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POPULAR NEWS
Gold Prices Settle Slightly Lower, Then Extend Losses After Fed Meeting Minutes

Gold prices gave up the bulk of their losses on Wednesday to finish just a dime lower, finding support after Reuters reported that phase one of a U.S.-China trade deal might not be reached this year. That lifted haven demand for the precious metal. Prices then moved even lower as minutes from the Federal Reserve™s October meeting, released after the gold price settlement, showed that Fed officials were more optimistic about the economic outlook and were against using negative rates in the...

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

Gold Gains as Souring US-China Relations Dent Risk Appetite

Gold prices rose to their highest in nearly two weeks on Wednesday as U.S. Senate measures on Hong Kong posed a potential roadblock for a trade deal between the United States and China, denting appeal for riskier assets. Spot gold was up 0.3% at $1,476.50 an ounce and U.S. gold futures rose 0.2% to $1,477. The U.S. Senate passed two bills backing human rights in Hong Kong and banning export of certain munitions to the region™s police forces. China condemned the move and called for...

U.S. Dollar Flat as Tensions With China Rise Over Hong Kong

The U.S. dollar was flat on Wednesday ahead of the expected release of the Federal Reserve meeting minutes and as tensions between Washington and Beijing rose. China took offense to the U.S. Senate passing legislation that backed Hong Kong protesters and would ban the export of items like tear gas and rubber bullets to the city's police force, as conflict between the two sides escalated this week. The news added to jitters after U.S. President Donald Trump reiterated that he would raise...

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...

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Gold Survey Shows Bulls In Full Control
Monday, 5 August 2019 13:19 WIB | GOLD CORNER |

The gold bears had their chance to take control of the market but failed, and now the bulls are in full control as both Wall Street and Main Street expect to see higher prices in the near-term as uncertainty dominates financial markets.

"The bears tried to break the market and they failed so now we get to see what this market is really made of," said Charlie Nedoss, senior market strategist with LaSalle Futures Group.

With the Federal Reserve's monetary policy in the rearview mirror, analysts say that global uncertainty and an escalation in the trade war between China and the U.S. will continue to drive gold higher after prices held critical support at $1,400 an ounce.

Last week, 14 market professionals took part in the Wall Street survey. A total of 13 voters, or 93%, called for gold to be higher. There was only one or 7%, who called for lower price and nobody in the survey saw neutral price action in the near-term.

Meanwhile, 870 respondents took part in Kitco's online Main Street poll. A total of 540 voters, or 62%, called for gold to rise. Another 229, or 25%, predicted gold would fall. The remaining 117 voters, or 13%, saw a sideways market.

In the last survey, Main Street and Wall Street were both bullish on prices for the week now winding down. As of 12:05 pm, last Friday, Comex August gold futures were trading $1,458.30 an ounce, up 2.7% for the last week.

Gold prices are ending last week at a fresh six-year high, recovering from a mid-week selloff after the Federal Reserve, as expected, cut rates by 25 basis points, but signaled that it wasn™t in a hurry to continue to cut rates.

Gold started its late-week rally after President Donald Trump announced on twitter that the government was imposing a 10% tariff on $300 billion in imported Chinese goods. This is on top of the 25% tariffs already targeting $250 billion in Chinese imports.

The new salvo in the ongoing trade war is one of the biggest factors why analysts are so bullish on gold in the near-term.

"Trump does whatever he wants and doesn't really listen to anybody," said Afshin Nabavi, head of trading with MKS (Switzerland). "For this reason I don't think we will see an end to the uncertainty anytime soon."

Nabavi added that even before Trump™s tweet last Thursday, gold was demonstrating resilient strength by holding support at $1,400 an ounce.

"I think $1,400 will become a very strong and important level of support for gold moving forward," he said.

Nedoss said that gold saw a major technical move on Thursday as prices recovered from Wednesday's selloff and ended the day at a session highs. He added that he expects the ongoing trade war to weigh on the U.S. dollar.

"I just don't see a lot of resistance for gold," he said. "There is a lot of fear out there and not a lot of alternatives."

Sean Lusk, co-director of commercial hedging at Walsh Trading, said that he remains bullish on gold with a target of $1,445 in the medium term. He added that equity markets are seeing some major selling pressure and he expects some of that capital to flow into gold.

"You just can't compete with all this uncertainty and gold thrives in this environment," he said.

As for how to play gold, Lusk said that he liked buying November $1,500 calls and selling two November $1,560 calls.

The lone gold bear in last week's survey was Frank McGee, precious metals dealer at Alliance Financial, who said that a lot of the news driving gold is now priced into the market.

Source: Kitco News

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POPULAR NEWS
Gold Prices Settle Slightly Lower, Then Extend Losses After Fed Meeting Minutes

Gold prices gave up the bulk of their losses on Wednesday to finish just a dime lower, finding support after Reuters reported that phase one of a U.S.-China trade deal might not be reached this year. That lifted haven demand for the precious metal. Prices then moved even lower as minutes from the Federal Reserve™s October meeting, released after the gold price settlement, showed that Fed officials were more optimistic about the economic outlook and were against using negative rates in the...

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

Gold Gains as Souring US-China Relations Dent Risk Appetite

Gold prices rose to their highest in nearly two weeks on Wednesday as U.S. Senate measures on Hong Kong posed a potential roadblock for a trade deal between the United States and China, denting appeal for riskier assets. Spot gold was up 0.3% at $1,476.50 an ounce and U.S. gold futures rose 0.2% to $1,477. The U.S. Senate passed two bills backing human rights in Hong Kong and banning export of certain munitions to the region™s police forces. China condemned the move and called for...

U.S. Dollar Flat as Tensions With China Rise Over Hong Kong

The U.S. dollar was flat on Wednesday ahead of the expected release of the Federal Reserve meeting minutes and as tensions between Washington and Beijing rose. China took offense to the U.S. Senate passing legislation that backed Hong Kong protesters and would ban the export of items like tear gas and rubber bullets to the city's police force, as conflict between the two sides escalated this week. The news added to jitters after U.S. President Donald Trump reiterated that he would raise...

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...

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