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Gold prices end lower on growing tensions between the U.S and China over Hong Kong

Gold futures ended lower Wednesday, but of session lows as tensions between the U.S. and China worsened after Secretary of State Mike Pompeo announced that Hong Kong is no longer autonomous from China. The announcement could lead the Trump Administration to revoke special treatment for the Hong Kong economy, which is exempt from tariffs levied on Chinese imports. Jeff Wright, executive vice president of GoldMining Inc., had expected to see a "snap back" in prices with U.S.-China tensions...

Gold prices settle slightly higher Thursday

Gold prices notched a slight gain Thursday as investors focused on intensifying friction between the U.S. and China. Continued concerns about negative interest rates and a jump in flows in exchange-traded funds focused on gold also helped to push bullion higher. August gold ended $1.50, or 0.1%, higher at $1,728.30 an ounce. However, that finish was well off the intraday peak for bullion at $1,743.70 an ounce. Source: Marketwatch

Gold Prices Head Higher as China-U.S. Tensions Spur Haven Buying

Gold futures rose on Thursday as China-U.S. tensions remained in focus, driving haven buying on Wall Street. Elevated animosities between Beijing and Washington over China's human rights policies, including its relationship with Hong Kong and the treatment of a Muslim minority, have underpinned buying in haven assets. China on Thursday hardened its stance, forging ahead with a resolution to impose national-security laws on Hong Kong in a bid to suppress protests there. That action comes...

Gold Gains As Hong Kong Unrest Stirs Risk Aversion

Gold prices rose on Thursday as tensions between the United States and China over a Hong Kong security law escalated, while fresh stimulus measures by several economies to mitigate the coronavirus fallout also lent support. Spot gold was up 0.2% at $1,711.35 per ounce, as of 1250 GMT, after touching a two-week low on Wednesday. U.S. gold  futures fell 0.2% to $1,723.60. U.S. Secretary of State Mike Pompeo said Hong Kong no longer qualifies for its special status under the U.S. law,...

Gold Prices Edge Up As Hong Kong Dispute Riles China-U.S. Ties

Gold edged up on Thursday after hitting a two-week low in the previous session as the rift between Washington and Beijing over Hong Kong escalated, with prices also supported by central bank and government largesse to cushion the blow from the pandemic. Spot gold was up 0.2% at $1,712.39 per ounce, as of 0315 GMT, after dropping to $1,693.22 on Wednesday. U.S. gold futures were flat at $1,711.40. Worsening relations between the world™s two biggest economies could further hobble global...

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Wall Street neutral on gold price, Main Street optimism hits 3-month low
Monday, 30 September 2019 15:22 WIB | GOLD CORNER |Gold OutlookGold Corner

The sidelines in the gold market are getting a little crowded with Wall Street analysts projecting range-bound trading despite rising volatility in the near-term.

Meanwhile, Main Street investors remain bullish on gold this week even as sentiment drops to a three-month low, according to the latest Kitco News Weekly Gold Survey.

A majority of analysts are turning neutral on the yellow metal after prices broke below their 50-day moving average and continued strength in the U.S. dollar weighs on the yellow metal in the near-term.

Last week, 16 market professionals took part in the Wall Street survey. A total of 8 voters or 50% called for gold to trade sideways this week. Meanwhile, 5 analysts or 31% said that they see higher prices in the near-term. Three analysts or 19% saw lower prices this week.

Meanwhile, 855 respondents took part in an online Main Street poll. Looking at the results, a total of 479 voters, or 56%, called for gold to rise. Another 222, or 26%, predicted gold would fall. The remaining 154 voters, or 18%, saw a sideways market.

Although a clear majority of retail investors remain bullish on gold in the near-term, sentiment is at its lowest level since mid-June and has fallen for the last four consecutive weeks.

In the last survey, Main Street and Wall Street were both bullish on prices for the week now winding down. As Friday 12:02 p.m. EDT, Comex December gold futures were trading at $1,501.80 an ounce down roughly 1% from the previous week.

Wall Street and Main Street both have an 18-16 winning record for the year to date, meaning respondents have been right 53% of the time.

