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Gold prices end lower, snap multiday rally

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Wall St., Main St. Look For Gold Prices To Tick Higher
Monday, 8 April 2019 12:06 WIB | GOLD CORNER |Gold OutlookGold Corner

The biggest voting blocs on Wall Street and Main Street look for gold prices to rise over the this week, according to the weekly Kitco News gold survey.

Thirteen market professionals took part in the Wall Street survey. Seven participants, or 54%, described themselves as bullish for the this week. There were three voters each, or 23%, for both bearish and sideways.

Meanwhile, 534 respondents took part in an online Main Street poll. A total of 239 voters, or 45%, called for gold to rise. Another 191, or 36%, predicted gold would fall. The remaining 104 voters, or 19%, saw a sideways market.

In the last survey, Wall Street and Main Street were both bullish on gold for the last week. As of 11 a.m. EDT, Comex June gold futures were trading 0.2% lower for the week so far at $1,295.90 an ounce. So far in 2019, both Wall Street and Main Street are 7-5 in the weekly poll for a winning percentage of 58%.

"Gold should be up," said Phil Flynn, senior market analyst with Price Futures Group. "We held key support this week and we expect that physical demand will pick up."

He pointed out that core inflation remains "calm" and commented that the Federal Reserve probably won't raise interest rates even with a strong U.S. employment number.

Daniel Pavilonis, senior commodities broker with RJO Futures, also looks for gold to bounce from support levels that held around this week's lows.

"This [recent weakness] was a washout and an opportunity to start getting long [establish a bullish position] again," Pavilonis said. "We™re positive now. If we have a strong close today, I think we™ll see a lot of follow-through next week."

Afshin Nabavi, head of trading at trading house MKS (Switzerland) SA, also looks for gold to rise.

"With the geopolitical issues around the world, and the recent test of $1,280s ( yesterday), I can only remain bullish and look for a break above $1,295 and $1,300 level to push the price of the gold to the recent highs of $1,345," Nabavi said.

Charlie Nedoss, senior market strategist with LaSalle Futures Group who correctly predicted that gold would slip two weeks in a row, looks for still another down week. He noted that data still show the economy doing OK.

"I'm still friendly to the dollar," he said, later adding, "That, in turn, will weigh on gold."

Technically, one key will be what June gold does around the 100-day moving average near $1,294.60, Nedoss said. The metal has been below it last week but was hovering nearly right on this as Nedoss spoke. If this fails, the strategist said he does not see "hard support" until the 200-day average of $1,266.50.

Jim Wyckoff, senior technical analyst with Kitco, looks for gold to be "steady and choppy as near-term technicals have turned neutral at best."

Source: Kitco News

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POPULAR NEWS
Gold prices end lower, snap multiday rally

Gold futures finished lower on Monday, following a four-session streak of gains, pressured by uncertainty ahead of a meeting of the U.S. Federal Reserve that's expected to offer hints on the central bank's plan on interest rates. International trade clashes and a concern over a weakening global economy, however, limited losses for the haven metal. The yellow metal for August delivery fell $1.60, or 0.1%, to settle at $1,342.90, after closing Friday action with a weekly loss of 0.1% based on...

Gold poised to snap 4-day rally as metal hits a wall at around $1,370

Gold futures retreated on Monday, after a multiday rally as bullion, which has benefited from concerns about international trade clashes and a weakening global economy. The yellow metal for August delivery fell $7.50, or 0.6%, to $1,337, after closing Friday action wit a weekly loss of 0.1% based on the most-active contract prices as of June 7, FactSet data show. Prices on Friday had climbed to as high as $1,362.20, the highest since April 2018. Some commodity strategists say the precious...

Oil extends last week's sharp retreat as demand worries sour sentiment

Crude oil futures prices fell Monday, with investors digesting worrisome demand updates issued last week and keeping tabs on typically price-supportive risks percolating in the Middle East. On Monday, West Texas Intermediate crude for July delivery fell 58 cents, or 1.1%, to settle at $51.93 a barrel on the New York Mercantile Exchange, following two consecutive session gains. Meanwhile, August Brent crude dropped $1.07, or 1.7%, to $60.94 a barrel on ICE Futures Europe in Monday action....

USD/JPY: Tokyo open welcomes risk-on amid quiet trading

The USD/JPY pair trades little positive to 108.60 by the time Tokyo markets open on Monday. Even though lack of fresh developments concerning the US-China trade tussle and absence of major data confined market moves at the week™s start, the US Dollar (USD) pullback pleased buyers of ex-greenback majors during early Monday. India recently became the second Asian country, other than China, to levy tariffs on the US goods. The democratic country announced tariffs on 28 items from the US to...

Hong Kong Stocks Close Up after Law U-Turn (Review)

Hong Kong stocks closed up Monday as investors cheered a decision by the city's government to suspend plans for a controversial extradition law. The Hang Seng Index rose 0.45 percent, or 122.00 points, to 27,240.35. The benchmark Shanghai Composite Index closed up 0.20 percent, or 5.65 points, at 2,887.62, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, lost 0.20 percent, or 2.94 points, to 1,502.12. Source : AFP

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