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Gold futures pull back from a fresh 9-year peak, but hold above $1,800 an ounce

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Unique split on Wall Street to keep investors guessing the gold price this week
Monday, 18 November 2019 11:02 WIB | GOLD CORNER |Gold CornerGold Outlook

This week will be an interesting one for gold with Wall Street uniquely split between expectations of higher and neutral gold prices, while Main Street is still very bullish, according to the latest Kitco News gold price survey.

It's been a messy week for gold prices as the metal was unable to break resistance at $1,475 an ounce but managed to remain well supported above $1,450 in light of higher U.S. equities and stronger U.S. dollar.

Overall, prices are down around 0.14% on last week at the time of writing with December Comex gold futures last trading at $1,469.60, down 0.26% on the day.

A total of 15 market professionals took part in Kitco's gold survey last week ” representing the Wall Street side. There was an interesting split formed between projections of higher and neutral prices. Six of the analysts, or 37.5%, said they see gold moving higher this week, while another six, or 37.5%, said they project neutral prices. Another four, or 25%, voted for a move down in gold.

The Main Street side, on the other hand, kept its bullish hopes for this week. Out of the 473 total online responders, 290 votes, or 61.3%, called for higher prices; 104 votes, or 22%, projected lower prices; and another 79, or 16.7% called for neutral prices this week.

In the last survey, Wall Street anticipated lower prices last week and was proven right, while Main Street called for higher prices.

Gold price moves this week are likely to be dominated by the U.S.-China trade headlines, macro data, and the risk-on/risk-off sentiment in the marketplace, analysts told Kitco News.

œGrowing optimism on a Phase I U.S./China trade deal has returned last week pushing the S&P 500 to a new record also bolstered by positive retail sales numbers. This has put pressure on safe-havens, said Eureka Miner Report editor Richard Baker.

Solid floor for gold remains $1,450, Baker added, while projecting lower gold prices. œA 'risk-on' sentiment will [likely] extend into this week, bringing the yellow metal to the $1,460-level, he said.

Some analysts said they saw gold™s upside potential as limited to just below $1,500 an ounce for now.

œNews flow is slowing down and I think gold could stage a trading bounce, perhaps back up into the $1,480-$1,500 area but it could still have a hard time retaking $1,500. Downside support remains in place near $1,450, said SIA Wealth Management chief market strategist Colin Cieszynski.

The neutral vote was unusually high this week on Wall Street's side, suggesting that gold might stay on the sidelines until a new driver is triggered.

œThe safe-haven gold and silver markets are seeing buying interest squelched by generally upbeat trader and investor risk appetite the past several weeks, said Kitco's senior technical analyst Jim Wyckoff. œBulls have stabilized the market last week, suggesting sideways price action in the near term.

The path of least resistance for gold is tilted to the downside, added DailyFx.com senior currency strategist Christopher Vecchio.

œUntil the descending channel from the September and November highs breaks, it still holds that the path of least resistance is to the downside for gold prices. Support in the descending channel does not come into play until closer to $1,400 through the end of November “ a key area for the weekly timeframe and the longer-term inverted head and shoulders pattern, Vecchio said.

Only a strong move above $1,475 could trigger œa reconsideration of the short-term bearish bias for gold prices, he pointed out.

Another analyst who called for a sideways market said that it would be unlikely for gold to breach the $1,478 an ounce level this week. œThis is the 100-day moving average, said TD Securities head of global strategy Bart Melek.

œGold could move up ever so slightly. But, I wouldn't exactly say it is anything but neutral at this stage, Melek added, noting that he is watching $1,459 on the downside.

Source : Kitco News

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POPULAR NEWS
Gold futures pull back from a fresh 9-year peak, but hold above $1,800 an ounce

Gold futures ended lower on Thursday, pulling back a day after scoring another settlement at the highest since September 2011, but the haven metal held ground above $1,800 an ounce after data showed weekly U.S. jobless claims remained well above one million. August gold fell $16.80, or 0.9%, to settle at $1,803.80 an ounce, a day after the most-active contract rose 0.6% to settle at $1,820.60, the highest since Sept. 14, 2011, according to FactSet data. Prices on Thursday touched a low of...

Gold Holds Near 2011 High on Virus Concerns, Dollar

Gold held near the highest level in almost nine years as concerns over the coronavirus pandemic drives demand for haven assets, while the dollar slipped. The number of confirmed infections in the U.S. surpassed 3 million, representing a quarter of global cases. California and Texas, the two most populous states, reported some of their largest daily rises in cases and deaths. Spot gold little changed at $1,809.01/oz at 8:09am in Singapore. On Wednesday, prices touched...

Gold Futures Slip, Set to Take a Breather after Carving Out Fresh 9-Year Peak

Gold futures edged back early Thursday, giving up some of its gains after the precious metal scored another settlement at the highest since September 2011, but silver and platinum futures were staging a sharp advance. Precious metals have mostly benefited from expectations for a lengthy period of government and central bank stimulus to support economies harmed by the COVID-19 pandemic, but some analysts say that July also has been a seasonally strong period for gold due to heightened physical...

Dollar rises from four-week low as US stocks retreat

The dollar rallied from a four-week low in choppy trading on Thursday, enhancing the greenback's safe-haven appeal, as U.S. stocks fell with market sentiment turning cautious as the United States hit another record high on new coronavirus cases. The euro, meanwhile, fell from a one-month high versus the dollar, while commodity currencies, which tend to rise when there's higher risk appetite also slid against the greenback. Some analysts said dollar sentiment turned higher after the U.S....

Hong Kong Stocks Close On Strong Note (Review)

Hong Kong stocks finished with more gains on Thursday, in line with advances across Asia following another record-breaking lead from Wall Street. The Hang Seng Index rose 0.31 percent, or 80.98 points, to 26,210.16. The benchmark Shanghai Composite Index climbed 1.39 percent, or 47.15 points, to 3,450.59 while the Shenzhen Composite Index on China's second exchange jumped 2.70 percent, or 59.33 points, to 2257.95. Source : AFP

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