Although some gold analysts have turned more cautious, they are not ready to give up on the yellow metal™s long-term rally.

Ole Hansen said that he expects gold prices to head lower this week but described the price action as œa weak correction in a strong uptrend.

œI think the uptrend remains I place but we need to see it bounce from a lower price, he said.

Hansen added that he would not be surprised to see gold prices test support at $1,450 in the near-term.

George Gero, managing director with RBC Wealth Management said that he sees potential for bargain hunting to support prices this week; however, he added that a strong U.S. dollar continues to be a major headwind for gold and that might not change anytime soon.

œThe world needs a safe haven and right now that is the U.S. dollar, he said. œBut because bond yields are so low it wouldn't take much for investors to once again see gold as the ultimate safe-haven.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, described the price action as just a flushing out of weak hands in the marketplace.

He added that with gold price below their 50-day moving average his next target is support at $1,470 an ounce.

Kevin Grady, president of Phoenix Futures and Options, said that after the rally this summer, it is now time for gold prices to test support.

Although there is more risks to the downside in the near-term as volatility picks up, Grady said that he remains neutral on gold as prices ultimately continue to consolidate.

œI see any drop in the price as a healthy correction, he said. œThe best way to see if a market is strong is to sell it.

Although gold prices are ending last week down 1%, some analysts remain bullish in the near-term as uncertainty continues to dominate the marketplace.

œThere are too many issues on the world stage that are supportive of gold, from Brexit to impeachment, trade disputes and easy money, said Adrian Day, chairman and chief executive officer of Adrian Day Asset Management.

Source: Kitco News

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POPULAR NEWS
Gold prices end lower on growing tensions between the U.S and China over Hong Kong

Gold futures ended lower Wednesday, but of session lows as tensions between the U.S. and China worsened after Secretary of State Mike Pompeo announced that Hong Kong is no longer autonomous from China. The announcement could lead the Trump Administration to revoke special treatment for the Hong Kong economy, which is exempt from tariffs levied on Chinese imports. Jeff Wright, executive vice president of GoldMining Inc., had expected to see a "snap back" in prices with U.S.-China tensions...

Gold prices settle slightly higher Thursday

Gold prices notched a slight gain Thursday as investors focused on intensifying friction between the U.S. and China. Continued concerns about negative interest rates and a jump in flows in exchange-traded funds focused on gold also helped to push bullion higher. August gold ended $1.50, or 0.1%, higher at $1,728.30 an ounce. However, that finish was well off the intraday peak for bullion at $1,743.70 an ounce. Source: Marketwatch

Gold Prices Head Higher as China-U.S. Tensions Spur Haven Buying

Gold futures rose on Thursday as China-U.S. tensions remained in focus, driving haven buying on Wall Street. Elevated animosities between Beijing and Washington over China's human rights policies, including its relationship with Hong Kong and the treatment of a Muslim minority, have underpinned buying in haven assets. China on Thursday hardened its stance, forging ahead with a resolution to impose national-security laws on Hong Kong in a bid to suppress protests there. That action comes...

Gold Gains As Hong Kong Unrest Stirs Risk Aversion

Gold prices rose on Thursday as tensions between the United States and China over a Hong Kong security law escalated, while fresh stimulus measures by several economies to mitigate the coronavirus fallout also lent support. Spot gold was up 0.2% at $1,711.35 per ounce, as of 1250 GMT, after touching a two-week low on Wednesday. U.S. gold  futures fell 0.2% to $1,723.60. U.S. Secretary of State Mike Pompeo said Hong Kong no longer qualifies for its special status under the U.S. law,...

Gold Prices Edge Up As Hong Kong Dispute Riles China-U.S. Ties

Gold edged up on Thursday after hitting a two-week low in the previous session as the rift between Washington and Beijing over Hong Kong escalated, with prices also supported by central bank and government largesse to cushion the blow from the pandemic. Spot gold was up 0.2% at $1,712.39 per ounce, as of 0315 GMT, after dropping to $1,693.22 on Wednesday. U.S. gold futures were flat at $1,711.40. Worsening relations between the world™s two biggest economies could further hobble global...

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