Sunday, 19 August 2018
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--

Wall St., Main St. See Gold Price Rising During FOMC Week
Monday, 11 June 2018 11:11 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street alike look for gold prices to rise this week even though the Federal Open Market Committee is widely expected to hike U.S. interest rates again, based on the Kitco News weekly survey.

But then, some observers pointed out: traders have already factored higher U.S. rates into markets.

Investors have many major news events to monitor this week, with perhaps the most important being the Fed meeting, with policymakers expected to hike interest rates another 25 basis points. Other events include a U.S.-North Korea summit and meeting of the European Central Bank.

Seventeen market professionals took part in the survey. There were 10 votes, or 59%, calling for gold prices to rise. There were four votes or 24%, calling for gold to fall, while three voters, or 18%, look for a sideways market.

Meanwhile, 830 voters responded in an online Main Street survey. A total of 505 respondents, or 61%, predicted that gold prices would be higher in a week. Another 223 voters, or 27%, said gold will fall, while 102, or 12%, see a sideways market.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for a down-and-up week, with the precious metal ultimately finishing higher than where it leaves off last week. He looks for the usual œknee-jerk market reactions around the Fed meeting but adds that policymakers typically have telegraphed their intentions ahead of time. Any price break lower may end up as a buying opportunity, he added.

œWe™re at a key point, Nedoss said. œWe™re sitting right on the 10-day and 20-day moving averages¦.I look for weakness into the Fed, but after the Fed, I™m looking for support.

George Gero, managing director with RBC Wealth Management, figures gold may rally since a Fed rate hike is already factored into prices, thus the dollar may weaken.

œThe rate hike is priced in. Most of the negatives are priced in, Gero said. œIt™s all about the U.S. dollar.

Jim Wyckoff, senior technical analyst with Kitco, who sees steady to higher prices, commented that a œprice downtrend on the daily chart has been negated this week.

Meanwhile, Ralph Preston, principal with Heritage West Financial, looks for gold to fall due to a muscular U.S. currency.

œGold™s recent price action is like watching paint dry “ boring, Preston said. œAs mentioned before, we may see a pop higher on a geopolitical event. However, I do not see prices holding onto any significant gains in the face of a strengthening U.S. dollar.

Colin Cieszynski, chief market strategist at SIA Wealth Management, is also bearish on gold prices for this week.

œThe U.S. dollar continues to climb heading into the Fed meeting later this month where the FOMC is expected to raise interest rates again, he said. œMeanwhile, it looks like [U.S. President Donald] Trump™s summit with [North Korean leader] Kim Jong Un is on, which could ease political tensions in Asia. The addition of a headwind from the dollar and the removal of a tailwind from political risk could keep gold on the back foot in the coming days.

Source: Kitco News

RELATED NEWS
Gold's Beating May Be Nearing an End - Bloomberg Intelligence...
Tuesday, 14 August 2018 04:44 WIB

Musim panas ini merupakan musim yang mengerikan bagi emas. Dan hanya ketika hal-hal tidak bisa menjadi lebih buruk lagi untuk logam kuning, harga turun ke bawah $ 1.200 per ounce di awal perdagangan ...

Gold Retraces Friday's Bounce - Peter Hug from Kitco...
Monday, 6 August 2018 23:48 WIB

Emas terus di bawah tekanan semalam setelah lonjakan ringan minggu lalu. Emas sempat melonjak $ 15 pada hari Jumat tetapi tidak bisa mempertahankan momentum pada saat penutupan. Semalam, dolar terus ...

Commerzbank: Gold To Focus On Central Banks, Jobs Data...
Monday, 30 July 2018 21:02 WIB

Semua mata di pasar emas akan tertuju pada pertemuan Komite Pasar Terbuka Federal dan bank sentral lainnya minggu ini, serta laporan pekerjaan AS bulanan pada hari Jumat, kata Commerzbank. Kenaikan s...

Wall St., Main St. Bearish On Gold Prices...
Monday, 23 July 2018 21:15 WIB

Main Street bergabung dengan Wall Street dalam menyerukan harga emas bergerak lebih rendah untuk jangka pendek, menurut survei mingguan Kitco News. Ini baru ketiga kalinya sepanjang tahun bahwa pemil...

Wall. St. Sees More Weakness In Gold Price; Main St. Leans Bullish...
Monday, 16 July 2018 11:34 WIB

Wall Street melihat penurunan harga emas baru-baru ini akan berlanjut, sementara blok terbesar pemilih Main Street cenderung melihat pergerakan bullish, menurut survei mingguan Kitco News. Sembilan b...

LATEST NEWS
Dollar Slides, Headed For First Weekly Loss in a Month

The U.S. dollar looked listless on Friday, sliding against a handful of its major rivals but rallying against some emerging markets amid worries over further sanctions on Turkey. The ICE U.S. Dollar Index which measures the greenback against six...

Consumer Sentiment in U.S. Declines to Lowest in Almost a Year

U.S. consumer sentiment unexpectedly fell to the lowest level in almost a year amid less favorable views on purchasing big-ticket items and persistent concerns about trade tensions, a University of Michigan report showed Friday.  Sentiment...

U.S. Stocks Flat to Slightly Lower After Weak Earnings, Turkey Turmoil

U.S. stocks opened flat to slightly lower Friday, dinged after a round of disappointing corporate earnings and renewed pressure on Turkey's lira. The S&P 500 fell 0.1% to 2,837.54, while the Dow industrials were up 9 points, or less than 0.1%,...

POPULAR NEWS
Gold ends below the closely watched $1,200 mark for a second straight session
Friday, 17 August 2018 01:51 WIB

Gold futures settled with a modest loss to mark another roughly 1 ½-year low as the U.S. dollar looked set to end the week higher. The buck, which...

Gold Trims Weekly Drop as Markets Steady After Storm
Friday, 17 August 2018 16:51 WIB

Gold rises with other precious metals as easing global trade tensions hurt dollar and support minor revival in risk...

Gold inches up, but set for biggest weekly fall in 15 months
Friday, 17 August 2018 08:56 WIB

Gold prices edged higher in early trade on Friday as dollar held steady, but the metal remained on track to post its biggest weekly decline since...

Gold Firms But Remains Pinned Below Closely Watched $1,200 Mark
Thursday, 16 August 2018 20:19 WIB

Gold futures rose marginally Thursday in an attempt to climb from the roughly 1 1/2-year lows hit this week as the U.S. dollar rally paused after...