Reuters quotes BullionStar in two market reports on 22 February 2019
- 23 Feb 2019
BullionStar was quoted in two Reuters Markets News articles on Friday 22 February about the gold price and gold's price action.
The first Reuters dispatch, titled "Gold prices rise on subdued dollar; Fed stance limits gains" quoted BullionStar's precious metals analyst Ronan Manly, commenting on the fundamentals and technicals of the US dollar denominated spot gold price:
“The dollar’s trajectory and soundings from the Fed will obviously play on gold prices, but the metal’s focus is now more on key levels than key events,” said Ronan Manly, a precious metals analyst at BullionStar Singapore.
“The main target is still the technically important area between $1,350 and $1,360 above which would be a one year high.”
This Reuters article appeared in the precious metals pages of Reuters global site here, as well as on financial news site CNBC here, the Nasdaq market site here, and on India's Business Standard site here.
The second Reuters article, published on the same day and titled "Gold heads for second weekly gain on growth concerns", reiterated BullionStar's Manly commenting on the important one year price high for USD gold at the 1350-60 range:
“The main target (for gold) is still the technically important area between $1,350 and $1,360 above which would be a one-year high,” said Ronan Manly, a precious metals analyst at BullionStar Singapore.
This article appeared on the Reuters global site here, and also on CNBC and Nasdaq in the US, This is Money in the UK here, South Africa's national daily newspaper Business Day here, and Investing.com in Australia here.
The quotes used by Reuters were from a longer set of comments about gold's price action during the week 18-22 February, and can be read below:
"While there have been some fundamentals such as a relatively weaker dollar and the Fed's changing stance on interest rates that have encouraged this bull move in gold, gold's 10 month peak is being driven by classic momentum and a willingness of the market to test resistance levels. Spot gold has covered a lot of ground this week, firmly taking out resistance at 1325, 1330 and 1340. This was primarily due to bullish momentum and a willingness of the market to test these resistance levels.
The dollar's trajectory and soundings from the Fed will obviously play on the gold price as they did yesterday, but gold's focus is now more on key levels than key events. You can talk about overbought and relative strength, but gold has a stronger feel now than it has had for a long time, and its aiming to resolve these important technical levels near 1 and 5 year highs. Which all suggests the bullish momentum will continue.
So its all in momentum and a willingness to test the highs. Specifically, the main target is still the technically important area between 1350 and 1360, and then above 1360 which would be a one year high, so investors are watching out for this. Twenty dollars or so above 1360 level would put gold at a 5-year high and would bring in a lot of attention from the sidelines. New 1 and and 5 year highs could all happen fairly quickly, so near term gold price action will be intriguing to watch."