Wall St. Bullish, Main St. Mixed On Gold Prices
Monday, 25 June 2018 18:47 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street remains bullish but Main Street is mixed on the direction of gold prices this week, based on the Kitco News weekly survey.

Gold tumbled to its lowest level in six months last week largely due to strength in the U.S. dollar. In doing so, the metal was unable to draw a safe-haven bid despite weakness in equity markets as worries about a global trade war intensified.

Seventeen market professionals took part in the survey. There were 10 votes, or 59%, calling for gold prices to rise. There were five votes, or 29%, calling for gold to fall, while two voters, or 12%, look for a sideways market.

Meanwhile, 2,276 voters responded in an online Main Street survey. A total of 915 respondents, or 40%, predicted that gold prices would be lower in a week. Another 796 voters, or 35%, said gold will rise, while 565, or 25%, see a sideways market.

œAlthough it went against me last week, I am bullish on gold for this week, said Colin Cieszynski, chief market strategist at SIA Wealth Management.

œTechnically gold looks ready for a bounce, RSI [Relative Strength Index] is oversold and turning up, Thursday was a hammer candle and a bump up Friday would complete a Morning Star pattern, he said. œOn the flip side, USD [the U.S. dollar] is looking tired with a negative RSI divergence emerging. With all of the central-bank news now out and trade war risks baked in, I think both gold and USD are due for a correction.

Ken Morrison, editor of the newsletter Morrison on the Markets, also sees a bounce.

œSentiment on gold got to its most bearish level since December 2016 Thursday but the recovery off the intra-day low combined with the modest turn lower in the dollar is encouraging for gold, Morrison said. œI expect the market can rally to its first resistance at $1,288 but has the potential to approach $1,305, the downtrend line of resistance.

Daniel Pavilonis, senior commodities broker with RJO Futures, is also looking for a recovery.

œThe dollar is going to weaken, he predicted. œIt should be supportive for the metals¦It™s more like a mean reversion. I don™t think we™ll see a substantial move to the upside.

Sean Lusk, director of commercial hedging Walsh Trading, figures some buying will emerge ahead of the end of the month and quarter. œThere is going to be some bargain hunting down here, Lusk said.

Meanwhile, Jim Wyckoff, Kitco senior technical analysts, is among those who see gold lower this week. œCharts remain bearish, he said.

Ralph Preston, principal with Heritage West Financial, also sees potential for more weakness since gold failed to break above resistance some time ago.

œGold prices have been unable to close above $1,345-$1,365 resistance zone on a quarterly/monthly basis, Preston said. œWe would need such a close to hope for a sustained rally.

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., Main St. See Higher Gold Prices
Monday, 18 June 2018 17:03 WIB

Wall Street dan Main Street keduanya melihat harga emas untuk naik minggu ini, berdasarkan survei mingguan Kitco News. Logam ini berada dalam rentang perdagangan terbatas untuk sebagian besar pekan lalu sebelum jatuh dengan komoditas lain pada hari Jumat di tengah penguatan dolar AS seiring kembali...

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.