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Wall St., Main St. Look For Gold Prices To Keep Bouncing
Monday, 29 April 2019 13:35 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street are both bullish in the weekly Kitco News gold survey, looking for the metal to continue the bounce from the year-to-date low it hit at the start of last week.

The Comex June futures bottomed at $1,267.90 an ounce on Tuesday, but “ assuming they hang onto Friday™s gains “ then proceeded to rise for three days in a row.

Eighteen market professionals took part in the Wall Street survey. Eight voters, or 44%, look for gold to rise this week. Six voters, or 33%, call for lower prices, while the remaining four, or 22%, expect prices to be sideways or were neutral.

Meanwhile, 437 respondents took part in an online Main Street poll. A total of 239 voters, or 55%, called for gold to climb. Another 140, or 32%, predicted gold would fall. The remaining 58 voters, or 13%, saw a sideways market.

In the last survey, Main Street was bullish while Wall Street was bearish on gold for last week. Just before 11 a.m. EDT, Comex June gold futures were trading up 1% for the week so far at $1,289.30 an ounce.

œGold should bounce, said Phil Flynn, senior market analyst with Price Futures Group. œThe dollar looks a bit overpriced, so gold should get some support.

Sean Lusk, director of commercial hedging with Walsh Trading, looks for gold to make further headway to the upside after the recent downdraft held around the 200-day moving average in the area of $1,267 to $1,268. Technically, if the market can break $1,288 level, it can challenge $1,300, he suggested.

œA lot of longs have liquidated themselves out of the market, Lusk said. This means potential for them to re-enter as buyers. œThey™re starting to creep back into the market, Lusk added.

Afshin Nabavi, head of trading at trading house MKS, figures the increased number of shorts (bearish traders) means potential for short covering as those market participants buy to exit those positions.

œIt looks like we held [around] the $1,270 area quite nicely, he said, also citing gold™s ability to snap back after a strong U.S. report on first-quarter gross domestic product Friday.

Meanwhile, Kitco senior technical analyst Jim Wyckoff said prices are in a near-term downtrend, œmeaning the path of least resistance for prices remains sideways to lower. Bob Haberkorn, senior commodities broker with RJO Futures, also looks for renewed downside.

œI think equities will remain strong, which will compete against gold a little bit, Haberkorn said.

David Madden, market analyst at CMC Markets, also said that he is bearish on gold.

œGold™s negative trend is still place even with this bounce, he said. œThe U.S. dollar™s uptrend is clear, and that will be damaging to the gold market.

Meanwhile, Colin Cieszynski, chief market strategist at SIA Wealth Management, he said that he is neutral on gold right now.

œThe technicals in gold look really messy right now. I think we are seeing a trading bounce within a downtrend, he said. The analyst added that it will be hard for gold to rally as the U.S. dollar remains within an elevated trading channel.

œI remain neutral again for gold this week, said Kevin Grady, president of Phoenix Futures and Options. œI think all rallies up to $1,305 should be sold. Gold does not seem to be responding positively to any geopolitical or economic news.

Source: Kitco News

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POPULAR NEWS
Dow's Rise Toward Record High Capped by Roughly 85-Point Drag From Boeing's Stock

U.S. stock benchmarks edged higher Monday, amid optimism over tariff talks and better-than-expected corporate earnings, but a decline in shares of Boeing was capping gains in the blue-chip Dow index. The Dow Jones Industrial Average edged 20 points, or less than 0.1%, higher at 26,790. Boeing Co.™s stock extended its decline to a two-month low, down 3.6%, following a report on Friday that said the company may have misled federal aviation authorities about the safety of the 737 Max jet. The...

Silver Prices Finish Higher as Gold Posts Back-to-Back Declines

Silver futures finished higher on Monday, taking advantage of a rise in appetite for riskier assets while gold posted back-to-back declines as traders kept watch on Britain™s circuitous effort to leave the European Union and awaited developments in the U.S.-China trade fight. December silver rose 2.4 cents, or 0.1%, to settle at $17.602 an ounce after trading as high as $17.895 during the session. Gold for December delivery on Comex meanwhile, ended $6, or 0.4%, lower at $1,488.10 an...

Gold Holds Tight Range Ahead of Key Brexit Vote, Focus on Fed

Gold steadied in a tight range on Tuesday as investors adopted a cautious approach ahead of a crucial Brexit vote, while focus shifted to the U.S. Federal Reserve™s stance on interest rate cuts. Spot gold was steady at $1,484.60 per ounce. U.S. gold futures settled mostly unchanged at $1,487.5. œEverything is really quiet. The biggest factor, with the Fed looming and Brexit on the horizon, in the U.S. is really company earnings right now, said Michael Matousek, head trader at U.S....

Silver prices rally 1.6% -- leaving gold in the dust

Silver futures rallied Monday, taking advantage of a rise in appetite for riskier assets while gold edged slightly higher as traders kept watch on Britain's circuitous effort to leave the European Union and awaited developments in the U.S.-China trade fight. December silver jumped 28 cents, or 1.6%, to $17.850 an ounce. Gold for December delivery on Comex meanwhile, traded $3.90, or 0.3%, higher at $1,498 an ounce. In other metals trade, January platinum was up 0.4% at $899.70 an ounce,...

Oil Futures End Near a 2-Week Low as Investors Fret About Crude Demand

Oil futures settled at a nearly two-week low Monday, as investors failed to shake worries that growing signs of economic weakness will eventually hurt demand for crude oil. West Texas Intermediate crude for November delivery fell 47 cents, or 0.9%, to end at $53.31 a barrel on the New York Mercantile Exchange, after the U.S. benchmark contract posted a 1.7% weekly decline. The November contract, expires at Tuesday™s settlement. Global benchmark Brent crude for December lost 46 cents, or...

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