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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 notches back-to-back gains to hit another 6-year peak

Gold futures fell on Thursday after the precious commodity notched a fresh six-year high Wednesday, prompted by a cocktail of lower debt yields, a pause in dollar strength and bullish comments from a prominent hedge-fund investor. August gold trading on Comex tacked on $4.80, or 0.3%, to settle at $1,428.10 an ounce, after climbing by 0.9% on Wednesday. The latest settlement was the highest for a most-active contract since May 13, 2013, FactSet data show. September silver added 22.7 cents,...

Dollar Held Back by Lower U.S. Yields, Rebound in Pound

The dollar nursed light losses on Thursday, weighed down by lower U.S. yields and a rebound in the pound from 27-month lows. The dollar index versus a basket of six major currencies was flat at 97.200 after shedding 0.2% the previous day. The index had climbed to a one-week peak of 97.444 the previous day on stronger-than-expected U.S. retail sales and a slump in sterling. But it nudged lower as Treasury yields fell in the wake of weak U.S. housing market data and concerns about the...

Gold edges lower, takes a breather after touching fresh 6-year peak

Gold futures were trading little changed on Thursday after the precious commodity notched a fresh six-year high Wednesday, prompted by a cocktail of lower debt yields, a pause in dollar strength and bullish comments from a prominent hedge-fund investor. August gold trading on Comex edged $1.20, or 0.1%, at $1,422 an ounce, after it jumped $12.10, or 0.9%, on Wednesday, notching its highest finish for a most active contract since May 14, 2013, FactSet data show. Prices took a leg slightly...

Oil Drops by Nearly 3%, With U.S. Prices at Lowest in a Month

Oil futures dropped by nearly 3% on Thursday, sending U.S. prices to their lowest finish in roughly a month. Prices reversed earlier gains, "reacting to the weakness in U.S. equities and over expectations of a production rise from the U.S. Gulf of Mexico region, coming back into service after last week's Hurricane Barry disrupted production," said Mihir Kapadia, chief executive officer of Sun Global Investments. August West Texas Intermediate oil lost $1.48, or 2.6%, to settle at $55.30 a...

Gold Slips From Near 6-Year High; Silver Extends Rally

Gold slipped from near the highest level in six years as investors weighed the scale of expected interest rate cuts by the Federal Reserve this year. Silver rose to a five-month high. With just two weeks until the Fed™s policy meeting, the central bank™s anecdotal Beige Book report suggested the outlook was generally positive and the labor market remains tight -- but companies are still struggling to pass on higher wages and tariff-related costs to customers. Expectations...

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