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Gold settles with a gain for the session and shorter week

Gold futures climbed on Thursday, also posting a gain for the holiday-shortened week, as concerns over the increase in COVID-19 cases in part of the world provided safe-haven support for the metal. Some of that support lacked in the U.S., where data showed better-than-expected jobs growth in June. "The employment numbers are spectacular but an 11% unemployment rate is still elevated," said Jeff Wright, executive vice president of GoldMining Inc. "COVID cases are back on rise and numerous...

Gold futures end lower a day after highest finish since 2011

Gold futures pulled back Wednesday, after settling a day earlier at their highest since 2011. "Gold remains in an uptrend but some fatigue may be kicking in," said Lukman Otunuga, senior research analyst at FXTM. Data from Automatic Data Processing Inc. Wednesday showed that U.S. private-sector employers added 2.37 million jobs in June, less than analysts expected. Still, "some optimism may return over the U.S. economy recovering quicker than expected," something that may hit haven gold, he...

Oil futures end higher, with U.S. prices at their highest since March

Oil futures settled higher on Thursday, buoyed by a hefty decline in last week's U.S. crude supplies and better-than-expected domestic jobs growth in June. August West Texas Intermediate oil rose 83 cents, or 2.1%, to settle at $40.65 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to FactSet data. There will be no regular trading for Nymex oil futures Friday because of the Independence Day holiday. Prices were up...

Stocks rise on positive coronavirus vaccine news, Pfizer gains

Stocks traded higher on Wednesday to kick off the second half of 2020 with market sentiment getting a lift from positive coronavirus vaccine news and strong U.S. economic data. The S&P 500 climbed 0.4% and the Nasdaq Composite advanced 0.5%. The Dow Jones Industrial Average rose 36 points, or 0.2%. At one point, the Dow was up more than 200 points. A study of a coronavirus vaccine candidate being developed by Pfizer and BioNTech showed the drug created neutralizing antibodies. The...

Oil futures score a gain for the session as U.S. supplies show biggest weekly drop of the year

Oil futures settled higher on Wednesday after U.S. government data showed that domestic crude supplies fell by 7.2 million barrels last week, the largest weekly decline so far this year. The fall in stockpiles also followed three consecutive weeks of increases. August West Texas Intermediate oil rose 55 cents, or 1.4%, to settle at $39.82 a barrel on the New York Mercantile Exchange. Source: Marketwatch

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Wall St. Leans Neutral/Sideways On Gold Prices, Main St. Bullish
Monday, 15 July 2019 13:42 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street traders and analysts are undecided or else look for gold prices to be sideways this week, while Main Street remained bullish, according to the weekly Kitco News gold survey.

The largest block of Wall Street voters were in the neutral/sideways camp, while the rest were nearly evenly split between bulls and bears. This was the first time Wall Street was not bullish since May 10, when the professionals were also neutral.

Sixteen market professionals took part in the Wall Street survey. A total of seven voters, or 44%, called for gold to be either sideways or are neutral. There were five votes, or 31%, for higher, while four respondents, or 25%, look for the metal to fall.

Meanwhile, a one-year high of 961 respondents took part in an online Main Street poll. A total of 653 voters, or 67%, called for gold to rise. Another 175, or 18%, predicted gold would fall. The remaining 133 voters, or 14%, saw a sideways market.

In the last survey, Main Street and Wall Street voters alike were bullish. Just before 11 a.m. EDT, last Friday, Comex August gold futures were trading $8.40 higher for the week so far at $1,408.50 an ounce.

Wall Street has a 14-12 winning record for the year, meaning respondents have been right 54% of the time. Main Street is 13-13 for 50%.

Gold prices rebounded last week, after Federal Reserve Chair Jerome Powell remained dovish during his congressional testimony, despite a 224,000 increase in nonfarm payrolls reported in the previous week.

"I expect higher this week on a continuation and follow-through of this past week after the Fed talk," said Bob Haberkorn, senior commodities broker with RJO Futures. The Fed is expected to cut rates, which benefits the yellow metal, he continued.

"Gold has that feel where traders and investors are not waiting to buy dips," he continued. "They™re jumping into it. When you get into that mode, you can go higher."

George Gero, managing director with RBC Wealth Management, said he looks for gold to be "up moderately" this week, now that the market worries about any Federal Reserve hawkishness have been put to rest.

"After Powell's testimony, it's clear that gold will benefit from a more dovish Fed," said Phil Flynn, senior market analyst with at Price Futures Group. "On top of that, geopolitical tensions with Iran and the U.S.-China trade war worries will give gold bulls an edge."

