Friday, 29 May 2020
New York

Gold Prices Seen Building On Biggest Weekly Gain Since 2008
Monday, 30 March 2020 13:03 WIB | GOLD CORNER |EMASGOLD

Seventy-one percent of the Wall Street and Main Street respondents in the weekly Kitco gold price survey look for the precious metal to build on its gains this week.

Just before 11 a.m. EDT on Friday, Comex April gold was trading at $1618.10 an ounce. Even though that was down $33.10 for the day, the metal had still posted a gain of 9% for the week so far. Analysts pointed out that the metal posted its biggest weekly gain since 2008, with the biggest impetus an early-week announcement of open-ended quantitative easing and other programs from the Federal Reserve to prop up the economy and markets amid the COVID-19 outbreak.

The U.S. Senate approved a stimulus package and the House of Representatives was expected to do likewise.

Fourteen market professionals took part in the Wall Street survey. There were 10 votes, or 71%, for higher prices this week. One respondent, or 7%, was bearish, while three, or 21%, were neutral or called for sideways prices.

Meanwhile, 1,595 votes were cast in an online Main Street poll. A total of 1,138 voters, or 71%, looked for gold to rise in the this week. Another 244, or 15%, said lower, while 213, or 13%, were neutral.

œI think we are going to be up this week after we see if the vote [on stimulus in the U.S. House of Representatives] is passed and after we see if the stimulus that is promised by the G20 [Group of 20 nations] is in effect also, said George Gero, managing director with RBC Wealth Management.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for gold to rise some more now that the June dollar index has fallen enough to test the 20-day moving average near 98.95. The dollar has bounced from its low, and some late-week profit-taking has occurred in gold, he said.

œBut longer term, I think gold is going to continue to push higher, Nedoss said. Technically, he added, the area around $1,600 an ounce should offer good support for gold as both a psychological level and since it™s also the area around the 20- and 50-day moving averages.

Kevin Grady, president of Phoenix Futures and Options LLC, also described himself as bullish for next week despite Friday™s pullback.

œI believe the sell-off today is attributed to the both the options expiration last night and the fact that the April contract will be rolling into June by Monday, Grady said. œAt this time, longs have to decide whether to roll their existing position or to liquidate. I think that we are seeing April liquidation today. Gold margins were raised from $7,000 to $8,350 on March 25th. This could be a big factor in their decision.

Jim Wyckoff, senior technical analyst with Kitco, also said higher.

œCharts are friendly and investors/traders are now confident about buying markets, as opposed to standing on the sidelines and hoarding cash amid recent higher anxiety, Wyckoff said.

Adam Button, managing director of ForexLive, also looks for gains in gold now that investors aren™t having to sell to raise cash instead, as was the case earlier this month when equities were in a free fall.

œThe liquidation phase of this crisis is over, and the focus is shifting to monetary debasement and economic uncertainty, Button said.

Richard Baker, editor of the Eureka Miner™s Report, looks for gold to rise since a number of obstacles to higher prices were cleared last week. These include the U.S. dollar coming down from its highs and perhaps facing increasing pressure from the multi-trillion-dollar relief package from Congress; an abatement of the liquidations that previously depressed precious metals, even though Friday morning™s sharp equity decline may signal a smaller round is underway; and a bullish low interest-rate environment.

œWith the U.S. quickly becoming the new epicenter of this horrific pandemic, the uncertainty facing the economies and markets will propel gold to $1,800 per ounce, perhaps higher, Baker said. œI believe it likely that Comex gold will see at least $1,680 per ounce this week, with embattled silver following to $14.80 per ounce.

Meanwhile, Mark Leibovit, publisher of VR Metals/Resource Letter, said in an email that gold œlooks toppy to me. Called the pullback to the mid $1,400s when everyone else was bullish. Cycles down to summer.

The neutral votes included Colin Cieszynski, chief market strategist at SIA Wealth Management, and Phillip Streible, chief market strategist with Blue Line Futures.

