Sunday, 22 July 2018
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--

Wall. St., Main St. See Higher Gold Prices
Monday, 18 June 2018 17:03 WIB | GOLD CORNER |Gold OutlookGold Corner

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

The metal was range-bound for much of last week before tumbling with other commodities on Friday amid U.S. dollar strength as U.S.-China trade-war worries intensified again. Other significant news events last week were a North Korea-U.S. summit, 25-basis-point interest-rate hike by the Federal Reserve, plus a European Central Bank announcement that quantitative easing will end when 2018 comes to a close although interest rates likely will not rise until the end of the summer of 2019.

Sixteen market professionals took part in the survey. There were 10 votes, or 63%, calling for gold prices to rise. There were four votes, or 25%, calling for gold to fall, while two voters, or 13%, look for a sideways market.

Meanwhile, 1,081 voters responded in an online Main Street survey. A total of 683 respondents, or 63%, predicted that gold prices would be higher in a week. Another 306 voters, or 28%, said gold will fall, while 95, or 8%, see a sideways market.

 œI am bullish on gold for this week for a number of reasons, said Colin Cieszynski, chief market strategist at SIA Wealth Management. œIt feels to me like the recent pullback for gold has run its course, momentum indicators like the RSI [Relative Strength Index] have turned back upward. Gold and silver stocks are rallying, often a leading indicator for gold. The Fed news is out, leaving me to wonder what it would take to push USD [the U.S. dollar] higher in the short term.

Phil Flynn, senior market analyst with at Price Futures Group, and Daniel Pavilonis, senior commodities broker with RJO Futures, both look for gold to rise on inflation concerns. Both cited the metal™s ability to advance on Thursday even when the U.S. dollar had a stronger tone.

Mark Leibovit, editor of the VR Gold Letter, also said higher. œSeasonality seems to have kicked in early. Bullish for the next few weeks, he said.

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, is also bullish.

œThe gold market has pretty clearly already discounted the Federal Reserve™s higher rates, Day said. œIndeed, this has been a pattern since the first hike at the end of 2015: gold falls into the hike, and then rallies immediately afterwards,

Jim Wyckoff, senior technical analyst with Kitco, commented that œtechnicals have improved and risk aversion has upticked just a bit late last week.

Meanwhile, Ralph Preston, principal with Heritage West Financial, was among the Wall Street participants who envision lower prices.

œPrices are technically capped at the $1,350 zone on a monthly/quarterly basis, hinting that it is not quite yet ready for a rally on a sustained basis, Preston said. œWe 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.

David Madden, market analyst at CMC Markets, said he is bearish on gold in the near term since the metal has been unable to break above its 200-day moving average.

Kevin Grady, president of Phoenix Futures and Options, said he is neutral on gold prices for this week, putting resistance around $1,313 and $1,320.

œI would not consider buying gold until I see a convincing settlement above that $1,320 area, Grady said.

Source: Kitco News

RELATED NEWS
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...

INTL FCStone Sees Gold Prices Faring Better In July...
Tuesday, 10 July 2018 05:11 WIB

INTL FCStone melihat harga emas untuk berkinerja lebih baik di bulan Juli daripada yang mereka lakukan selama bulan "sengsara" untuk logam pada bulan Juni. Analis menyatakan keterkejutannya menyusul a...

BAML Continues To See $1,400 Gold By Year End Despite A Stronger U.S. Dollar...
Tuesday, 3 July 2018 04:10 WIB

Bank terbesar kedua di Amerika melihat potensi kenaikan lebih lanjut dalam dolar AS, tetapi juga tidak mengubah perkiraan untuk emas atau perak. Dalam laporannya hari Senin, analis Bank of America Me...

Wall St. Bullish, Main St. Mixed On Gold Prices...
Monday, 25 June 2018 18:47 WIB

Wall Street tetap bullish sedangkan Main Street bervariasi pada arah harga emas minggu ini, berdasarkan survei mingguan Kitco News. Emas jatuh ke level terendah dalam enam bulan pekan lalu sebagian b...

Wall St., Main St. See Gold Price Rising During FOMC Week...
Monday, 11 June 2018 11:11 WIB

Wall Street dan Main Street sama-sama melihat harga emas untuk naik minggu ini meskipun Komite Pasar Terbuka Federal secara luas diperkirakan akan menaikkan suku bunga AS lagi, berdasarkan survei ming...

LATEST NEWS
Hong Kong shares close higher

Hong Kong stocks closed higher Friday, with Chinese shares ending above water for the first time this week as the weak yuan currency defied US President Trump's attack on a strong dollar. The Hang Seng Index rose 0.76 percent, or 213.62 points, to...

Pompeo : US Won't Allow Russian Questioning of Former US Ambassador

The U.S. has no intention of allowing Russia to question Michael McFaul, Washington's former ambassador to Moscow and a fierce critic of Russian President Vladimir Putin, Secretary of State Mike Pompeo told VOA on Thursday. "It's not going to...

Dollar sees biggest one-day drop in 3 weeks after Trump comments

The U.S. dollar got pummeled on Friday after President Donald Trump accused China and the European Union of currency and interest-rate manipulation that he says has put the U.S. at a disadvantage. The ICE U.S. Dollar Index traded 0.7% lower to...

POPULAR NEWS
Gold Prices Pare Losses, But Still End at a 1-Year Low
Friday, 20 July 2018 00:55 WIB

Gold futures gave up much of their declines Thursday, but still finished at their lowest in about a year. President Donald Trump voiced his...

Gold at Lowest in a Year as Dollar Emboldens Bears
Thursday, 19 July 2018 17:19 WIB

Gold trades at lowest in a year as Federal Reserve Chairman Jerome Powell™s comments on U.S. employment and inflation help to sustain...

Gold Heads for Weekly Decline as Rate Outlook in Focus
Friday, 20 July 2018 09:02 WIB

Gold drops to trade near lowest in a year as investors weigh Federal Reserve Chairman Jerome Powell's comments on interest rate...

Gold Steadies Within Correction Territory After Trump Remarks Sting Dollar
Friday, 20 July 2018 20:07 WIB

Gold prices managed a slim early advance Friday, barely chipping away at a weekly loss as the metal remained pinned within the correction territory...