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Gold Edges Up On Chinese Worry Over Trump Impeachment

Gold was back on track to being a hedge to the trade war on Monday after talk of Beijing™s anxiety over President Donald Trump™s impeachment proceedings pricked the prospective U.S.-China trade bubble. Both bullion and futures of gold recovered from their Friday dip to attempt a return to the $1,480 mark and the bigger $1,500 target as a risk-off mode prevailed across markets. Wall Street indices, however, set new highs after the Trump administration granted a 90-day extension for U.S....

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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
Gold Edges Up On Chinese Worry Over Trump Impeachment

Gold was back on track to being a hedge to the trade war on Monday after talk of Beijing™s anxiety over President Donald Trump™s impeachment proceedings pricked the prospective U.S.-China trade bubble. Both bullion and futures of gold recovered from their Friday dip to attempt a return to the $1,480 mark and the bigger $1,500 target as a risk-off mode prevailed across markets. Wall Street indices, however, set new highs after the Trump administration granted a 90-day extension for U.S....

Gold Steady With Trade Developments, ETFs in Focus

Gold was little changed after a narrow weekly advance as investors awaited fresh developments on the trade front and weighed data that showed a drop in holdings in bullion-backed exchange-traded funds. U.S. and Chinese negotiators held œconstructive discussions in a call on Saturday to address each side's core concerns in phase one of a deal. That came after President Donald Trump™s administration signaled talks with China over the first phase of a broad agreement are...

Asia stocks mixed as investors watch for US-China trade updates

Stocks in Asia traded mixed on Monday morning as investors look for further developments on U.S.-China trade. Overall, the MSCI Asia ex-Japan index traded 0.05% lower. In Japan, the Nikkei 225 rose fractionally in early trade while the Topix index was largely flat. South Korea™s Kospi slipped 0.13%. Shares in Australia edged lower in morning trade, with the S&P/ASX 200 down about 0.4% as most of the sectors slipped. Investors will continue to monitor developments on U.S.-China trade....

Hong Kong stocks start week with gains (Review)

Hong Kong stocks rose more than one percent Monday, staging a rebound after losing around five percent last week, with trade optimism trumping worries about violent protests in the city. The Hang Seng index jumped 1.35 percent, or 354.43 points, to 26,681.09. The benchmark Shanghai Composite Index rose 0.62 percent, or 17.86 points, to 2,909.20, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.72 percent, or 11.49 points, to 1,617.19. Source : AFP

Tokyo shares open lower with eyes on US-China talks, forex

Tokyo stocks opened slightly lower on Monday with investors watching the forex market and US-China trade talks. The benchmark Nikkei 225 index fell 0.04 percent or 8.70 points to 23,294.62, while the broader Topix index lost 0.10 percent or 1.63 points to 1,695.04. Source : AFP

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