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Wall St., Main St. See Gold Prices Maintaining Upward Momentum
Monday, 22 July 2019 13:24 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street look for gold to keep building on its recent gains, according to the weekly Kitco News gold survey.

The metal hit a fresh six-year high in screen trading after renewed dovishness from Federal Reserve officials last Thursday.

œGold has not only continued its upward move, it has clearly broken out to the upside, said Phil Flynn, senior market analyst with at Price Futures Group. œA slew of dovish comments by Fed officials, along with rising geopolitical tensions with Iran, will keep gold on its upward trek.

Twelve market professionals took part in the Wall Street survey. A total of eight voters, or 67%, called for gold to be higher. There were three votes, or 25%, for lower, while one respondent, or 8%, looks for the metal to be sideways.

Meanwhile, 643 respondents took part in an online Main Street poll. A total of 477 voters, or 74%, called for gold to rise. Another 96, or 15%, predicted gold would fall. The remaining 70 voters, or 11%, saw a sideways market.

In the last survey, Main Street was bullish while the largest bloc of Wall Street voters was either neutral or called for sideways prices. Just before 11 a.m. EDT on Friday, Comex August gold futures were trading $16.80 higher for the week so far at $1,429 an ounce.

Wall Street has a 15-12 winning record for the year, meaning respondents have been right 56% of the time. Main Street is 14-13 for 52%.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for gold to rise after the metal got an extra boost last Thursday when the market initially construed remarks from New York Fed President John Williams as a possible hint at a 50-basis-point rate cut.

œWorldwide, you™re seeing pressure on rates, Nedoss said. œIt will be interesting to see what happens with the [U.S.] dollar, but that should be supportive for the metals.

Jim Wyckoff, senior technical analyst with Kitco, looks for gold to be higher due to a bullish charts posture.

Daniel Pavilonis, senior commodities broker with RJO Futures, figures œany kind of pullback will get bought. Afshin Nabavi, head of trading with MKS, said simply: œLooks like up, up and away!¨

Meanwhile, Sean Lusk, co-director of commercial hedging with Walsh Trading, figures that barring a major geopolitical flare-up, the market could be due a profit-taking pullback with so much Fed dovishness already factored into prices.

œThat means we™ll see a topping in prices, he said.

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, looks for the market to be roughly unchanged over the this week.

œThe gold market has high expectations for the Fed™s next meeting at the end of the month and is pretty much priced for perfection, Day said. œSo it will likely stay unchanged or even modestly weaker going into the meeting and could well see a pullback if the Fed fails to meet expectations on either the size of the rate cut of perhaps with cautious accompanying commentary. It is unlikely to do anything more than the market is expecting.

œBeyond that, however, we are very bullish, with gold supported by ongoing easy money and uneasy stock valuations.

Source: Kitco News

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POPULAR NEWS
Gold, Silver Prices Score First Gain in 5 Sessions

Gold and silver prices posted their first gain in five sessions on Wednesday, with uncertainty over the outlook for a U.S.-China trade deal and the first day of public impeachment proceedings against President Donald Trump helping to support haven demand for the precious metal. Investors also eyed developments in the House impeachment hearings. Hatzigiannis, however, said he does not expect the impeachment process to affect gold trading. "If it goes through the Senate then we can start taking...

Gold Tallies Back-To-Back Gains as Treasury Yields Retreat

Gold futures settled higher on Thursday, building on gains from a day earlier as weakness in U.S. benchmark stock indexes and a drop in yields on government debt raised the precious metal™s investment appeal. Gold concluded Thursday "on a positive note amid market caution and general risk aversion," said Lukman Otunuga, senior research analyst at FXTM. œTensions in Hong Kong, fading optimism over a US-China trade deal, and disappointing economic data from the second-largest economy in the...

Gold Climbs as Trade Uncertainty Weighs on Risk Appetite

Gold prices gained on Wednesday on lack of clarity on the U.S.-China trade negotiations, keeping markets wary about the tariff war™s toll on the health of the global economy. Spot gold rose 0.5% to $1,464.80 per ounce. U.S. gold futures inched 0.8% higher to $1,465.60. U.S. President Donald Trump said a trade deal was œclose but gave no new details on when or where an agreement would be signed, disappointing investors in what was billed as a major speech on his administration™s...

Gold Claws Back Ground as Treasury Yields Retreat

Gold futures were modestly higher Thursday, finding support as yields on government debt continue to fall, lowering the opportunity cost of holding the metal. Gold for December delivery on Comex, rose $7.20, or 0.5%, to $1,470.50 an ounce, a day after snapping a four-day losing streak and rebounding from a more-than-two-month low. December silver rose 6.7 cents, or 0.4%, to $16.98 an ounce. Analysts said appetite for traditional haven assets amid renewed uncertainty over the outlook for a...

Gold Holds Gain as U.S.-China Trade Deal Optimism

Emas menahan gainnya karena para investor mengkaji kekhawatiran atas kemungkinan kesepakatan perdagangan AS-China diikuti komentar dari Ketua Federal Reserve Jerome Powell mengenai kebijakan moneter. Sementara Presiden Donald Trump mengatakan bahwa pembicaraan perdagangan dengan China bergerak "cepat," ada sedikit berita tentang tanggal penandatanganan dan lokasi untuk kesepakatan fase-satu. Harga emas spot -0,1% menjadi $ 1,461.88 / oz pada jam 9:30 pagi di Singapura; Rabu + 0,5%. Harga...

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