz, up $3, or nearly 0.3% as the dollar index dropped 0.5%. The dollar and gold, which is chiefly priced in the U.S. currency, tend to move inversely. Fed policy makers will meet for a two-day meeting ending Sept. 26. The market is pricing in over a 90% chance...

U.S. Stocks Open With Modest Gains; Dow Sees Triple-Digit Rise

U.S. stocks opened flat to slightly higher Wednesday, a day after a rally that left major indexes near all-time highs as investors looked past rising U.S.-China trade tensions to remain focused on strong economic fundamentals. The S&P 500 rose 0.2% to 2,910.61, while the Dow Jones Industrial Average gained around 104 points to trade near 26,350, a gain of 0.4%. The Nasdaq Composite was up 0.2% at 7,970.27. Source : Market Watch

U.S. oil prices rally to highest finish since July

Oil prices finished sharply higher Wednesday after a U.S. government report revealed a weekly fall in crude supplies, the fifth weekly decline in a row. Expectations for further declines in exports from Iran, ahead of the implementation of U.S. oil sanctions on the country in November, also contributed to the price climb. October West Texas Intermediate oil rose $1.27, or 1.8%, to settle at $71.12 a barrel on the New York Mercantile Exchange. That was the highest for a front-month contract...

Dow, S&P 500 Gain; Financial Stocks a Boost

The S&P 500 and the Dow Jones Industrial Average rose on Wednesday, with the Dow hitting its highest closing level since late January, as rising Treasury yields boosted financial stocks and trade worries subsided. Based on the latest available data, the Dow Jones Industrial Average rose 159.41 points, or 0.61 percent, to 26,406.37, the S&P 500 gained 3.62 points, or 0.12 percent, to 2,907.93 and the Nasdaq Composite dropped 6.07 points, or 0.08 percent, to 7,950.04. Source : Reuters

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Main St. Overwhelmingly Bearish On Gold; Wall St. Bullish
Monday, 20 August 2018 11:28 WIB | GOLD CORNER |Gold OutlookGold Corner

Main Street may be more bearish than ever on the direction of gold prices thisweek, while Wall Street leans bullish, based on the weekly Kitco News gold survey.

Over the years, Main Street has tended to be mostly bullish on the metal. However, retail investors have called gold to be lower in three of the last four weeks, and perhaps never by as large of a percentage as this week.

A total of 2,411 voters responded in a Main Street survey. Of these, 1,796 respondents, or 74%, predicted that gold prices will be lower in a week. Another 414 voters, or 19%, said gold will rise, while 150, or 6%, see a sideways market.

Respondents who voted in the Twitter portion of the Main Street poll were slightly bullish, however. Twitter voters leaned bullish by 45% to 41%, although this sampling (114 votes) was far smaller than the online poll.

Meanwhile, 14 market professionals took part in the Wall Street survey. Eight respondents, or 57%, called for higher prices, while five, or 36%, said lower. One respondent, or 7%, predicted a sideways market.

Ken Morrison, editor of the newsletter Morrison on the Markets, is among the Wall Street majority who figures gold is due for a bounce.

œGold enters this week with an ideal set-up for a counter-trend rally, Morrison said. œBullish sentiment has touched 6% this week, the lowest level since December 2016. In contrast, sentiment in the dollar index [is] at 96%, the highest over the same period. Add to the sentiment extremes record net-short [position in] futures held by managed money and gold is set up for a recovery to $1,200-$1,210 this week.

Ralph Preston, principal with Heritage West Financial, said he looks for a bounce off of $1,180 support as the Turkish lira crisis subsides for at least a short time.

Jim Wyckoff, senior technical analyst with Kitco Metals, sees steady to higher prices. œThe bears appear to be exhausted on the downside, he says.

Phil Flynn, senior market analyst with at Price Futures Group, also sees potential for a recovery, commenting that the U.S. dollar should ease if international trade talks go well.

