Wall St., Main St. Bearish On Gold Prices
Monday, 23 July 2018 21:15 WIB | GOLD CORNER |Gold OutlookGold Corner

Main Street has joined Wall Street in calling for gold prices to move lower in the short term, according to the Kitco News weekly survey.

This is only the third time all year that voters in both surveys were bearish, including the second time in less than a month.

Eighteen market professionals took part in the survey. There were nine votes, or 50%, calling for gold prices to fall. There were six votes, or 33%, calling for gold to rise, while three voters, or 17%, look for a sideways market.

Meanwhile, 868 voters responded in an online Main Street survey. A total of 446 respondents, or 51%, predicted that gold prices would be lower in a week. Another 319 voters, or 37%, said gold will rise, while 103, or 12%, see a sideways market.

œI remain bearish, said Kevin Grady, president of Phoenix Futures and Options. He noted that the market bounced Thursday after U.S. President Donald Trump criticized Federal Reserve rate hikes, but Grady characterized this as a short-covering rally rather than a change in the fundamental picture for the market.

œA lot of people are looking for bottoms, Grady said. œI look at it differently “ why? I don™t see a [fundamental] reason for a rally at this point.

Colin Cieszynski, chief market strategist at SIA Wealth Management, looks for the muscular U.S. dollar to continue exerting pressure on gold.

œAlthough we could reach a seasonal bottom in the coming weeks, gold is not oversold, and I don™t think we are washed out yet, he said. œI still think we could retest $1,200 or even dip under it before the current sell-off is over.

Bob Haberkorn, senior commodities broker with RJO Futures, also sees more gold weakness.

œThe technicals look weak, Haberkorn said, adding that the ongoing trade tariff saga may mean more losses for the precious metal. œIt™s helping the dollar, which puts pressure on gold.

George Gero, managing director with RBC Wealth Management, sees the potential for a short-covering rally, although he added that a Comex options expiration next week could add volatility to the market. Short covering is when traders buy to offset or cover short (bearish) positions.

Ralph Preston, principal with Heritage West Financial, looks for a consolidation bounce higher in the near term. Meanwhile, ForexLive managing director Adam Button suggested gold could be helped by a pause in the U.S. dollar.

œTrump isn™t going to stop the Federal Reserve from hiking rates, but his talk about keeping rates low has made U.S. dollar bulls think twice, and that should give gold bulls a reason to buy, Button said.

Eugen Weinberg, head of commodity research at Commerzbank, is bullish on gold in the near term, commenting that market reaction to Trump™s remarks about monetary policy and currency manipulation show just how nervous markets are. Weinberg added in an environment of rising volatility, gold remains the ultimate safe haven.

Source: Kitco News

RELATED NEWS

Gold To Top $1,300 In Next 3 Months, Rise 10% In 2019 - Goldman Sachs
Monday, 14 January 2019 22:00 WIB

Emas akan terus bersinar sebagai aset safe-haven dengan harga terdorong ke atas $ 1.300 per ons dalam tiga bulan ke depan, menurut perusahaan investasi raksasa Goldman Sachs. Dalam sebuah catatan kepada klien, Jeff Currie, kepala penelitian komoditas global di bank, mengatakan ia menaikkan perkiraa...

Outlook 2019: The Most Bullish Views So Far
Monday, 7 January 2019 11:30 WIB

Para bulls emas kembali. Setelah setahun melihat harga emas lebih lemah, investor dan analis sama-sama mengadopsi optimisme baru untuk tahun baru. Meskipun sentimen dalam seri Outlook 2019 kami telah bervariasi sejauh ini, tidak dapat disangkal bahwa beberapa ahli dogmatis berada di kamp "bull". Be...

Gold Will Rally 22% In 2019, Outperform Everything
Monday, 31 December 2018 22:40 WIB

2019 akan melihat awal siklus bull baru untuk emas dan mendorong logam hingga level $ 1.500 per ounce, kata E.B. Tucker, direktur Metalla Royalty & Streaming. œUntuk menghasilkan banyak uang di pasar ini, Anda harus melihat siklusnya. Tidak ada yang berubah. Kita telah memiliki tiga siklus be...

CPM Group Sees Gold Averaging Near $1,300/Oz In 2019
Monday, 17 December 2018 21:58 WIB

CPM Group melihat harga emas untuk naik tahun depan seiring Federal Reserve memperlambat laju kenaikan suku bunga AS, namun konsultan itu tidak mengharapkan logam kuning untuk lari lebih jauh ke atas karena ekonomi akan tetap kuat. CPM Group melihat emas untuk bergerak ke level $ 1.300 per ons pada...

Wall St., Main St. Expect Gold To Keep Shining
Monday, 10 December 2018 13:04 WIB

Wall Street dan Main Street keduanya melihat emas untuk membangun pergerakan minggu lalu untuk bergerak lebih tinggi selama minggu depan, berdasarkan survei emas Kitco News. Pengamat memperkirakan laporan yang lebih lemah dari perkiraan pada payroll nonfarm AS akan terus menawarkan dukungan kepada ...

ANOTHER NEWS
Hong Kong, Shanghai Stocks End Week With Gains
Saturday, 19 January 2019 05:20 WIB Hong Kong stocks finished another healthy week on a positive note Friday as investors cheered a report that the US is considering lifting Chinese tariffs in a bid to hammer out a trade deal between the world's top two economies. The Hang Seng...

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.