Wall Street, Main Street expect gold price uptrend to continue
Monday, 20 January 2020 10:52 WIB | GOLD CORNER |

Wall Street and Main Street alike look for gold to continue the recent bounce this week.            

Thirteen market professionals took part in the Wall Street survey. Ten, or 77%, called for gold to rise. There were no votes saying gold would fall, with three voters, or 23%, neutral or calling for a sideways market.

Meanwhile, 820 votes were cast in an online Main Street poll. A total of 475 voters, or 58%, looked for gold to rise in the this week. Another 208, or 25%, said lower, while 137, or 17%, were neutral.

In last two week™s first gold survey of the year, the largest Main Street and Wall Street voting blocs were bullish, although respondents overall were somewhat mixed with no camp garnering more than 50% of the vote. As of 10:42 a.m. EST,  Comex February gold was 0.3% lower for the week so far to $1,555.10 an ounce.

The Comex February futures rose to a roughly seven-year high of $1,613.30 an ounce on Jan. 8 when the world was worried about a war between the U.S. and Iran. Prices subsequently fell back as tensions de-escalated, bottoming at $1,536.40 an ounce on Tuesday, before the metal began working its way higher again.

œI think we are going to continue upwards this week, said Bob Haberkorn, senior commodities broker with RJO Futures. œIt™s due solely on some actions you™re seeing at night by the Fed ¦ with the liquidity injections they™ve doing.

Further, he added, even though equities have been hitting record highs, some investors have been moving into gold as a safety play just in case stocks suddenly correct sharply lower.

Richard Baker, editor of the Eureka Miner™s Report, also said higher, pointing out that gold has been able to climb alongside equities. He also cited low interest rates.

œIf the S&P 500 reaches 3,350 this week, gold must make $1,580 per ounce to stay above water, Baker said. œI'm optimistic that this is possible given residual uncertainty about the U.S. election, corporate earnings and 2019 growth. My vote is up, with silver following that level to $18.31 per ounce.

œFrom an interest-rate perspective, even with a trend higher in global yields, a bullish environment remains for a non-interest-earning asset like gold. Negative or near-zero interest rates for major countries and near-zero real rates in the U.S. remain in place.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for gold to be sideways to higher, but emphasized that much will hinge on whether February gold can close above the 10-day moving average near $1,558. As he spoke, gold was within striking distance of this.

œThe close is very important today, Nedoss said last Friday. œIf we close above that 10-day, that will be viewed as constructive.

A failure to do so, however, could mean a test of the 20-day average down around $1,534.80, he cautioned.

George Gero, managing director with RBC Wealth Management, looks for higher gold prices due œmany valid worries “ political, geopolitical and economic.

œGold should continue is bullish momentum in the new week, said Phil Flynn, senior market analyst with at Price Futures Group. œStrong stocks along with weak inflation data last week should give gold the edge. The phase-one [U.S.-China] trade deal should increase economic optimism, improving the outlook for jewelry demand as well.

Colin Cieszynski, chief market strategist at SIA Wealth Management, anticipates a neutral market.

œI think it has had a necessary correction as political tensions eased and may now return to consolidation mode around $1,550, he said.

 Jim Wyckoff, Kitco™s senior technical analyst, said he looks for œmore choppy and sideways trading as bulls have stabilized the market.

Source: Kitco News

RELATED NEWS

Gold Prices Expected To Maintain Upward Momentum
Monday, 24 February 2020 11:05 WIB

Gold has enormous upward momentum at the moment, and that left participants in the weekly Kitco gold survey overwhelmingly expecting prices to keep rising this week due to the combination of  chart-based momentum and ongoing worries about the coronavirus outbreak. The metal soared to a seven-y...

Gold Prices To Stay Healthy Amid Continuing Virus Worries
Monday, 17 February 2020 15:49 WIB

Voters in the weekly Kitco gold survey are bullish on the metal this week, citing gold's ability to hold up even when the dollar and equities strengthen, technical factors and ongoing worries about how the coronavirus could impact the global economy. Seventeen market professionals took part in the ...

Equity Market Rally Doesn't Dampen Sentiment In Gold Market
Monday, 10 February 2020 11:11 WIB

Voters in the weekly Kitco gold survey remain bullish on the metal, with Wall Street analysts continuing to cite expected safe-haven buying of the precious metal due to worries about the impact of the coronavirus on the global economy. The stock market posted several rallies last week “ and gold ...

Virus fears expected to keep fueling gold rally
Monday, 3 February 2020 11:49 WIB

Voters in the weekly Kitco News gold survey remain bullish on the yellow metal for this week, with traders and analysts citing ongoing worries about the economic fallout from the coronavirus that hit China, with a small number of cases now making their way to other countries. "I think we are going ...

Gold eyes $1,600 as Fed meeting, new virus threat in focus this week
Monday, 27 January 2020 11:49 WIB

Gold is well supported and has room to run higher this week as analysts point to the Federal Reserve meeting and the spread of the new corona virus as the two key issues to keep an eye on. The yellow metal battled against risk-on sentiment last week but managed to hold above $1,550 an ounce level a...

ANOTHER NEWS
US Authorities Arrest 5 Linked to Neo-Nazi Group
Friday, 28 February 2020 12:52 WIB U.S. authorities on Wednesday arrested five figures linked to the neo-Nazi group Atomwaffen Division, variously accusing them of conspiring to intimidate journalists and harass churches and a cabinet official with whom they disagreed. John Denton...

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.