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Gold prices settle at nearly two-week peak

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Wall St., Main St. Look For Gold To Regain Its Shine
Monday, 11 February 2019 11:38 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street both remain bullish in the weekly Kitco News gold survey, in essence considering last week's pullback as a correction in a market that still is still in an uptrend.

Fifteen market professionals took part in the Wall Street survey. There were 11 votes, or 73%, calling for higher prices. There were two votes each, or 13%, for both lower and sideways.

Meanwhile, 467 respondents took part in an online Main Street poll. A total of 259 voters, or 55%, called for gold to rise. Another 129, or 28%, predicted gold would fall. The remaining 79 voters, or 17%, see a sideways market.

In the last survey, nearly two-thirds of Wall Street and Main Street was bullish on gold.

œI remain bullish on gold for this week, said Colin Cieszynski, chief market strategist at SIA Wealth Management. œA recent correction appears to have run its course with gold having successfully tested $1,305 support and the price starting to turn back upward again. With another U.S. government shutdown looming, Brexit talks going nowhere, U.S.-China trade talks having normal ups and downs, and earnings season continuing, there is a lot going on to keep the volatility pot boiling and defensive havens like gold still attractive to some investors.

Kevin Grady, president of Phoenix Futures and Options, also looks for further price appreciation as long as gold holds above $1,305.

œWe™re kind of in a step-up pattern technically, said Daniel Pavilonis, senior commodities broker with RJO Futures. œI think stocks are still going to be weak, but I think the metals will be higher.

Phil Flynn, senior market analyst with at Price Futures Group, also looks for the precious metal to trade higher, citing its ability to bounce late in the week even as the U.S. dollar remained strong. The continuing U.S.-China trade spat could prompt some safe-haven buying, he continued.

œGenerally speaking, gold has been a forgotten asset for a while, Flynn said. œIt is starting to look better from a technical standpoint.

Jim Wyckoff, senior technical analyst with Kitco, also said higher, commenting that the œtrend is still up and the downside correction is likely near an end.

Afshin Nabavi says the area around $1,302 is becoming a strong support and the market could move higher. œThe concerns over U.S.-China trade dispute [and] eventual possibility of another government shutdown would make me think of a push towards $1,350ish area, he said.

Meanwhile, independent technical analyst Darin Newsom is one of those who sees gold moving lower.

œI still see April gold moving into a secondary downtrend on its weekly chart, Newsom said, citing bearish crossovers by weekly Stochastics above the overbought 80% mark.

œThe U.S. dollar index moved to a new four-week high last week, indicating more strength ahead, which should mean increased pressure on gold.

Phillip Streible, senior market strategist with RJO Futures, looks for gold to be in a sideways pattern. œI wouldn™t be surprised that we have a new defined range between $1,306-$1,330."

Source: Kitco

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POPULAR NEWS
Gold prices settle at nearly two-week peak

Gold futures edged higher on Monday, settling at their highest in almost two weeks as prices extended recent gains scored on the back of expectations for a U.S. Federal Reserve interest-rate cut at the end of the month. Gold for August delivery on Comex added $1.30, or about 0.1%, to settle at $1,413.50 an ounce. That™s the highest most-active contract settlement since July 3, which saw a finish at $1,420.90”the highest since May 2013, FactSet data show. September silver also rose 12.9...

Gold prices end lower; silver rallies to highest finish since February

Gold ended lower on Tuesday as a rise in U.S. retail sales contributed to a stronger U.S. dollar, pressuring prices for the precious metal. The upbeat retail sales number, however, also lifted prices for silver, brightening the metal™s industrial demand prospects. August gold trading on Comex fell $2.30, or 0.2%, to settle at $1,411.20 an ounce. On Monday, the yellow metal booked its highest most-active contract settlement since July 3, which saw a finish at $1,420.90”the highest since...

Gold steadies on mixed Chinese data, higher equities curb gains

Gold steadied on Monday after data showed Chinese economic growth slowed to its weakest in about 27 years, while gains in equities curbed appetite for bullion as investors latched onto some positive readings from the world's second-biggest economy. China's second-quarter annual GDP growth fell to a 27-year low of 6.2% as expected, but its quarterly growth reading of 1.6% beat forecasts. June reports on industrial production, retail sales and urban investment were above expectations. Spot...

Wall St. Leans Neutral/Sideways On Gold Prices, Main St. Bullish

Wall Street traders and analysts are undecided or else look for gold prices to be sideways this week, while Main Street remained bullish, according to the weekly Kitco News gold survey. The largest block of Wall Street voters were in the neutral/sideways camp, while the rest were nearly evenly split between bulls and bears. This was the first time Wall Street was not bullish since May 10, when the professionals were also neutral. Sixteen market professionals took part in the Wall Street...

Hong Kong shares end higher on upbeat China data (Review)

Hong Kong shares rose on Monday after China's upbeat retail sales and factory output numbers pointed to some stabilisation in the world's second-largest economy, and as China's second-quarter economic growth met expectations. At the close of trade, the Hang Seng index was up 83.26 points, or 0.29%, at 28,554.88. The Hang Seng China Enterprises index rose 0.47% to 10,838.99. The sub-index of the Hang Seng tracking energy shares rose 0.1%, while the IT sector gained 1.37%, the financial sector...

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