Wednesday, 21 August 2019
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--

Wall St., Main St. Look For Gold Prices To Keep Bouncing
Monday, 29 April 2019 13:35 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street are both bullish in the weekly Kitco News gold survey, looking for the metal to continue the bounce from the year-to-date low it hit at the start of last week.

The Comex June futures bottomed at $1,267.90 an ounce on Tuesday, but “ assuming they hang onto Friday™s gains “ then proceeded to rise for three days in a row.

Eighteen market professionals took part in the Wall Street survey. Eight voters, or 44%, look for gold to rise this week. Six voters, or 33%, call for lower prices, while the remaining four, or 22%, expect prices to be sideways or were neutral.

Meanwhile, 437 respondents took part in an online Main Street poll. A total of 239 voters, or 55%, called for gold to climb. Another 140, or 32%, predicted gold would fall. The remaining 58 voters, or 13%, saw a sideways market.

In the last survey, Main Street was bullish while Wall Street was bearish on gold for last week. Just before 11 a.m. EDT, Comex June gold futures were trading up 1% for the week so far at $1,289.30 an ounce.

œGold should bounce, said Phil Flynn, senior market analyst with Price Futures Group. œThe dollar looks a bit overpriced, so gold should get some support.

Sean Lusk, director of commercial hedging with Walsh Trading, looks for gold to make further headway to the upside after the recent downdraft held around the 200-day moving average in the area of $1,267 to $1,268. Technically, if the market can break $1,288 level, it can challenge $1,300, he suggested.

œA lot of longs have liquidated themselves out of the market, Lusk said. This means potential for them to re-enter as buyers. œThey™re starting to creep back into the market, Lusk added.

Afshin Nabavi, head of trading at trading house MKS, figures the increased number of shorts (bearish traders) means potential for short covering as those market participants buy to exit those positions.

œIt looks like we held [around] the $1,270 area quite nicely, he said, also citing gold™s ability to snap back after a strong U.S. report on first-quarter gross domestic product Friday.

Meanwhile, Kitco senior technical analyst Jim Wyckoff said prices are in a near-term downtrend, œmeaning the path of least resistance for prices remains sideways to lower. Bob Haberkorn, senior commodities broker with RJO Futures, also looks for renewed downside.

œI think equities will remain strong, which will compete against gold a little bit, Haberkorn said.

David Madden, market analyst at CMC Markets, also said that he is bearish on gold.

œGold™s negative trend is still place even with this bounce, he said. œThe U.S. dollar™s uptrend is clear, and that will be damaging to the gold market.

Meanwhile, Colin Cieszynski, chief market strategist at SIA Wealth Management, he said that he is neutral on gold right now.

œThe technicals in gold look really messy right now. I think we are seeing a trading bounce within a downtrend, he said. The analyst added that it will be hard for gold to rally as the U.S. dollar remains within an elevated trading channel.

œI remain neutral again for gold this week, said Kevin Grady, president of Phoenix Futures and Options. œI think all rallies up to $1,305 should be sold. Gold does not seem to be responding positively to any geopolitical or economic news.

Source: Kitco News

RELATED NEWS
Bearish Cracks Appearing In Bullish Gold Market...
Monday, 19 August 2019 15:16 WIB

After three-straight weeks of gains, cracks are starting to appear in gold's bullish veneer, particularly among Wall Street analysts, according to the latest results of the Kitco News Weekly Gold Surv...

Wall Street, Main Street Sill Bullish On Gold, But Caution Creeping Higher...
Monday, 12 August 2019 12:41 WIB

The market remains emphatically bullish on gold. But, looking past the headlines, the yellow metal is beginning to look overbought, according to some analysts. The gold market is on track to see its ...

Gold Survey Shows Bulls In Full Control...
Monday, 5 August 2019 13:19 WIB

The gold bears had their chance to take control of the market but failed, and now the bulls are in full control as both Wall Street and Main Street expect to see higher prices in the near-term as unce...

Wall St., Main St.: Gold To Shine During FOMC Week...
Monday, 29 July 2019 14:29 WIB

Wall Street and Main Street both look for gold prices to climb this week, with the Federal Open Market Committee widely expected to cut U.S. interest rates, according to the weekly Kitco News gold sur...

Wall St., Main St. See Gold Prices Maintaining Upward Momentum...
Monday, 22 July 2019 13:24 WIB

Wall Street and Main Street look for gold to keep building on its recent gains, according to the weekly Kitco News gold survey. The metal hit a fresh six-year high in screen trading after renewed dov...

LATEST NEWS
Gold eases as investors book profits; Fed minutes in focus

Gold prices retreated below the key $1,500 level on Wednesday as traders booked profits and focus turned to the minutes of the U.S. Federal Reserve's July meeting for clues on future interest rate cuts. Spot gold was down 0.5% at $1,498.84 per...

Hong Kong stocks finish on positive note

Hong Kong shares closed higher on Wednesday, having swung back and forth through the day, with traders turning their focus to an upcoming speech by Federal Reserve chief Jerome Powell later in the week. The Hang Seng Index closed up 0.15 percent,...

Dollar Hovering Near 3-Week Highs ahead of Fed Minutes

The U.S. dollar was hovering just below three-week highs in subdued trade on Wednesday as investors looked ahead to the minutes of the Federal Reserve's July meeting later in the day for fresh clues on the monetary policy outlook. The Fed cut...

POPULAR NEWS
Gold ends lower as stock-market rebound dulls haven shine
Tuesday, 20 August 2019 02:20 WIB

Gold futures lost ground Monday, ending lower as renewed optimism on the trade front and talk of stimulus by global policy makers dulls investor...

Gold Drops 2nd Day on Rising Stocks, Trade Comments
Monday, 19 August 2019 09:39 WIB

Gold declined for a second day as investors favored riskier assets and weighed President Donald Trump™s comments on trade talks with...

Gold ends higher, recoups some recent losses as bond yields slide
Wednesday, 21 August 2019 01:55 WIB

Gold futures climbed on Tuesday, with a slide in U.S. Treasury yields helping the haven metal recoup more than a third of what it lost a day...

Hong Kong stocks end with big gains (Review)
Tuesday, 20 August 2019 03:55 WIB

Hong Kong shares jumped more than two percent Monday following a healthy lead from Wall Street with investors cheered by positive comments on trade...