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 belas profesional pasar ambil bagian dalam survei ini. Ada 12 suara, atau 63%, menyerukan harga emas ...

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 anjloknya harga emas bulan lalu, mengingat indeks dolar yang "datar," imbal hasil Treasury yang turun...

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 Merrill Lynch (BAML), menegaskan kembali perkiraan mereka untuk rata-rata harga emas di kuartal keempa...

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 besar karena menguatnya dolar AS. Dengan demikian, logam tidak dapat menarik tawaran safe havennya me...

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 mingguan Kitco News. Namun kemudian, beberapa pengamat menunjukkan: pedagang telah memperhitungkan ting...

ANOTHER NEWS
Dow, S&P 500 open lower as trade fears resurface
Friday, 20 July 2018 20:53 WIB U.S. stocks opened mostly lower on Friday with the main benchmarks on track to end the week roughly where they started. Investors turned cautious after a flood of new question marks surrounding government policy on both trade and the dollar,...

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.