DJIA
Last loading.. Chg. loading..
FTSE
Last loading.. Chg. loading..
NDXI
Last loading.. Chg. loading..
POPULAR NEWS
Gold futures finish lower for a second straight session

Gold futures fell on Wednesday for a second straight session, pressured on the heels of some strength in the U.S. dollar, even as concerns over the economic hit from COVID-19 remain. "It would appear that gold needs a clear sign of a pandemic and clear signs of severe global slowing to ignite a return of aggressive investment buying," said analysts at Zaner Metals, in a daily note. "The trade could be fearful about the potential for a sustained setback in Chinese physical gold...

Gold futures give up earlier gains to log a third straight session decline

Gold futures gave up earlier gains on Thursday to finish lower for a third straight session. "Gold prices are always sensitive to the outlook for interest rates, but it's rarely been more strongly correlated against bond yields than it is right now," said Adrian Ash, director of research at BullionVault. "So while the plunge in the stock market should keep driving gold higher, any pullback in these surging bond prices is also going to hit gold short-term," he said. Bond prices move in the...

Gold Climbs as Trump Comments Fail to Ease Virus Fears

Gold rose for the seventh time in eight days as investors continued to weigh the impact of the coronavirus outbreak, with comments by the Trump administration failing to allay concerns about the disease. More cases were reported in countries other than China in the past 24 hours for the first time, the World Health Organization said, with new infections in nations from Pakistan to Brazil. President Donald Trump assured Americans that they face little risk, although...

Gold Gains on Virus Spread, Rate Cut Hopes

Gold prices rose on Thursday as the rapid spread of coronavirus outside China fueled demand for safe-haven assets and bolstered bets for interest rate cuts by major central banks, while palladium scaled an all-time high on supply deficit worries. Spot gold rose 0.6% to $1,648.63 per ounce. Prices jumped more than 1% in intraday trade on Wednesday before closing 0.3% higher. U.S. gold futures were up 0.5% at $1,650.50. Governments ramped up measures on Thursday to battle the coronavirus as...

Oil futures settle at lowest in over a year

Oil futures declined on Wednesday, with the U.S crude benchmark settling at its lowest in more than a year as global energy demand worries fed by the spread of COVID-19 pulled prices down for a fourth consecutive session. April West Texas Intermediate oil fell $1.17, or 2.3%, to settle at $48.73 barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since January 2019, according to FactSet data. Source : MarketWatch

Home

Gold Prices Gridlocked, Bears Take Wheel
Monday, 21 October 2019 13:10 WIB | GOLD CORNER |Gold CornerGold Outlook

Although Wall Street bears have an advantage, ultimately, gridlock in the gold market means prices are not going anywhere fast, according to the latest results from the Kitco News Weekly Gold Survey.

Main Street investors remain bullish on gold in the near-term. Retail investors have been bullish on gold since mid-May, which was the last time bullish bets were below the 50% level.

Bill Baruch, president of Blue Line Futures, said that gold is struggling as the investor sentiment in broader financial markets waffles between risk-on and risk-off sentiment. He noted that the door is open for lower prices. Still, the yellow metal continues to hold critical support just below $1,500 an ounce.

"I don't expect a ton of volatility, but I am cautiously optimistic in the near-term and remain a long-term bull," he said.

Last week, 14 market professionals took part in the Wall Street survey. Seven analysts or 50% said they see lower prices this week. Two analysts, or 14%, predicted gold would rise. The remaining five voters, or 36%, saw a sideways market or else were neutral.

Meanwhile, 876 respondents took part in an online Main Street poll. A total of 490 voters, or 56%, called for gold to rise. Another 214, or 24%, predicted gold would fall. The remaining 172 voters, or 20%, saw a sideways market.

In the last survey, both Wall Street and Main Street proved to be correct as both sides called for higher prices for last two week. As of 12.57 p.m. EST, December gold futures last traded at $1,495.50 an ounce, up nearly 0.5% from the previous week.

Wall Streets' record is now 20-17 year to date, meaning respondents have been right 54% of the time. Meanwhile, Main Street™s record improved to 19-18, meaning this group has been right 51% so far this year.

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, said that he is bullish on gold in the near-term, but doesn™t see a dramatic rise in the price.

Although investor sentiment has improved in financial markets, he noted that there is still a lot of uncertainty in the marketplace.

"Despite some positive developments towards a China trade agreement and Brexit”which would both be negative for gold -- neither of these two agreements is yet final," he said. "Brexit has to be approved by the U.K. Parliament, for example. There remain many uncertainties that are positive for gold, not least of which is the direction of monetary policy around the world."

For many analysts, the Brexit vote over the weekend among British politicians could be an important event for gold.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said that he is neutral on gold ahead of the vote.

"I think it could potentially make a significant move depending on what happens this weekend in the U.K. If Parliament approves the recent UK-EU deal, confidence could improve and gold could decline," he said. "If Parliament rejects the deal and Brexit is delayed again, gold could hold steady. If Parliament rejects the deal and chaos ensues, uncertainty could spark a gold rally."

