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Gold prices settle higher, head lower after Fed decision

Gold futures settled higher on Wednesday, then inched lower in electronic trading after the Federal Reserve held a key U.S. interest rate steady at a range of 1.5% to 1.75%, as expected. Following the Fed news, which came after gold futures settled, February gold was at $1,473.10 an ounce in electronic trading. It had ended the session up $6.90, or 0.5%, at $1,475 an ounce. Source: Marketwatch

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There Are No Bears On Wall St.; Main St. Also Sees Higher Prices
Monday, 3 June 2019 11:53 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street look for gold to maintain its newfound upward momentum in this week, based on the weekly Kitco News gold survey.

After two weeks before winds down, gold is getting a lift as equities slide more than 1% across the board. The most recent downdraft in the equity market was triggered by tweets from President Donald Trump, threatening Mexico with tariffs due to the immigration issue.

Fifteen market professionals took part in the Wall Street survey. A total of 11 voters, or 73%, called for gold to rise. Nobody cast a vote for lower, while four voters, or 27%, predicted a sideways market or were neutral.

Meanwhile, 448 respondents took part in an online Main Street poll. A total of 242 voters, or 54%, called for gold to rise. Another 123, or 27%, predicted gold would fall. The remaining 83 voters, or 19%, saw a sideways market.

In the last survey, Main Street and Wall Street were both bullish. As of 11:21 a.m. EDT last week, they were right, with Comex August gold futures were trading up 1.3% for the week so far at $1,305.60 an ounce.

Phil Flynn, senior market analyst with at Price Futures Group, sees gold benefitting further from some of the same factors boosting the metal.

"New tariff threats and tweets has risk aversion coming back and is going to support gold this week," Flynn said.

Colin Cieszynski, chief market strategist, at SIA Wealth Management, also said he is bullish on gold due to geopolitical uncertainty after U.S. President Donald Trump threatened Mexico with a 5% tariffs on imported goods.

"A few weeks ago, we thought the new free-trade agreement was settled and then the president blows it up with one tweet," Cieszynski said. "The latest tariff news shows that nothing with this government is settled, and that underscores the uncertainty in financial markets. The gold market will do well in this uncertain environment."

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, figures gold may get a bid from political developments.

"Although the dollar remains high as U.S. growth and U.S. interest rates are higher than most other major economies, there is a gathering storm in Washington as more Democrats, in the House and among those running for president, voice support for impeachment," Day said.

Peter Hug, trading director with Kitco Metals, is also upbeat on the precious metal.

"Short-term movements are vagaries in the market," Hug said. "A break above the $1,302 level should see further upside in the immediate term. The escalation of the U.S. tariff war, now to include Mexico, we see as a direct tax on American consumers, which should begin to slow demand and decelerate growth in the U.S.

"The U.S. equity market is extremely vulnerable and the Fed may lower rates as early as June, which should begin to negatively affect the dollar. As such, we maintain a constructive outlook on the gold price and suspect the low for 2019 may be in."

Bill Baruch, president of Blue Line Futures, said the environment is constructive for gold as the U.S. dollar index struggles around 98 and 10-year Treasury notes are near a two-year low. However, he added that investors should still remain cautious and not chase the market at current levels.

Darin Newsom, an independent technical analyst, also sees gold rising.

"The secondary (intermediate-term) uptrend in August gold continues to strengthen, with initial resistance at its four-week high of $1,310.10," he said. "Beyond that, the target is near $1,317.40, a price that marks the 50% retracement of the previous secondary downtrend from $1,361.50 through the low of $1.273.10."

Jim Wyckoff, senior technical analyst with Kitco, said "bulls now have technical momentum."

Mark Leibovit, editor of the VR Gold Letter, said he is neutral, waiting for confirmation of a seasonal low.

Source: Kitco News

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POPULAR NEWS
Gold prices settle higher, head lower after Fed decision

Gold futures settled higher on Wednesday, then inched lower in electronic trading after the Federal Reserve held a key U.S. interest rate steady at a range of 1.5% to 1.75%, as expected. Following the Fed news, which came after gold futures settled, February gold was at $1,473.10 an ounce in electronic trading. It had ended the session up $6.90, or 0.5%, at $1,475 an ounce. Source: Marketwatch

Gold ends lower as Trump tweet raises optimism that trade deal with China near

Gold prices ended lower on Thursday as President Donald Trump's tweet that a trade deal with China is near rallied the stock market, dulling demand for the haven metal. Gold prices had been trading higher early Thursday, with uncertainties surrounding a U.K. election and dovish stances by the Federal Reserve and the European Central Bank helping to provide support. February gold  fell by $2.70, or 0.2%, to settle at $1,472.30 an ounce, down significantly from the day's high of...

Gold Extends Decline After Trade Breakthrough, U.K. Election

Gold headed for a back-to-back decline as President Donald Trump signed off on a so-called phase-one trade deal with China and an exit poll indicated a comfortable majority for the governing Conservative Party in the U.K.'s national election. Bullion for immediate delivery fell as much as 0.5% in early trading Friday and was 0.3% lower at $1,465.53/oz as of 7:48 a.m. in Singapore. The metal declined 0.3% Thursday. Traders pulled $275 million from the VanEck Vectors Junior Gold Miners...

Gold to Extend Gain as Citi Says Low U.S. Rates Here to Stay

Gold™s got more room to rally as there™s little possibility of the Federal Reserve raising interest rates in 2020, according to Citigroup Inc (NYSE:C). Futures on the Comex will average $1,575 an ounce in 2020, and could climb above $1,600, with an upside bias seen at the end of the year, Doshi said. Prices traded around $1,478 on Thursday, up about 15% this year. Bullion is heading for the biggest annual gain since 2010 as central banks globally embraced looser monetary policy to try to...

Oil prices end lower after unexpected climb in weekly U.S. crude inventory data

Oil futures finished lower on Wednesday after U.S. government data showed an unexpected climb in domestic supplies of crude oil, as well as sizable gains in gasoline and distillate stockpiles. Prices showed little reaction to the Federal Reserve™s decision to hold its benchmark interest rate unchanged in a range of 1.5% and 1.75%. On Wednesday, West Texas Intermediate crude for January delivery declined 48 cents, or 0.8%, to settle at $58.76 a barrel on the New York Mercantile Exchange. On...

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