DJIA
Last loading.. Chg. loading..
FTSE
Last loading.. Chg. loading..
NDXI
Last loading.. Chg. loading..
POPULAR NEWS
Gold futures post a nearly 4% weekly gain

Gold futures rallied on Friday, posting a gain of 3.9% for the week and logging their highest most-active contract settlement since February 2013. "Gold has broken out of its historical shackles as a niche asset... and is on its way to much higher levels," said Peter Grosskopf, chief executive officer at Sprott, in emailed commentary. April gold rose $28.30, or nearly 1.8%, to settle at $1,648.80 an ounce. The weekly percentage climb was the largest since June, according to FactSet...

Hong Kong Stocks Close Lower on Virus Worries (Review)

Hong Kong stocks closed sharply lower Friday as the rising toll from the deadly coronavirus outside China fanned fears the epidemic's impact on earnings and economic growth could be worse than anticipated. The Hang Seng Index fell 1.1 percent, or 300.35 points, to 27,308.81. Mainland China's benchmark Shanghai Composite Index closed up 0.3 percent, or 9.52 points, to 3,039.67. The Shenzhen Composite Index, which tracks stocks on China's second exchange, was up 1.1 percent, or 21.21 points,...

Stocks end lower, post weekly loss, as coronavirus spread fans fears of global slowdown

Stocks ended broadly lower Friday, leaving major indexes with weekly losses. Analysts tied weakness to worries about the spread of COVID-19 outside China and the potential impact on global economic growth and supply chains. The Dow Jones Industrial Average fell around 227 points, or 0.8%, to end near 28,993, according to preliminary figures, while the S&P 500 lost around 36 points, or 1.1%, to finish near 3,338. The Nasdaq Composite dropped around 174 points, or 1.8%, ending near...

Pompeo Meets with New Oman Leader

U.S. Secretary of State Mike Pompeo arrived in Oman Friday for a meeting with the country's new ruler, Sultan Haitham bin Tariq Al Said. Pompeo will also pay homage to relatives of Sultan Qaboos bin Said, who died in January. Oman has close ties with Iran and Saudi Arabia, where Pompeo departed from earlier Friday after a three-day visit. Pompeo and Saudi King Salman discussed regional security issues presented by Iran Thursday in Riyadh. Pompeo also met with Saudi Crown Prince Mohammed bin...

Oil futures finish lower for the session, but gain for the week

Oil futures fell on Friday, pressured by the possibility of a breakdown in the oil alliance between Saudi Arabia and Russia, as the market continues to worry that the spread of COVID-19 will slow energy demand. Saudi Arabia is weighing a break in its alliance with Russia and holding talks with Kuwait and the United Arab Emirates to discuss a cut of as much as 300,000 barrels a day, The Wall Street Journal reported Friday. Saudi Energy Minister Prince Abdulaziz bin Salman, however, told...

Home

Wall St, Main St. Look For Still-Higher Gold Prices
Monday, 17 June 2019 14:43 WIB | GOLD CORNER |Gold OutlookGold Corner

Gold hit its highest levels in more than a year on Friday, and Wall Street and Main Street look for the momentum to continue this week, based on the weekly Kitco News gold survey.

The metal has been underpinned by continuing trade tensions between the U.S. and its partners, resulting in worries about an economic slowdown that in turn has market participants looking for a rate cut from the U.S. Federal Open Market Committee before the end of the summer. Attacks on a pair of tankers in the Middle East prompted additional buying. And whenever markets break higher, they generate technical-chart momentum.

Twenty-two market professionals took part in the Wall Street survey. A total of 16 voters, or 73%, called for gold to rise. There were three votes each, or 14%, for either lower or sideways/neutral.

Meanwhile, 558 respondents took part in an online Main Street poll. A total of 389 voters, or 70%, called for gold to rise. Another 122, or 22%, predicted gold would fall. The remaining 47 voters, or 8%, saw a sideways market.

In the last survey, Main Street and Wall Street were both bullish. As of 11 a.m. EDT on Friday, they were right, with Comex August gold futures were trading up 0.4% for the week so far at $1,351.40 an ounce. The contract traded as high as $1,362.20 an ounce, its highest level since April 2018.

"With the tensions escalading between Iran and the U.S. as well as all the tariffs on and off, I think gold has a good potential to see new highs," said Afshin Nabavi, head of trading at MKS. "This week, [the] FOMC will have a meeting on Wednesday¦and the market thinks they may want to cut interest rates."

Richard Baker, editor of the Eureka Miner's Report, commented that not only has gold benefited from its role as a safe haven, but real interest rates remain suppressed given high demand for U.S. Treasury notes, which he noted is a bullish development for non-interest-bearing assets like gold.

"As oil prices have fallen on weakening demand, gold has proved resilient and, more recently, on the move higher," Baker said. "A gold price model based on Brent [crude], 10-year real rates, [the] euro and Japanese yen demonstrates high fidelity since early March. That model suggests that Comex gold should return to Friday morning's highs closing above $1,360 per ounce this week. Silver should follow above the $15-per-ounce level."

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, also said higher. "Importantly, sentiment seems to be changing, and so bullish factors are starting to be reflected in the price," Day said.

Jim Wyckoff, senior technical analyst with Kitco News, said he looks for gold to keep rising since the charts turned more bullish.

"Gold is in a solid bull market," said Phil Flynn, senior market analyst with at Price Futures Group. "Increased geopolitical risks as well as concerns about the global economy will give gold a bid. More talk of a slower global economy will have investors looking at gold as a hedge."

