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LaSalle's Nedoss: Gold Technical Picture 'Constructive'

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Comex gold still has a “constructive” technical posture, especially as long as the June futures remain above their 10-day moving average around $1,279.60 an ounce, says Charlie Nedoss, senior market strategist with LaSalle Futures Group. As of 10:10 a.m. EDT, the contract was trading up 80 cents to $1,284.60 an ounce. The strategist also points out another potentially favorable technical sign – the 20-day average is close to crossing above the 200-day average, known as a “Golden Cross.” Both of these averages are currently around $1,266.60, with the 20-day trending higher. “Technically, that is very constructive going into next week,” Nedoss says.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Nichols: Gold Moving Into Higher Trading Range

Friday April 21, 2017 10:16

Gold prices appear to be settling into a “new and higher trading range,” with technical-chart support under the market just over $1,270 an ounce and resistance above market at $1,300, says veteran analyst Jeffrey Nichols. “That said, there is an upward bias reflecting the possibility of an ‘outside-the-market black-swan’ event that raises geopolitical safe-haven demand and drives the price into a new and higher trading range,” continues the managing director of the consultancy American Precious Metals Advisors and senior economic consultant for Rosland Capital. As of 10:09 a.m. EDT, spot gold was up $1.70 at $1,282.3 an ounce.

By Allen Sykora of Kitco News; asykora@kitco.com

 

FXTM’s Otunuga: Bulls ‘Remain In Control’ Of Gold Market

Friday April 21, 2017 08:25

Bulls maintain the upper hand in the gold market amid worries about a number of geopolitical issues and as traders scale back expectations for tighter Federal Reserve monetary policy, says FXTM research analyst Lukman Otunuga. Jitters surrounding French presidential elections this weekend and ongoing tensions involving North Korea have supported gold this week, the analyst says. “Risk aversion remains rife amid the political risk, with uncertainty accelerating the flight to safe-haven investments,” Otunuga says. “Bulls remain in control on the daily charts and the decreased probability of a U.S interest-rate increase in June could provide a foundation for buyers to attack. If the mounting concerns over (U.S. President Donald) Trump’s ability to push through with fiscal spending continue to pressure the dollar further, then gold may target $1,300 and potentially higher. Much attention will also be directed towards the French elections this weekend and could spark a wave of risk aversion if the results of the first round rekindle Frexit concerns. From a technical standpoint, gold bulls remain in control above $1,260, with $1,300 acting as the next key level of interest.” Spot gold was up $1.45 to $1,282.75 an ounce around 8 a.m. EDT.

By Allen Sykora of Kitco News; asykora@kitco.com

 

BBH: French Elections To Take Center Stage In Markets

Friday April 21, 2017 08:25

Market participants will be closely following the first round of the presidential elections in France on Sunday, says Brown Brothers Harriman. The most “friendly” French election resultfor the broadermarkets would likely be an Emmanuel Macron-Francois Fillon run-off in the second round, assuming that neither candidate garners more than 50% of the vote, BBH says.Many suggest that the euro could rally on a Macron-(Marine) Le Pen second round, given the tradition of forging a united front against the National Front,” BBH says. “Yet this would seem to be the least surprising result. Nearly every poll suggests this is the most likely scenario.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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