Even if Parliament does approve the proposed Brexit deal, Ashfin Nabavi, head of trading with MKS (Switzerland) S.A., said that investor angst won't be fading away anytime soon. He explained that there is still a lot of ambiguity about how the British economy will fair once it leaves the European Union. Economic weakness in the U.K. could then bleed into the E.U., which could impact the entire global economy.

"A lot of this uncertainty is turning into nightmares for some investors," he said. "We are in unchartered territory and it wouldn™t take much to push investors back into gold."

Navabi said that he is neutral on gold in the near-term but still sees potential for higher prices.

"I would prefer to trade the range from the long-side," he said. "I don™t want to be short in this market."

Kristina Hooper, chief market strategist at Invesco, said that she is neutral on prices as prices remain trapped in a range; however, she added that selling pressure is starting to build.

"There is a lot of geopolitical risks out there, and so I expect prices to ebb and flow with the news on geopolitical developments," she said. "However, yields have moved relatively higher in recent days, making the opportunity cost of owning gold to be higher and exerting downward pressure on gold prices."

Source: Kitco News

RELATED NEWS
Gold Prices Expected To Maintain Upward Momentum...
Monday, 24 February 2020 11:05 WIB

Gold has enormous upward momentum at the moment, and that left participants in the weekly Kitco gold survey overwhelmingly expecting prices to keep rising this week due to the combination of  cha...

Gold Prices To Stay Healthy Amid Continuing Virus Worries...
Monday, 17 February 2020 15:49 WIB

Voters in the weekly Kitco gold survey are bullish on the metal this week, citing gold's ability to hold up even when the dollar and equities strengthen, technical factors and ongoing worries about ho...

Equity Market Rally Doesn't Dampen Sentiment In Gold Market...
Monday, 10 February 2020 11:11 WIB

Voters in the weekly Kitco gold survey remain bullish on the metal, with Wall Street analysts continuing to cite expected safe-haven buying of the precious metal due to worries about the impact of the...

Virus fears expected to keep fueling gold rally...
Monday, 3 February 2020 11:49 WIB

Voters in the weekly Kitco News gold survey remain bullish on the yellow metal for this week, with traders and analysts citing ongoing worries about the economic fallout from the coronavirus that hit ...

Gold eyes $1,600 as Fed meeting, new virus threat in focus this week...
Monday, 27 January 2020 11:49 WIB

Gold is well supported and has room to run higher this week as analysts point to the Federal Reserve meeting and the spread of the new corona virus as the two key issues to keep an eye on. The yellow...

POPULAR NEWS
Gold futures finish lower for a second straight session

Gold futures fell on Wednesday for a second straight session, pressured on the heels of some strength in the U.S. dollar, even as concerns over the economic hit from COVID-19 remain. "It would appear that gold needs a clear sign of a pandemic and clear signs of severe global slowing to ignite a return of aggressive investment buying," said analysts at Zaner Metals, in a daily note. "The trade could be fearful about the potential for a sustained setback in Chinese physical gold...

Gold futures give up earlier gains to log a third straight session decline

Gold futures gave up earlier gains on Thursday to finish lower for a third straight session. "Gold prices are always sensitive to the outlook for interest rates, but it's rarely been more strongly correlated against bond yields than it is right now," said Adrian Ash, director of research at BullionVault. "So while the plunge in the stock market should keep driving gold higher, any pullback in these surging bond prices is also going to hit gold short-term," he said. Bond prices move in the...

Gold Climbs as Trump Comments Fail to Ease Virus Fears

Gold rose for the seventh time in eight days as investors continued to weigh the impact of the coronavirus outbreak, with comments by the Trump administration failing to allay concerns about the disease. More cases were reported in countries other than China in the past 24 hours for the first time, the World Health Organization said, with new infections in nations from Pakistan to Brazil. President Donald Trump assured Americans that they face little risk, although...

Gold Gains on Virus Spread, Rate Cut Hopes

Gold prices rose on Thursday as the rapid spread of coronavirus outside China fueled demand for safe-haven assets and bolstered bets for interest rate cuts by major central banks, while palladium scaled an all-time high on supply deficit worries. Spot gold rose 0.6% to $1,648.63 per ounce. Prices jumped more than 1% in intraday trade on Wednesday before closing 0.3% higher. U.S. gold futures were up 0.5% at $1,650.50. Governments ramped up measures on Thursday to battle the coronavirus as...

Oil futures settle at lowest in over a year

Oil futures declined on Wednesday, with the U.S crude benchmark settling at its lowest in more than a year as global energy demand worries fed by the spread of COVID-19 pulled prices down for a fourth consecutive session. April West Texas Intermediate oil fell $1.17, or 2.3%, to settle at $48.73 barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since January 2019, according to FactSet data. Source : MarketWatch

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.