Saturday, 15 December 2018
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--

Gold Expected To Gain Some Luster After Fed
Monday, 24 September 2018 11:35 WIB | GOLD CORNER |

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

The U.S. Federal Open Market Committee meeting is widely expected to hike interest rates another 25 basis points this week. But that hasn't deterred analysts, who suggest this is already factored into prices.

Eighteen market professionals took part in the Wall Street survey. Thirteen respondents, or 72%, predicted higher prices. There were two votes, or 11%, calling for lower prices, while three respondents, or 17%, were neutral or looked for a sideways market.

Meanwhile, 374 people responded to an online poll. A total of 215 respondents, or 57%, called for gold to rise. Another 105, or 28%, predicted gold would fall. The remaining 54, or 14%, see a sideways market.

'I think the Fed may moderate forward language, so I continue to be constructive on the gold price,' said Peter Hug, global trading director for Kitco Metals.

Jasper Lawler, head of research at London Capital Group, said that while the price action looks soft, positioning and market sentiment support higher prices. He said if the Federal Reserve maintains its current guidance, then gold will rally, as he would expect the U.S. dollar to weaken.

œAfter the strong rally we have seen in the U.S. dollar, the market needs something more than Fed™s current steady path for interest rates, he said. œFrom a risk/reward standpoint, the gold market looks good at these levels.

Darin Newsom, an independent technical analyst, cited chart-based factors, particularly for the U.S. dollar. Gold tends to move inversely to the greenback.

œGiven last week™s bearish breakdown by the U.S. dollar index, gold could trade higher this week, Newsom said. œWith the USDX [U.S. dollar index] hitting a new four-week low last week, December gold could take out last week™s high of $1,218 and possibly challenge its four-week high of $1,220.70.

Adam Button, managing director of ForexLive, is also bullish.

œGold has likely bottomed for the year, Button said. œThe market is growing more upbeat on global growth and less worried about trade, despite the risks. That backdrop should weigh on the U.S. dollar and lead to a slow recovery in gold.

Ralph Preston, principal with Heritage West Financial, lists a target of $1,226, commenting that he is looking for œan accelerated move out of the recent congestion.

Meanwhile, Kitco senior technical analyst Jim Wyckoff said he looks for gold to be steady to lower since œcharts remain bearish.

Richard Baker, editor of the Eureka Miner Report, is also short-term bearish, listing an $1,190 target.

Kevin Grady, president of Phoenix Futures and Options LLC, described himself as neutral on prices at the moment.

œThe higher interest-rate picture is keeping a lid on gold, he said. œThere is a big short [bearish] position in gold. A lot of people are looking to buy the bottom in gold. I don™t see a reason to do that unless you™re looking for a short-covering rally.

Sean Lusk, director of commercial hedging with Walsh Trading, sees gold steady but choppy.

œRallies continue to get hit, he said, pointing out that gold climbed to a weekly high early Friday but promptly fell some $10, which was disconcerting for bulls. He later added, œIt just doesn™t seem to me like we can get a run.

Source: Kitco News

RELATED NEWS
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...

Can Gold Beat The December Curse?...
Tuesday, 4 December 2018 12:00 WIB

Seorang analis komoditas mengatakan dia sedang menunggu untuk melihat apakah pasar emas dapat mengalahkan kutukan Desember seiring pasar memulai bulan dengan catatan yang kuat, diperdagangkan tepat di...

Gold Looks Good In 2019 But Needs Inflation To Break $1,300 - IHS Markit...
Tuesday, 27 November 2018 05:37 WIB

Meskipun pasar emas dapat diperdagangkan di atas kisaran enam bulan saat ini pada tahun 2019, investor seharusnya tidak mengharapkan harga untuk menembus orbit mereka, menurut salah satu perusahaan ri...

Gold Is Just Getting Started - Scotiabank...
Tuesday, 20 November 2018 05:51 WIB

Meskipun pasar emas tidak mampu mempertahankan momentum Oktober-nya, satu bank Kanada belum siap untuk menyerah pada logam mulia ini. Analis di Scotiabank mengatakan bahwa mereka melihat potensi lebi...

Gold Prices May Fall Further as US Dollar Recovery Continues...
Monday, 12 November 2018 16:36 WIB

Harga emas turun bahkan meski imbal hasil obligasi mengikuti pergerakan lebih rendah saham dan jalur kenaikan suku bunga acuan yang tersirat dalam berjangka Fed Funds mendatar pada hari Jumat. Dolar A...

LATEST NEWS
Hong Kong stocks close week with sharp losses

Hong Kong shares tumbled Friday as fresh data pointed to further weakness in China's economy while investors also cashed in profits following a broadly positive week. The Hang Seng Index dropped 1.62 percent, or 429.56 points, to 26,094.79. The...

Dow Ends in Correction Territory as Stocks Tumble on China Worries

Stocks ended the week on a down note Friday, falling sharply on worries about global growth after weaker-than-expected Chinese data. The Dow Jones Industrial Average fell around 496 points, or 2%, to finish near 24,101, according to preliminary...

Oil Ends Lower For The Week; Natural Gas Sees Biggest Weekly Plunge Since 2016

Oil prices fell on Friday, settling lower for the week, as a stronger dollar cut global demand for U.S.-priced commodities and a slide for the stock market sullied the risk-taking mood. Meanwhile, natural-gas futures took a plunge that left them...

POPULAR NEWS
Gold Settles Higher as November Inflation Data Meet Expectations And The Dollar Takes a Dip
Thursday, 13 December 2018 02:12 WIB

Gold futures settled higher on Wednesday, scoring their first gain in three sessions after data showed U.S. inflation remained flat in November and...

Gold Declines as Palladium Retreats From a Record Settlement
Friday, 14 December 2018 02:55 WIB

Gold futures ended lower Thursday, with overall strength in the dollar helping the metal build on its losses for the week, while palladium eased...

Gold Prices Jump to Session Highs After U.S. Inflation Data
Wednesday, 12 December 2018 20:53 WIB

Gold prices ticked higher on Wednesday, hitting the best levels of the session after data showed that U.S. consumer price growth slowed in...

Britain's PM Tries to Save Brexit Deal After Postponing House of Commons Vote
Wednesday, 12 December 2018 18:51 WIB

British Prime Minister Theresa May is meeting with European leaders Tuesday as she seeks to keep alive her deal for Britain's withdrawal from the...