Meanwhile, Bob Haberkorn, senior commodities broker with RJO Futures, said he sees more downside, but added that it should be limited. In particular, markets are factoring in another expected Federal Reserve rate hike next month, he said.

œWe™re looking at two more rate hikes for the rest of the year, Haberkorn explained. œI think it™s going to be hard for gold this week to year-end to hold rallies.

Kevin Grady, president of Phoenix Futures and Options LLC, said he remains bearish but also cited one potential upside catalyst.

œI am looking for gold to test the $1,150 level, Grady said. œI do, however think that traders need to keep a close eye on the U.S. dollar. The Trump administration cannot be happy with the strong dollar, and I would expect the president to try to talk the dollar down prior to any formal intervention. There are a large amount of shorts in gold and any news-driven short covering will be violent.

Colin Cieszynski, chief market strategist at SIA Wealth Management, described offsetting factors.

œI am neutral on gold for this week, he said. œThe breakdown below $1,200/oz was a big bearish signal and I remain bearish on gold in the medium term. In addition to the rising U.S. dollar, negative sentiment toward China and a weakening Chinese economy could potentially cut into the demand for physical gold. On the other hand, for the short term, $1,160 has emerged as support and the weekly RSI [Relative Strength Index] on gold is the most oversold it has been in over five years. So I think gold could bounce back over the next week or two but it could struggle to regain $1,200.

Source: Kitco

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POPULAR NEWS
Gold Extends Run Above $1,200; Palladium Gains

Gold futures gained Wednesday, leaving the contract on track to finish above the closely watched $1,200 line for a seventh straight session. December gold was up $4.50, or 0.4%, at $1,207.40 an ounce, as the dollar index flitted between small gains and losses. The dollar and gold, which is chiefly priced in the U.S. currency, tend to move inversely. The dollar index is down 0.5% month to date, trimming its 2018 gain so far to about 2.8%. Gold held its gain and the dollar index remained stuck...

Gold futures mark highest settlement this month to date

Gold saw prices edge higher, building on a rise for the week on the heels of a decline in the benchmark dollar index, which has already shed nearly 2% over the past month. Gold prices edged up, with the Dec. gold settled at $1,211.30/oz, up $3, or nearly 0.3% as the dollar index dropped 0.5%. The dollar and gold, which is chiefly priced in the U.S. currency, tend to move inversely. Fed policy makers will meet for a two-day meeting ending Sept. 26. The market is pricing in over a 90% chance...

U.S. Stocks Open With Modest Gains; Dow Sees Triple-Digit Rise

U.S. stocks opened flat to slightly higher Wednesday, a day after a rally that left major indexes near all-time highs as investors looked past rising U.S.-China trade tensions to remain focused on strong economic fundamentals. The S&P 500 rose 0.2% to 2,910.61, while the Dow Jones Industrial Average gained around 104 points to trade near 26,350, a gain of 0.4%. The Nasdaq Composite was up 0.2% at 7,970.27. Source : Market Watch

U.S. oil prices rally to highest finish since July

Oil prices finished sharply higher Wednesday after a U.S. government report revealed a weekly fall in crude supplies, the fifth weekly decline in a row. Expectations for further declines in exports from Iran, ahead of the implementation of U.S. oil sanctions on the country in November, also contributed to the price climb. October West Texas Intermediate oil rose $1.27, or 1.8%, to settle at $71.12 a barrel on the New York Mercantile Exchange. That was the highest for a front-month contract...

Dow, S&P 500 Gain; Financial Stocks a Boost

The S&P 500 and the Dow Jones Industrial Average rose on Wednesday, with the Dow hitting its highest closing level since late January, as rising Treasury yields boosted financial stocks and trade worries subsided. Based on the latest available data, the Dow Jones Industrial Average rose 159.41 points, or 0.61 percent, to 26,406.37, the S&P 500 gained 3.62 points, or 0.12 percent, to 2,907.93 and the Nasdaq Composite dropped 6.07 points, or 0.08 percent, to 7,950.04. Source : Reuters

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