Mark Leibovit, publisher of VR Metals/Resource Letter, said the seasonal low is "behind us" and "an attack at $1,370 in the gold is in the near-term horizon."

Meanwhile, Ole Hansen head of commodity strategy at Saxo Bank, said he is short-term bearish on gold, citing the risk that the Federal Reserve does not prepare markets for a July rate cut. However, he added that he would look to buy dips as weak economic data point to a slower U.S. economy and will prompt the Fed to eventually cut rates.

David Madden, market analyst at CMC markets, also described himself as bearish, not expecting the Fed to set the stage for a July rate cut.

"Some traders are getting ahead of themselves in many different markets, not just gold," he said. "If the Fed doesn™t tee up a rate cut for July, then that would cause sentiment to dramatically shift."

Two participants said they are neutral-sideways camp.

"I am neutral on gold for this week because I think it could potentially stage big moves in both directions in the coming days," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "While gold is breaking out last Friday, if the Fed is not as dovish this week as some on the Street seem to be hoping, the U.S. dollar could bounce back."

Neil Mellor, currency strategist at Bank of New York Mellen, also said he is neutral on gold and the U.S. dollar, as he expects the Federal Reserve strikes a neutral note and rate-cut expectations get pushed to later in the year.

Source: Kitco News

RELATED NEWS
Gold Prices To Stay Healthy Amid Continuing Virus Worries...
Monday, 17 February 2020 15:49 WIB

Voters in the weekly Kitco gold survey are bullish on the metal this week, citing gold's ability to hold up even when the dollar and equities strengthen, technical factors and ongoing worries about ho...

Equity Market Rally Doesn't Dampen Sentiment In Gold Market...
Monday, 10 February 2020 11:11 WIB

Voters in the weekly Kitco gold survey remain bullish on the metal, with Wall Street analysts continuing to cite expected safe-haven buying of the precious metal due to worries about the impact of the...

Virus fears expected to keep fueling gold rally...
Monday, 3 February 2020 11:49 WIB

Voters in the weekly Kitco News gold survey remain bullish on the yellow metal for this week, with traders and analysts citing ongoing worries about the economic fallout from the coronavirus that hit ...

Gold eyes $1,600 as Fed meeting, new virus threat in focus this week...
Monday, 27 January 2020 11:49 WIB

Gold is well supported and has room to run higher this week as analysts point to the Federal Reserve meeting and the spread of the new corona virus as the two key issues to keep an eye on. The yellow...

Wall Street, Main Street expect gold price uptrend to continue...
Monday, 20 January 2020 10:52 WIB

Wall Street and Main Street alike look for gold to continue the recent bounce this week.             Thirteen market professionals took par...

POPULAR NEWS
Gold futures post a nearly 4% weekly gain

Gold futures rallied on Friday, posting a gain of 3.9% for the week and logging their highest most-active contract settlement since February 2013. "Gold has broken out of its historical shackles as a niche asset... and is on its way to much higher levels," said Peter Grosskopf, chief executive officer at Sprott, in emailed commentary. April gold rose $28.30, or nearly 1.8%, to settle at $1,648.80 an ounce. The weekly percentage climb was the largest since June, according to FactSet...

Hong Kong Stocks Close Lower on Virus Worries (Review)

Hong Kong stocks closed sharply lower Friday as the rising toll from the deadly coronavirus outside China fanned fears the epidemic's impact on earnings and economic growth could be worse than anticipated. The Hang Seng Index fell 1.1 percent, or 300.35 points, to 27,308.81. Mainland China's benchmark Shanghai Composite Index closed up 0.3 percent, or 9.52 points, to 3,039.67. The Shenzhen Composite Index, which tracks stocks on China's second exchange, was up 1.1 percent, or 21.21 points,...

Stocks end lower, post weekly loss, as coronavirus spread fans fears of global slowdown

Stocks ended broadly lower Friday, leaving major indexes with weekly losses. Analysts tied weakness to worries about the spread of COVID-19 outside China and the potential impact on global economic growth and supply chains. The Dow Jones Industrial Average fell around 227 points, or 0.8%, to end near 28,993, according to preliminary figures, while the S&P 500 lost around 36 points, or 1.1%, to finish near 3,338. The Nasdaq Composite dropped around 174 points, or 1.8%, ending near...

Pompeo Meets with New Oman Leader

U.S. Secretary of State Mike Pompeo arrived in Oman Friday for a meeting with the country's new ruler, Sultan Haitham bin Tariq Al Said. Pompeo will also pay homage to relatives of Sultan Qaboos bin Said, who died in January. Oman has close ties with Iran and Saudi Arabia, where Pompeo departed from earlier Friday after a three-day visit. Pompeo and Saudi King Salman discussed regional security issues presented by Iran Thursday in Riyadh. Pompeo also met with Saudi Crown Prince Mohammed bin...

Oil futures finish lower for the session, but gain for the week

Oil futures fell on Friday, pressured by the possibility of a breakdown in the oil alliance between Saudi Arabia and Russia, as the market continues to worry that the spread of COVID-19 will slow energy demand. Saudi Arabia is weighing a break in its alliance with Russia and holding talks with Kuwait and the United Arab Emirates to discuss a cut of as much as 300,000 barrels a day, The Wall Street Journal reported Friday. Saudi Energy Minister Prince Abdulaziz bin Salman, however, told...

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.