œGold appears to be settling into a $1,600-$1,640 trading range but...the potential exists for large swings in both directions, Cieszynski said. œWhat happens with the U.S. dollar may continue to drive short-term trading swings, while the ongoing dovishness of central banks provides longer-term support.

Added Streible: œGold futures are fighting heavy resistance at $1,704 and will need more clarity on the stimulus and weaker equity prices in order to attract further buying.

The April futures peaked at $1,704.30 on March 9 and stopped just shy of $1,700 two days last week.

Source: Kitco News

Wall St., Main St. Look for Gold to Regain its Luster...
Monday, 25 May 2020 14:32 WIB

Wall Street and Main Street look for gold prices to rise this week, according to the weekly Kitco News gold survey. Traders and analysts who make up the Wall Street poll continued to cite the mass li...

Wall St., Main St. Both Look For Gold Prices To Keep Shining...
Monday, 18 May 2020 11:17 WIB

Wall Street and Main Street alike remain bullish on gold prices for this week, according to the weekly Kitco News gold survey. Professional investors and traders cited the ongoing quantitative-easing...

Wall St., Main St. Look for Bounce in Gold Prices...
Monday, 4 May 2020 12:06 WIB

Wall Street and Main Street were both undeterred by last week™s pullback in gold, calling for the metal to rise this week, according to the weekly Kitco News gold survey. Wall Street is not as heav...

Harga emas siap untuk level $ 1.800: Pasar amati dua event minggu ini...
Monday, 27 April 2020 11:27 WIB

Strategi para pedagang emas tampaknya penurunan harga beli karena logam mulia bersiap-siap untuk menguji level tertinggi 2012, menurut analis. Lebih banyak data ekonomi yang buruk pekan lalu tampakny...

Gold-Price Sentiment Overwhelmingly Bullish...
Tuesday, 14 April 2020 08:27 WIB

Participants in the weekly Kitco gold-price survey look for the metal to maintain its upward momentum this week as central banks and governments keep rolling out measures to prop up an economy that is...

Dollar In Narrow Range As Focus Shifts To Trump China Response

The dollar was hemmed into a narrow trading range on Friday as traders™ focus shifted to U.S. President Donald Trump™s response to China™s passage of a national security law for Hong Kong. The yuan pulled away from a record low in offshore...

Tokyo Stocks Open Lower On US-China Tension

Tokyo stocks opened lower on Friday, tracking falls on Wall Street on rising tensions between the US and China. The benchmark Nikkei 225 index was down 0.56 percent or 123.03 points at 21,793.28 in early trade, while the broader Topix index...

Hong Kong stocks hit by China-US stand-off (Review)

Hong Kong stocks sank Thursday as traders grow increasingly worried about the impact on the city's future from a US decision to revoke its preferential status, in response to China's plans for a new security law in the city. The Hang Seng Index...

Gold Flat As Hong Kong Concerns Offset Reopening Optimism
Wednesday, 27 May 2020 09:45 WIB

Gold traded flat on Wednesday as concerns about the U.S. response to China™s proposed security law for Hong Kong countered optimism about a...

Gold Edges Lower, Losing Shine as Stocks Rally on Easing Lockdowns, Vaccine Hopes
Tuesday, 26 May 2020 19:20 WIB

Gold futures lost some ground Tuesday as global equities rallied in response to easing business lockdowns as the pandemic recedes and encouraging...

Gold prices end lower on growing tensions between the U.S and China over Hong Kong
Thursday, 28 May 2020 01:18 WIB

Gold futures ended lower Wednesday, but of session lows as tensions between the U.S. and China worsened after Secretary of State Mike Pompeo...

Gold falls 1% as risk appetite firms on recovery optimism
Wednesday, 27 May 2020 01:32 WIB

Gold fell over 1% on Tuesday as major economies further eased coronavirus-linked restrictions, fuelling hopes for economic recovery and bolstering...