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POPULAR NEWS
Gold Prices Fall to Lowest Settlement in Over a Week

Gold prices fell on Thursday to mark their lowest settlement in just over a week. "Gold's sensitivity to trade-deal headlines seems to be easing off," said Adrian Ash, director of research at BullionVault. "Traders are tiring of this flood of rumor and counter-rumor as progress stalls." December gold lost $10.60, or 0.7%, to settle at $1,463.60 an ounce, with prices for the most-active contract at the lowest finish since Nov. 13, according to FactSet data. Source : Marketwatch

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Wall St., Main St.: Gold To Shine During FOMC Week
Monday, 29 July 2019 14:29 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street both look for gold prices to climb this week, with the Federal Open Market Committee widely expected to cut U.S. interest rates, according to the weekly Kitco News gold survey.

Wall Street respondents cited a dovish Fed, technical-chart momentum in gold and the ability of the market to attract buying interest from fund managers on any price dips. However, many Wall Street respondents either look for either lower prices - saying a rate cut is already factored into the market, thus profit-taking may occur when the actual news occurs - or are neutral heading into what could be a volatile week for prices.

One key will be whether policymakers cut rates by 25 or 50 basis points, with the larger reduction more likely to result in price gains, observers said.

Sixteen market professionals took part in the Wall Street survey. A total of eight voters, or 50%, called for gold to be higher. There were three votes, or 19%, for lower, while five respondents, or 31%, look for the metal to be sideways or were neutral.

Meanwhile, 953 respondents took part in an online Main Street poll. A total of 580 voters, or 61%, called for gold to rise. Another 223, or 23%, predicted gold would fall. The remaining 150 voters, or 16%, saw a sideways market.

In the last survey, Main Street and Wall Street were both bullish on prices for the last week was winding down. Just before 11 a.m. EDT, Comex August gold futures were trading $6.60 lower for the week so far at $1,420.10 an ounce.

Wall Street and Main Street both have a 15-13 winning record for the year to date, meaning respondents have been right 54% of the time.

"The lustrous metal finds broad support for its rally upwards with U.S.-China trade tensions unresolved, the possibility of a hard Brexit on the horizon, easing Central Bank policies and slowdown in global growth," said Richard Baker, editor of the Eureka Miner's Report.

He commented that second-quarter U.S. economic growth, reported last Friday at 2.1%, is below the first quarter and will likely not deter the Federal Reserve policymakers from a signaled rate cut.

"The ECB [European Central Bank] didn't cut rates last week but President Mario Draghi announced a dovish stance going forward," Baker said. "This keeps the opportunity costs for holding gold low; the 10-year real rate is 0.28% against a background of negative rates abroad. There has also been a modestly bullish uptick in inflation expectations since the low of mid-June (up 19 bps to date)."

Daniel Pavilonis, senior commodities broker with RJO Futures, looks for a flight to quality into gold. Pavilonis and Sean Lusk, co-director of commercial hedging with Walsh Trading, both commented that buying interest seems to emerge on any price pullbacks lately.

"I think the market moves higher into the Fed," Lusk said, but adding that some consolidation may well occur afterward. He also commented that markets continue to worry that the trade war will cut into global economic growth, thereby helping gold.

Phil Flynn, senior market analyst with at Price Futures Group, looks for gold to build on the gains made this summer.

"Even though Mario Draghi seemed to disappoint gold by not acting immediately to cut rates, the path is still accommodative and still bullish for gold," Flynn said. "The Fed anticipation should help gold prices this week. Gold is still in breakout mode."

Jim Wyckoff, senior technical analyst with Kitco News, said gold™s technical-chart picture remains bullish.

Meanwhile, Adam Button, managing director of ForexLive, is among those who look for gold prices to move lower this week.

"I expect the Fed to cut 25 bps and offer few clear signals about what's coming next. The reaction will be similar to the post-ECB disappointment," he said, referring to the price movement after last Thursday's ECB meeting. "Far too much easing is priced in and as it unwinds, gold will come under pressure."

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, also looks for a pullback this week, even though he's friendly to the metal.

"The market is beginning to be a little cautious about this week's Federal Reserve meeting ” or maybe traders are just locking in gains," Day said."Expectations are quite high, so there is unlikely to be a surprise on the upside. So we are cautious in the near term, up to and post the meeting. For this week, we'll say down -- but not by much, and we remain very positive fundamentally."

Peter Hug, global trading director of Kitco Metals, said he looks for volatility in a week when the Fed announces a decision on interest rates and is expected to provide forward guidance.

Source: Kitco News

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POPULAR NEWS
Gold Prices Fall to Lowest Settlement in Over a Week

Gold prices fell on Thursday to mark their lowest settlement in just over a week. "Gold's sensitivity to trade-deal headlines seems to be easing off," said Adrian Ash, director of research at BullionVault. "Traders are tiring of this flood of rumor and counter-rumor as progress stalls." December gold lost $10.60, or 0.7%, to settle at $1,463.60 an ounce, with prices for the most-active contract at the lowest finish since Nov. 13, according to FactSet data. Source : Marketwatch

Dollar keeps safe-haven bid amid trade 'headline fatigue'

The dollar held overnight gains on Friday, as investors clung to the safe-haven pending developments in Sino-U.S. trade negotiations and amid a growing scepticism about reports of progress in the talks. Movements were slight as investors also looked to a slew of global manufacturing surveys published later in the day for clues on how deeply the U.S.-China trade dispute is hurting the world™s economy. The greenback crept higher against the Japanese yen to 108.58 yen and was steady against...

Gold Declines as China Invites US Officials For Talks, Lifts Market Sentiment

Gold prices on Thursday eased from the last session™s two-week high after a report that China has invited top U.S. negotiators for a new round of face-to-face talks, and is seeking to reach an initial trade agreement with the United States. Spot gold declined by 0.2% to $1,468.09 per ounce. Prices had notched a two-week high of $1,478.80 in the previous session, before turning negative, after the U.S. passed a bill supporting Hong Kong anti-government protesters. U.S. gold futures were flat...

Oil Settles at 2-Month High, Buoyed by Talk of Potential Extension of OPEC Output Cuts

Oil prices registered their highest settlement in about two months on Thursday, finding support from a report that the Organization of the Petroleum Exporting Countries and its allies are likely to extend production cuts as well as renewed optimism around U.S.-China trade talks. OPEC and its allies, including Russia, are likely to agree to extend crude production cuts until mid-2020 when they meet next month, Reuters reported Thursday, citing OPEC sources. An existing agreement on output...

Yen rises, yuan falls as U.S.-China trade deal this year looks unlikely

The yen rose against the dollar on Thursday after sources close to the White House told Reuters that a U.S.-China trade deal is unlikely this year, which spurred demand for safe-haven assets. The yuan eased toward a two-week low in offshore trade as failure to reach a deal to roll back U.S. tariffs would cause a further slowdown in China's economy and complicate efforts to keep growth on track. Some traders are also wary of risk after U.S. lawmakers sent two bills intended to support...

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