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Gold futures settle at their highest in a week

Gold futures climbed Thursday to mark their highest settlement in a week, buoyed by losses in global stock markets and expectations that the U.S. and China are headed for a prolonged trade dispute. June gold added $11.20, or 0.9%, to settle at $1,285.40 an ounce on Comex. Among other precious metals, silver rose 1.2% to $14.62 per ounce, while palladium edged 0.2% higher to $1,316.80. Platinum rose 0.2% to $800.52 an ounce, after touching the lowest since Feb. 15 at $791 earlier in the...

Hong Kong Stocks Finish With Steep Losses (Review)

Shares tumbled in Hong Kong and Shanghai on Thursday as traders fret about growing tensions between China and the US, with tech and energy firms among the worst performers. The Hang Seng Index dived 1.58 percent, or 438.81 points, to 27,267.13. The benchmark Shanghai Composite Index sank 1.35 percent, or 39.18 points, to 2,852.52, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, lost 2.43 percent, or 37.48 points, to 1,503.37. Source : AFP

Tokyo stocks open lower on trade worries

Tokyo stocks opened lower on Friday on worries over the US-China trade war as bellicose rhetoric persisted between Washington and Beijing, pushing the safe-haven yen higher against the dollar. The benchmark Nikkei 225 index lost 0.94 percent, or 199.04 points, to 20,952.10 in early trade, while the broader Topix Index was down 0.86 percent or 13.26 points at 1,527.32. Source: AFP

Wall Street Plunges on Trade, Growth Worries

Stocks took a beating Thursday as investors worried that a U.S.-China trade war could drag on indefinitely and sap global growth. The only good news was that the major indexes bounced off their lows in the last hour of trading. The Dow Jones Industrial Average fell 1.1% or 286.14 to 25,490.47 . The S&P 500 slumped 1.2% or 34.65 to 2,821.62 and the Nasdaq Composite dropped 1.6% or 122.56 to 7,628.28. Stocks have succumbed to selling pressure in May after Washington and Beijing engaged in...

Oil Settles Down 6% in Worst Trading Day of 2019

Oil prices plunged nearly 6% Thursday in this year's worst drop and the worst fall since the start of OPEC production cuts in December. The escalating U.S.-China trade war and huge crude pileups from weak refiner demand combined to roil the market. West Texas Intermediate futures, the benchmark for U.S. crude, fell below key $60 per barrel support, settling down $3.51 , or 5.7%, at $57.91 per barrel. London Brent futures, the global benchmark for oil, lost its $70-per-barrel perch, falling...

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Wall St., Main St. Split On Short-Term Outlook For Gold Prices
Monday, 22 April 2019 15:34 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street leans slightly bearish and Main Street slightly bullish in the weekly Kitco News gold survey.

Neither the bulls nor the bears had an outright majority in either survey, however. The Wall Street bulls figure gold is due for a corrective bounce higher, while the bears look for the downward momentum to continue due to technical-chart damage and recently stronger equities.

Fifteen market professionals took part in the Wall Street survey. Six voters, or 40%, look for gold to continue its recent slide. Five voters, or 33%, called for higher prices, while the remaining four, or 27%, expect prices to be sideways or were neutral.

Meanwhile, 522 respondents took part in an online Main Street poll. A total of 242 voters, or 46%, called for gold to rise. Another 206, or 39%, predicted gold would fall. The remaining 74 voters, or 14%, saw a sideways market.

In the last survey, Main was bullish while Wall Street was split on gold for the last week. As of 11:10 a.m. EDT, Comex June gold futures were trading down 1.3% for the week so far at $1,277.80 an ounce.

œI think you will see more downside just because of the fact that equities are so strong now, said Bob Haberkorn, senior commodities broker with RJO Futures. œWith equities [up] there, it will be hard for gold to stage a rally.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for June gold to edge lower still toward the 200-day moving average around $1,266.90. However, he added, the market may find support there and bounce, particularly since an upside breakout occurred from around here late last year.

œI think we still come down and test the 200-day average, Nedoss said. œThere is enough momentum to the downside. The dollar [index] keeps testing that 97 level.

Meanwhile, Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, looks for gold to bounce after becoming œoversold during the recent downdraft.

œOn a longer-term basis, the dollar needs to decline for gold to move meaningfully higher and on a sustained basis, Day added.

Afshin Nabavi, head of trading at trading house MKS (Switzerland) SA, also looks for gold to stage a recovery after some bulls exited in response to recent U.S. dollar strength.

œ[The] $1,270 [area] held rather well, he said. œI wouldn™t be surprised if this week, when everyone is back on Tuesday [following Easter weekend], we see a move back up again if there are no fresh surprises in the market.

Mark Leibovit, editor of the VR Gold Letter, said he is bullish on gold overall, but for now is œneutral until the summer cyclical lows are posted.

Sean Lusk, director of commercial hedging with Walsh Trading, looks for a steady market this week. Technically, a move above $1,282 portends further strength, he said. But if prices remain below, they could test the 200-day moving average the around $1,267 neighborhood. Keys will be whether equities remain elevated and the next move in the U.S. dollar, he added.

Source: Kitco News

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POPULAR NEWS
Gold futures settle at their highest in a week

Gold futures climbed Thursday to mark their highest settlement in a week, buoyed by losses in global stock markets and expectations that the U.S. and China are headed for a prolonged trade dispute. June gold added $11.20, or 0.9%, to settle at $1,285.40 an ounce on Comex. Among other precious metals, silver rose 1.2% to $14.62 per ounce, while palladium edged 0.2% higher to $1,316.80. Platinum rose 0.2% to $800.52 an ounce, after touching the lowest since Feb. 15 at $791 earlier in the...

Hong Kong Stocks Finish With Steep Losses (Review)

Shares tumbled in Hong Kong and Shanghai on Thursday as traders fret about growing tensions between China and the US, with tech and energy firms among the worst performers. The Hang Seng Index dived 1.58 percent, or 438.81 points, to 27,267.13. The benchmark Shanghai Composite Index sank 1.35 percent, or 39.18 points, to 2,852.52, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, lost 2.43 percent, or 37.48 points, to 1,503.37. Source : AFP

Tokyo stocks open lower on trade worries

Tokyo stocks opened lower on Friday on worries over the US-China trade war as bellicose rhetoric persisted between Washington and Beijing, pushing the safe-haven yen higher against the dollar. The benchmark Nikkei 225 index lost 0.94 percent, or 199.04 points, to 20,952.10 in early trade, while the broader Topix Index was down 0.86 percent or 13.26 points at 1,527.32. Source: AFP

Wall Street Plunges on Trade, Growth Worries

Stocks took a beating Thursday as investors worried that a U.S.-China trade war could drag on indefinitely and sap global growth. The only good news was that the major indexes bounced off their lows in the last hour of trading. The Dow Jones Industrial Average fell 1.1% or 286.14 to 25,490.47 . The S&P 500 slumped 1.2% or 34.65 to 2,821.62 and the Nasdaq Composite dropped 1.6% or 122.56 to 7,628.28. Stocks have succumbed to selling pressure in May after Washington and Beijing engaged in...

Oil Settles Down 6% in Worst Trading Day of 2019

Oil prices plunged nearly 6% Thursday in this year's worst drop and the worst fall since the start of OPEC production cuts in December. The escalating U.S.-China trade war and huge crude pileups from weak refiner demand combined to roil the market. West Texas Intermediate futures, the benchmark for U.S. crude, fell below key $60 per barrel support, settling down $3.51 , or 5.7%, at $57.91 per barrel. London Brent futures, the global benchmark for oil, lost its $70-per-barrel perch, falling...

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