Jim Wyckoff, senior technical analyst with Kitco, sees gold steady to higher since the picture on the charts remains bullish.

Meanwhile, Kevin Grady, president of Phoenix Futures and Options LLC, said he is bearish for this week. "I am looking for a retracement to the July 1st low of $1,384.70," he said.

Ole Hansen, head of commodity strategy at Saxo Bank, said that is he slightly bearish on gold in the near term as the summer doldrums could reduce momentum in the marketplace. He added that investors could also start to take some profits, as it appears a July Fed rate cut is already baked into market expectations, with limited scope of more aggressive action.

However, Hansen added that there is still a lot of global uncertainty, so he expects selling pressure to be limited. "If I'm selling, it's not to sell short; but I™m selling to reduce my exposure to neutral.

John Weyer, co-director of commercial hedging Walsh Trading, also figures gold is due for a pullback.

"It moved higher on concerns about interest rates and risk on-risk off," he said. "These concerns have subsided a little bit."

Afshin Nabavi, head of trading with MKS, said he sees gold range-bound, although he prefers to trade it from the long side. "So I guess you could say bullish," he said.

"After an impressive move higher early Thursday, gold has given back much of the gain disappointing investors; a close back above $1,410 might be seen as positive to help reinvigorate enthusiasm for the market. For now, I'd look for initial support at the psychological $1,400 level and resistance around $1,422."

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, said he doesn't see gold moving much in the this week, although he™s constructive on the metal for the longer term.

"Gold is almost priced for perfection now, so any disappointment on expectations, or easing of various geopolitical tensions, could see gold correct," Day said. "For this week, we'll say unchanged¦.However, most importantly, the sentiment has changed, and gold can now respond to positive developments. So whatever happens in the next week or two, gold is set to be meaningfully higher over the next six and 12 months."

Colin Cieszynski, chief market strategist at SIA Wealth Management, said he is neutral on gold for the this week.

"I think all of the monetary news is out for the time being and focus is going to shift toward corporate earnings as results start coming out on this Monday," he said.

Source: Kitco News

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POPULAR NEWS
Gold settles with a gain for the session and shorter week

Gold futures climbed on Thursday, also posting a gain for the holiday-shortened week, as concerns over the increase in COVID-19 cases in part of the world provided safe-haven support for the metal. Some of that support lacked in the U.S., where data showed better-than-expected jobs growth in June. "The employment numbers are spectacular but an 11% unemployment rate is still elevated," said Jeff Wright, executive vice president of GoldMining Inc. "COVID cases are back on rise and numerous...

Gold futures end lower a day after highest finish since 2011

Gold futures pulled back Wednesday, after settling a day earlier at their highest since 2011. "Gold remains in an uptrend but some fatigue may be kicking in," said Lukman Otunuga, senior research analyst at FXTM. Data from Automatic Data Processing Inc. Wednesday showed that U.S. private-sector employers added 2.37 million jobs in June, less than analysts expected. Still, "some optimism may return over the U.S. economy recovering quicker than expected," something that may hit haven gold, he...

Oil futures end higher, with U.S. prices at their highest since March

Oil futures settled higher on Thursday, buoyed by a hefty decline in last week's U.S. crude supplies and better-than-expected domestic jobs growth in June. August West Texas Intermediate oil rose 83 cents, or 2.1%, to settle at $40.65 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to FactSet data. There will be no regular trading for Nymex oil futures Friday because of the Independence Day holiday. Prices were up...

Stocks rise on positive coronavirus vaccine news, Pfizer gains

Stocks traded higher on Wednesday to kick off the second half of 2020 with market sentiment getting a lift from positive coronavirus vaccine news and strong U.S. economic data. The S&P 500 climbed 0.4% and the Nasdaq Composite advanced 0.5%. The Dow Jones Industrial Average rose 36 points, or 0.2%. At one point, the Dow was up more than 200 points. A study of a coronavirus vaccine candidate being developed by Pfizer and BioNTech showed the drug created neutralizing antibodies. The...

Oil futures score a gain for the session as U.S. supplies show biggest weekly drop of the year

Oil futures settled higher on Wednesday after U.S. government data showed that domestic crude supplies fell by 7.2 million barrels last week, the largest weekly decline so far this year. The fall in stockpiles also followed three consecutive weeks of increases. August West Texas Intermediate oil rose 55 cents, or 1.4%, to settle at $39.82 a barrel on the New York Mercantile Exchange. Source: Marketwatch

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