Monday, 21 January 2019
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--

Wall, Main St. See Price Recovery
Monday, 7 May 2018 07:57 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street both look for gold to continue its recovery this week, based on the Kitco News weekly gold survey.

Comex June gold last week fell as far as $1,302.30 an ounce, its weakest level of the year. Since, however, prices have ticked higher again. One widely anticipated event that occurred last week was a Federal Open Market Committee meeting in which interest rates were left unchanged and policymakers did not signal materially more aggressive future tightening. Meanwhile, an April jobs report that showed less-than-forecast payroll gains of 164,000.

Eighteen market professionals took part in the survey. Twelve respondents, or 67%, called for gold prices to rise this week. Another four voters, or 22%, looked for gold to fall, while two, or 11%, called for a sideways market.

Meanwhile, 809 voters responded in an online Main Street survey. A total of 557 respondents, or 69%, predicted that gold prices would be higher this week. Another 183 voters, or 23%, said gold will fall, while 69, or 9%, see a sideways market.

The smaller-than-forecast rise in April nonfarm payrolls should bode well for gold, says Phil Flynn, senior market analyst with Price Futures Group. œEven though the overall jobless rate went down [to 3.9%], the headline weakness should allay fears the Federal Reserve will be more aggressive on interest rates in the future, Flynn said.

Further, he added, geopolitical worries are likely to impact markets, particularly whether the U.S. backs out of the nuclear accord with Iran.

George Gero, managing director with RBC Wealth Management, looks for gold to rise, with a potential trade war once again impacting markets. œWe™re past the major worries we had with the Fed and jobs report, Gero said.

Jim Wyckoff, senior technical analyst with Kitco, looks for gold to trade higher since œit appears strong support at $1,300 is holding.

Meanwhile, Kevin Grady, president of Phoenix Futures and Options LLC, is one of the respondents who are bearish, citing gold™s break this week to a new low for the year and also the fact that prices remain just under the 200-day moving average. Expectations for higher U.S. interest rates will keep the market in check, he said. Grady also pointed to recent peaceful rhetoric on the Korean Peninsula, which takes away some safe-haven demand.

œWe™re going to see some new shorts [bearish positions] coming into the market, Grady predicted.

Richard Baker, editor of the Eureka Miner Report, looks for gold to test the bottom end of its trading range.

œBarring a political/geopolitical shock, it is unlikely that the yellow metal will sustain rally against a rising U.S. dollar, which made a new high for the year after the weaker-than-expected nonfarm payroll report, he said.

Baker later added: œOn a positive, it appears the march of higher U.S. interest and inflation rates has stalled given comments by the Federal Reserve on inflation and an economy that added fewer jobs than expected. Rising U.S. deficits will establish a floor for gold prices, and it is likely that prices will stay in a range above $1,300 per ounce.

Colin Cieszynski, chief market strategist at SIA Wealth Management, is neutral unless gold breaks out of its trading range.

œI remain neutral on gold for this week as it remains in the $1,300-$1,360 range, he said. œHowever, USD [U.S. dollar] is climbing despite soft payrolls, so if gold breaks $1,300 I would turn bearish.

Source: Kitco News

RELATED NEWS
Gold To Top $1,300 In Next 3 Months, Rise 10% In 2019 - Goldman Sachs...
Monday, 14 January 2019 22:00 WIB

Emas akan terus bersinar sebagai aset safe-haven dengan harga terdorong ke atas $ 1.300 per ons dalam tiga bulan ke depan, menurut perusahaan investasi raksasa Goldman Sachs. Dalam sebuah catatan kep...

Outlook 2019: The Most Bullish Views So Far...
Monday, 7 January 2019 11:30 WIB

Para bulls emas kembali. Setelah setahun melihat harga emas lebih lemah, investor dan analis sama-sama mengadopsi optimisme baru untuk tahun baru. Meskipun sentimen dalam seri Outlook 2019 kami telah ...

Gold Will Rally 22% In 2019, Outperform Everything...
Monday, 31 December 2018 22:40 WIB

2019 akan melihat awal siklus bull baru untuk emas dan mendorong logam hingga level $ 1.500 per ounce, kata E.B. Tucker, direktur Metalla Royalty & Streaming. œUntuk menghasilkan banyak uang di...

CPM Group Sees Gold Averaging Near $1,300/Oz In 2019...
Monday, 17 December 2018 21:58 WIB

CPM Group melihat harga emas untuk naik tahun depan seiring Federal Reserve memperlambat laju kenaikan suku bunga AS, namun konsultan itu tidak mengharapkan logam kuning untuk lari lebih jauh ke atas ...

Wall St., Main St. Expect Gold To Keep Shining...
Monday, 10 December 2018 13:04 WIB

Wall Street dan Main Street keduanya melihat emas untuk membangun pergerakan minggu lalu untuk bergerak lebih tinggi selama minggu depan, berdasarkan survei emas Kitco News. Pengamat memperkirakan la...

LATEST NEWS
Erdogan : Turkey Ready to Take Over Security in Syria's Manbij

Turkey is ready to take over security in the Kurdish-controlled Syrian city of Manbij, President Recep Tayyip Erdogan said Sunday. Erdogan's office says the president spoke to U.S. President Donald Trump by telephone Sunday, days after an Islamic...

Gold Holds Decline on Signs of U.S. Economy Strength

Gold held a drop as the dollar gained amid signs of strength in the U.S. economy and on optimism steps are being taken toward a U.S.-China trade truce. Data on Friday showed U.S. factory production expanded in December by the most...

AUD/USD Jumps 23 Pips on Better-Than-Expected China Industrial Production Figure

The AUD/USD pair jumped 23 pips to 0.7177 soon before press time, courtesy of a better-than-expected China data. China's industrial production rose to 5.7 percent year-on-year in December, beating the forecast of 5.3 percent by a big margin. The...

POPULAR NEWS
Gold Futures Suffer First Weekly Decline Since Mid-December
Saturday, 19 January 2019 02:09 WIB

Gold futures fell on Friday, suffering from their first weekly decline since mid-December as optimism surrounding the U.S.-China trade dispute...

Gold Holds Drop as Investors Weigh Trade Developments
Friday, 18 January 2019 14:13 WIB

Gold held a decline amid optimism for progress in U.S.-China trade talks that boosted equities in Asia Friday and Treasury yields overnight....

Hong Kong, Shanghai stocks end week with gains
Friday, 18 January 2019 15:49 WIB

Hong Kong stocks finished another healthy week on a positive note Friday as investors cheered a report that the US is considering lifting Chinese...

Gold, Silver Prices Sell Off Amid Keener Risk Appetite
Friday, 18 January 2019 20:44 WIB

Gold and silver prices are lower and headed toward technically bearish weekly low closes in early U.S. trading Friday. Trader and investors are...