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Gold steady as Brexit deal lifts stocks, pressures dollar

Gold prices held steady on Friday after Britain managed to eke out a deal for its exit from the European Union, lifting risk appetite, while a sluggish dollar provided support to the metal. Spot gold was unchanged at $1,491.62 an ounce as of 00:57 GMT. U.S. gold futures shed 0.2% to $1,495.40 per ounce. Asian shares inched higher following Britain's deal with the European Union, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.1%. The dollar slipped to a near eight-week...

China's GDP growth slows to 6%, Industrial Production betters estimates

China's economy slowed sharply in the third quarter, courtesy of the trade tensions with the US, the official data released at 02:00 GMT showed. The annualised third quarter gross domestic product (GDP) came in at 6%, missing the forecasted print of 6.1% and down from the preceding quarter's GDP of 6.2%. However, the Industrial Production rose 5.8% year-on-year in September, beating the forecasted figure of 5% by a big margin. The preceding month's figure has been left unrevised at...

Sterling holds gains near five-month top on Brexit deal, but hurdles remain

The British pound traded near a five-month high against the dollar and the euro after British Prime Minister Boris Johnson and European Union leaders agreed a new deal for Britain to exit the bloc. Sterling's gains on the dollar helped push the greenback to a five-month low versus the euro and a three-week low against the Swiss franc. The yuan held steady against the dollar in offshore trade before the release of China's GDP data. Economists have forecast the economy will grow at the weakest...

Gold Dips On Day, But Up On Week Ahead of Brexit Vote

Gold posted a weekly gain but safe-haven investors and those traditionally long the yellow metal largely sat out of Friday™s market, letting prices dip, with few leads to chase, ahead of a weekend parliament vote on the U.K. bid to leave the EU. After early gains in the day on the prospects that Britain™s Brexit hopes and U.S.-China trade deal aspirations will be dashed again, gold dipped in later hours on signs that fewer central banks around the world might ramp up on another round of...

Hong Kong, Shanghai stocks end with losses (Review)

Shares in Hong Kong and Shanghai sank on Friday after data showed China's economy growing at its slowest pace for almost 30 years. The Hang Seng Index fell 0.48 percent, or 128.91 points, to 26,719.58. The benchmark Shanghai Composite Index fell 1.32 percent, or 39.19 points, to 2,938.14, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 1.17 percent, or 19.20 points, to 1,616.72. Source: AFP

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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 steady as Brexit deal lifts stocks, pressures dollar

Gold prices held steady on Friday after Britain managed to eke out a deal for its exit from the European Union, lifting risk appetite, while a sluggish dollar provided support to the metal. Spot gold was unchanged at $1,491.62 an ounce as of 00:57 GMT. U.S. gold futures shed 0.2% to $1,495.40 per ounce. Asian shares inched higher following Britain's deal with the European Union, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.1%. The dollar slipped to a near eight-week...

China's GDP growth slows to 6%, Industrial Production betters estimates

China's economy slowed sharply in the third quarter, courtesy of the trade tensions with the US, the official data released at 02:00 GMT showed. The annualised third quarter gross domestic product (GDP) came in at 6%, missing the forecasted print of 6.1% and down from the preceding quarter's GDP of 6.2%. However, the Industrial Production rose 5.8% year-on-year in September, beating the forecasted figure of 5% by a big margin. The preceding month's figure has been left unrevised at...

Sterling holds gains near five-month top on Brexit deal, but hurdles remain

The British pound traded near a five-month high against the dollar and the euro after British Prime Minister Boris Johnson and European Union leaders agreed a new deal for Britain to exit the bloc. Sterling's gains on the dollar helped push the greenback to a five-month low versus the euro and a three-week low against the Swiss franc. The yuan held steady against the dollar in offshore trade before the release of China's GDP data. Economists have forecast the economy will grow at the weakest...

Gold Dips On Day, But Up On Week Ahead of Brexit Vote

Gold posted a weekly gain but safe-haven investors and those traditionally long the yellow metal largely sat out of Friday™s market, letting prices dip, with few leads to chase, ahead of a weekend parliament vote on the U.K. bid to leave the EU. After early gains in the day on the prospects that Britain™s Brexit hopes and U.S.-China trade deal aspirations will be dashed again, gold dipped in later hours on signs that fewer central banks around the world might ramp up on another round of...

Hong Kong, Shanghai stocks end with losses (Review)

Shares in Hong Kong and Shanghai sank on Friday after data showed China's economy growing at its slowest pace for almost 30 years. The Hang Seng Index fell 0.48 percent, or 128.91 points, to 26,719.58. The benchmark Shanghai Composite Index fell 1.32 percent, or 39.19 points, to 2,938.14, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 1.17 percent, or 19.20 points, to 1,616.72. Source: AFP

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