Tuesday, 25 September 2018
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--

Wall, Main St. Bullish On Gold Prices
Monday, 14 May 2018 16:17 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street are both heavily bullish on the near-term direction of gold prices, based on the Kitco News weekly gold survey.

The traders and analysts who take part in the Wall Street poll cite mostly technical-chart factors - in particular, gold™s ability to hold around the 200-day moving average and the psychologically important $1,300-an-ounce level during a recent price pullback. They also suggest the U.S. dollar™s recent strength may be waning.

Nineteen market professionals took part in the survey. Fifteen of the respondents, or 79%, called for gold prices to rise over the this next week. There were two votes each, or 11%, calling for gold to fall or be sideways.

Meanwhile, a larger-than-average 2,491 voters responded in an online Main Street survey. A total of 2,207 respondents, or 89%, predicted that gold prices would be higher in a week. Another 185 voters, or 7%, said gold will fall, while 99, or 4%, see a sideways market.

 œGold has weathered the storm from the strong U.S. dollar and held above the 200-day moving average, said Adam Button, managing director of ForexLive. œThat's a positive sign for this week.

Added Jim Wyckoff, senior technical analyst with Kitco: œThe $1,300 level has held to suggest a near-term market bottom is in place.

Mark Leibovit, editor of the VR Gold Letter, looks for more of a rally in gold due to a likely pullback in the U.S. dollar. However, he added, the œdollar pullback may only be temporary, in my view.

Phil Flynn, senior market analyst with at Price Futures Group, is also bullish on gold, commenting that the metal appears to have established a technical bottom after a œrough week, with recent pressure prompted by U.S. dollar strength.

œIt looks like we™ve turned the corner, perhaps because of geopolitical risks and inflation data that not as hot as people thought, Flynn said. œIt allows gold to go up because they [traders] as not as fearful of the Fed raising interest rates.

Sean Lusk, director of commercial hedging with Walsh Trading, also cited gold™s ability to avoid follow-through selling as the metal recently approached the $1,300 level.

Meanwhile, Ralph Preston, principal with Heritage West Financial, is among those who look for gold to pull back again. œWe got a little pop higher, he said, but after the bounce from the recent lows, he now looks for the metal to run into chart resistance around the $1,344 area.

Robin Bhar, metals analyst at Societe Generale, sees gold trading mostly sideways. œFor the moment, geopolitical tensions are being offset by the dollar, Bhar commented.

Source: Kitco News

RELATED NEWS
Gold Expected To Gain Some Luster After Fed...
Monday, 24 September 2018 11:35 WIB

Wall Street dan Main Street keduanya melihat harga emas untuk naik minggu ini, berdasarkan survei emas mingguan Kitco News. Rapat Komite Pasar Terbuka Federal AS diperkirakan akan menaikkan sebesar s...

All Signs Point To Upside For Gold - Expert...
Tuesday, 18 September 2018 04:47 WIB

Emas telah diperdagangkan dalam kisaran terkompresi sepanjang minggu tetapi logam kuning memiliki peluang lebih tinggi untuk menembus ke atas daripada bergerak ke bawah, kata Todd "Bubba" Horwitz dari...

Gold Struggles Continue...
Thursday, 13 September 2018 04:15 WIB

Tidak ada animo untuk logam saat mereka bergejolak dalam konsolidasi di pola yang stagnan. Satu hari lagi di luar kalender, hari lainnya di mana logam-logam tidak melakukan apa-apa. Ini adalah pola ya...

Gold Loses Shine As Price Falls To $1200 Sweet Spot...
Monday, 3 September 2018 20:38 WIB

Emas kehilangan sinarnya untuk investor seiring harga telah jatuh ke posisi terendah 20-bulan menyusul depresiasi mata uang pasar berkembang. Harga turun 3% dalam beberapa pekan terakhir - membuat ha...

Wall St. Still Upbeat On Gold; Main St. Flips To Bullish...
Monday, 27 August 2018 21:18 WIB

Wall Street dan Main Street keduanya melihat harga emas yang lebih tinggi minggu ini, survei mingguan emas Kitco News menunjukkan. Ini mencatatkan pembalikan tajam untuk Main Street, setelah 74% dari...

POPULAR NEWS
Gold Expected To Gain Some Luster After Fed

Wall Street and Main Street both look for gold...

Gold Drops Second Day as Trade War, Rate Hike in Focus

Gold declines for second day with trade war...

Asia Stocks Fall as U.S., China's New Tariffs Take Effect

Asian stocks fell for the first time in five...

LATEST NEWS
Hong Kong stocks sink on new trade frictions

Hong Kong shares tumbled on Monday after the US imposed fresh tariffs on $200 billion of Chinese imports and Beijing cancelled planned talks between the two sides. The Hang Seng Index fell 1.62 percent, or 454.19 points, to close at...

Wall St Falls on U.S.-China Trade Tariff Standoff

On Wall Street the S&P and the Dow closed lower on Monday after a round of U.S.-China trade tariffs kicked in, dampening last week's hopes for a resolution and investors waited for an interest rate hike ahead of a U.S. Federal Reserve...

Oil Futures Settle Higher, with Global Benchmark Crude at a Nearly 4-Year High

Oil prices rallied on Monday, with Brent marking its highest settlement since late 2014 and U.S. benchmark West Texas Intermediate crude ending at a more than two-month high. At a meeting over the weekend, a committee made up of some members of...