Friday, 10 July 2020
New York
Wall St., Main St. Look for Gold Prices to Keep Shining
Monday, 29 June 2020 13:42 WIB | GOLD CORNER |Gold OutlookGold Corner

Gold prices should maintain maintain their recent upward momentum as the COVID-19 pandemic keeps spreading and prompting worries about the economy, according to respondents in the weekly Kitco News gold survey.

"Rising uncertainty about the virus will cement easy-money policies," said Adam Button, managing director of ForexLive. "The Fed minutes this week will emphasize that central banks are going to take further action, and a U.S. stimulus package may start to come into view. Most importantly, gold made a new seven-year high, and that keeps upward momentum intact."

Of the 18 Wall Street professionals who took part in last week poll, 12, or 67%, called for gold prices to rise. Four, or 22%, predicted lower prices. Another two voters, or 11%, said sideways or unchanged.

A total of 1,163 votes were cast in an online Main Street poll. Of these, 790 respondents, or 68%, looked for gold to rise this week. Another 188, or 16%, said lower, while 185 voters, also 16% when rounding off, were neutral.

"I think gold will look to re-challenge the recent high we just had because of the fact that I think U.S. equities are starting to show that they are susceptible to a decline," said Phillip Streible, chief market strategist with Blue Line Futures.

"I think investors are going to reconsider their long equity positions, the strength of the recovery, a resurgence of the coronavirus and lockdowns. Due to that, I think people will shift back into the gold market."

George Gero, managing director with RBC Wealth Management, said he looks for gold to continue building on its gains over the last three weeks, citing strong demand for exchange-traded products and a "dynamic" options expiration that resulted in less margin-call selling than some might have expected. He continues to look for gold to top $1,800 an ounce.

"Gold is still in bullish mode. The Fed is still showing signs of nervousness about the economy and that should favor gold," said Phil Flynn, senior market analyst with at Price Futures Group, noting that while that while stress tests showed that the U.S. banking system is in OK condition, banks were ordered to suspend stock-buyback programs and limit dividend payments to shareholders.

"The banks must also submit new plans for maintaining enough of the capital needed to survive a downturn," Fynn continued. "This kind of talk, along with record cases of the cornavirus, should make safe-haven buying in the yellow metal attractive again."

Jim Wyckoff, senior technical analyst with Kitco, called for higher prices due to a "fully bullish" picture on the technical charts.

"I'm going to stick with the trend," said Charlie Nedoss, senior market strategist with LaSalle Futures Group. "I'm looking for higher this week."

He said the dollar appears "toppy" and noted that gold is developing decent chart support, particularly as long as the August futures hold above the 20-day moving average that is currently around $1,739 an ounce.

Meanwhile, Daniel Pavilonis, senior commodities broker with RJO Futures, is among those looking for a pullback. The August futures this week poked above the April highs but soon stalled, creating potential for a double-top on the charts, he pointed out.

"It seems like the market has been kind of in a range trade for the last several months," he said.

Sean Lusk, co-director of commercial hedging with Walsh Trading, said he anticipates a short-term retreat on selling in the form of profit-taking, especially ahead of the end of the month and second quarter. He pointed out that whenever gold has hit fresh longtime highs in recent months, the move has been followed by a correction, although not necessarily a long-lasting one. However, Lusk added, there has been a tendency for market participants to buy price dips.

"I don't think there is going to be any flip in [bullish] psychology," Lusk said.

Afshin Nabavi, head of trading with MKS, said he looks for gold to be range-bound ahead of quarter-end, but then could attempt $1,800 again. "We think it™s in the cards," he added.

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, looks for prices to finish this week not far from where they are as last week winds down.

"I still see potential for a modest pullback, particularly after the recent rally," he said. "At this point, I don't think it will be especially long or deep, so will say unchanged for this week.

"Once we start to see second-quarter earnings, we may have volatility in the stock market and that will be positive for gold, so we are only looking for a modest pullback this week or two before another move up."

Source: Kitco News

Gold price bull rally: the drive is alive...
Monday, 6 July 2020 13:40 WIB

Gold achieved an important milestone this past week as priced pushed above $1,800 an ounce for the first time since 2011 and with strong fundamentals and what appears to be an unstoppable uptrend, ret...

Emas dan Saham Telah Berdamai...
Friday, 3 July 2020 14:53 WIB

Untuk pertama kalinya tren indeks berjangka emas tidak terpengaruh oleh sentimen pasar saham selama masa pandemi COVID-19. Di sisi lain, emas saat ini cenderung dipengaruhi oleh tingkat imbal hasil r...

July, Gold is Still Promising...
Wednesday, 1 July 2020 16:41 WIB

Index futures closed above $ 1,800 per ounce on Tuesday, June 30, 2020, which also means closing in the first half of this year. Over the past six months gold has become the most active futures contra...

Wall St., Main St. Upbeat About Short-Term Outlook for Gold Prices...
Monday, 22 June 2020 13:29 WIB

Respondents in the weekly Kitco News gold survey are bullish on gold for this week, with some Wall Street professionals suggesting monetary policy and fiscal stimulus will lead to another test of the ...

Wall St., Main St. Expect Gold Prices To Keep On Shining...
Monday, 15 June 2020 10:48 WIB

Wall Street and Main Street look for gold prices to continue their recovery this week. The precious metal sold off sharply at the end of last week when a stronger-than-forecast report on U.S. nonfarm...

Dow, S&P 500 end lower on fears over surging virus cases but Nasdaq hits record high

The S&P 500 and Dow dropped on Thursday as investors worried about another round of business shutdowns to contain a surge in coronavirus cases and began to shift their focus to earnings, though the Nasdaq registered another record closing...

Hong Kong Stocks Close On Strong Note (Review)

Hong Kong stocks finished with more gains on Thursday, in line with advances across Asia following another record-breaking lead from Wall Street. The Hang Seng Index rose 0.31 percent, or 80.98 points, to 26,210.16. The benchmark Shanghai...

Oil falls, with U.S. benchmark settling back under $40 as coronavirus concerns swirl

Oil futures fell on Thursday, with U.S. benchmark prices settling back below $40 a barrel, as commodity traders contended with rising cases of coronavirus in the U.S. and some other countries that may threaten to unsettle demand for crude. August...

Gold futures log highest finish since September 2011
Wednesday, 8 July 2020 01:13 WIB

Gold futures marked their highest finish in nearly nine years, after climbing to nearly $1,810 an ounce during Tuesday's session. Prices had seen a...

Gold futures up a fourth straight session to mark another finish at the highest since 2011
Thursday, 9 July 2020 01:11 WIB

Gold futures climbed for a fourth straight session on Wednesday to mark another finish at their highest since September 2011. The move for gold...

Gold Rally to $1,800 Sees ETF Inflows Exceed Full-Year Record
Wednesday, 8 July 2020 15:53 WIB

Gold allure is only getting stronger as 2020 unfolds. Spot prices reached $1,800 an ounce and year-to-date inflows into bullion-backed...

US Formally Starts Withdrawal From WHO
Wednesday, 8 July 2020 17:03 WIB

The White House has formally notified the United Nations that it is pulling the United States out of the World Health Organization, despite the...