SP Angel: Gold ETF Holdings Fall To Lowest Level Since March
Holdings of gold byglobal exchange-traded funds have fallen to the lowest level since March,reports commodities brokerage SP Angel. The ETFs trade like a stock but track the price of the commodity,with metal put into storage to back the shares. They give investors exposure tothe gold price without incurring certain expenses such as assaying and storage.“Depressed gold pricesare forcing total known holdings in ETFs to fall to 2,158.1 tonnes, the lowestsince March, according to data compiled by Bloomberg,” SP Angel says.“Investors continue to exit exchange-traded funds for eight consecutive weeks,the longest slump since January 2014, as appetite for the metal wanes amid astrengthening dollar and robust demand for equities.”
By Allen Sykoraof Kitco News; asykora@kitco.com
FXTM’s Otunuga: ‘Gold Is Bearish On The Daily Charts’
Tuesday July 17, 2018 08:21
Gold has a bearish technical formationon the charts, says Lukman Otunuga, research analyst at FXTM. Fornow, the metal appears to be “on standby” ahead of ahead of congressional testimony Tuesday fromFederal Reserve Chair Jerome Powell, Otunuga reports. As of 8:17 a.m. EDT, spotgold was down 90 cents to $1,239.30 an ounce. “Regarding the technical picture,gold is bearish on the daily charts as there have been consistently lower lowsand lower highs,” the analyst says. “Prices are clearly struggling to keepabove the $1,240 support level with bears waiting for the green light to sendthe commodity lower. A breakdown below the $1,240 support level could trigger adecline towards $1,236 and $1,230, respectively.”
By Allen Sykoraof Kitco News; asykora@kitco.com
MKS: Gold FindingSome Interest Below $1,240
Tuesday July 17, 2018 08:21
Gold is attracting some buying support not far below the market, saysMKS (Switzerland) S.A. The metal has been on the defensive lately, with spotgold trading at $1,239.40 as of 8:15 a.m. EDT, down 80 cents on the day. “Themetal continues to see a level of interest underneath $1,240...,” MKS says. “Keydown-side support remains around $1,236-$1,237, while $1,245 will act as atop-side pivot point for an extension through $1,250. Expect participants toremain quiet leading into today's [congressional] testimony by Federal ReserveChairman Powell, with any rallies toward $1,245 to remain offered.”
By Allen SykoraFor Kitco News
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asykora@kitco.com 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.