TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT
COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices slipped for two consecutive days as dollar slightly rose on Wednesday ahead of a meeting between and U.S. and European Commission presidents for trade-related talks. Gold Futures for August delivery on the Comex division of the New York Mercantile Exchangeis was down 0.11% to a trading price of $1,224.10 each troy ounce at 1:00AM ET (05:00 GMT).
- Qatar is building a sugar refinery in a bid to avoid supply disruptions after neighboring Gulf Arab states severed economic and political ties with Doha more than a year ago, sources say. In normal trading conditions, building a refinery in Qatar would make little commercial sense because of depressed sugar prices, surplus world stocks and the presence of regional refineries that could provide supplies, the sources said.
- U.S. crude stocks fell last week, while gasoline and distillate inventories also declined, the Energy Information Administration said on Wednesday. Crude inventories fell by 6.1 million barrels in the week to July 20, compared with analysts’ expectations for a decrease of 2.3 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels, EIA said. Refinery crude runs rose by 46,000 barrels per day, EIA data showed.
- The International Monetary Fund has given its backing to Ukraine’s plans for an anti-corruption court, removing one of the key hurdles needed for the government to get its next $2 billion tranche of aid. The court is being set up as part of Ukraine’s $17.5 billion bailout and has become a symbol of its efforts to stamp out high-level corruption that has blighted the country for decades.
- U.S. President Donald Trump accused China on Wednesday of targeting American farmers in a “vicious” way and using them as leverage to get concessions on trade. “China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice – until now!” Trump wrote on Twitter.
- White House economic adviser Larry Kudlow said a plan by the Trump administration to pay as much as $12 billion in relief to U.S. farmers hurt by a burgeoning trade dispute is a stop-gap proposal and doesn’t signal a willingness to make a habit of aid programs. “What we’ve put on the board is what I think is a temporary assistance measure, I don’t think it’s going to get near to $12 billion,” Kudlow said during an interview on “CBS This Morning” on Wednesday. “Nobody’s really thrilled about this. We’re just trying to protect American agriculture from some of the unfair trading practices.”
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