Monthly Archives: July 2018

9Jul

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices held steady on Thursday as traders awaited minutes from the U.S. Federal Reserve’s June policy meeting later in the day. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained 0.14% to $1,255.30 a troy ounce by 1:30AM ET (05:30 GMT). “There’s not much incentive to move the market, it is very quiet this morning after the July 4 holiday. I don’t expect too much movement until the Fed minutes,” said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank.
  • World powers and Iran appeared to make no concrete breakthrough on Friday in talks to provide Tehran with an economic package to compensate for U.S. sanctions that begin taking effect in August. Ministers from Britain, China, France, Germany and Russia met their Iranian counterpart in Vienna for the first time since U.S. President Donald Trump left a nuclear accord in May, but diplomats had seen limited scope for salvaging it.
  • Oil slipped below $77 a barrel on Friday, under pressure from higher Saudi production and trade tensions between the United States and China, despite support from oil supply disruptions. Top exporter Saudi Arabia told OPEC it raised oil output by almost 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices. Brent crude (LCOc1), the global benchmark, was down 76 cents at $76.63 a barrel by 1313 GMT. U.S. crude (CLc1) slipped 65 cents to $72.29.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • U.S. job growth increased more than expected in June as manufacturers stepped up hiring, but steady wage gains pointed to moderate inflation pressures that should keep the Federal Reserve on a path of gradual interest rate increases. Nonfarm payrolls rose by 213,000 jobs last month, the Labor Department said on Friday. Data for April and May was revised to show 37,000 more jobs created than previously reported. The economy needs to create roughly 120,000 jobs per month to keep up with growth in the working-age population.
  •  The United States and China slapped tit-for-tat duties on $34 billion worth of each other’s imports on Friday, with Beijing accusing Washington of triggering the “largest-scale trade war” as the world’s two biggest economies sharply escalated their conflict. Hours before Washington’s deadline for the tariffs to take effect, U.S. President Donald Trump upped the ante, warning that the United States may ultimately target over $500 billion worth of Chinese goods, or roughly the total amount of U.S. imports from China last year.
  • German Finance Minister Olaf Scholz on Friday defended his balanced budget plan for this year, saying that fiscal policy should be planned while bearing in mind that restrictive trade policies could hit tax revenues. “If we look at the trade development, it is justifiable to be careful in budget planning,” Scholz said during a news conference. Scholz also said that an escalating trade dispute between the United States and its partners would hit the world’s largest economy.

GOLD TRADING FORECAST TODAY

6Jul

GOLD TRADING FORECAST TODAY | COMMODITY MARKET IN SINGAPORE

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices held steady on Thursday as traders awaited minutes from the U.S. Federal Reserve’s June policy meeting later in the day. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained 0.14% to $1,255.30 a troy ounce by 1:30AM ET (05:30 GMT). “There’s not much incentive to move the market, it is very quiet this morning after the July 4 holiday. I don’t expect too much movement until the Fed minutes,” said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank.
  • Oil prices fell on Thursday after U.S. President Donald Trump sent a strident tweet demanding that OPEC cut prices for crude. The escalating trade row between Washington and Beijing, which triggered another sell-off in Asian stocks on Thursday, was also felt in oil markets, with China warning it could introduce duties on U.S. crude imports at an as yet unspecified date.
  • A growing fleet of ships is scanning oceans in search of new oil and gas fields as energy companies, now with more cash thanks to stronger crude prices, gradually resume spending on seismic services after a four-year downturn. A doubling in the area contracted for seismic work in the first quarter this year from the last three months of 2017 has injected optimism into surveillance firms, with a global fleet of about 24 vessels, most of whom struggled to survive in the past years.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The British government and the European Union must avoid a no-deal Brexit “at all costs” as this would clog up food supplies, raise prices and throw retailers out of business, the UK retail industry’s lobby group said on Thursday. The warning from the British Retail Consortium (BRC) came a day before British Prime Minister Theresa May hosts ministers at her country residence to try to reach agreement on how to push on with the all-but-stalled Brexit talks.
  • German Chancellor Angela Merkel said on Thursday she would back a lowering of EU tariffs on U.S. car imports, responding to an offer from Washington to abandon threats to impose levies on European cars in return for concessions. Merkel said any such measures would require the European Union to also lower tariffs on cars imported from countries other than the United States, otherwise the plan would not be conform to World Trade Organization rules.
  • British lawmakers will debate the government’s proposed legislation on post-Brexit customs arrangements and trade on July 16 and 17, creating another potential flashpoint between Prime Minister Theresa May and pro-European Union lawmakers. The debates will be a chance for lawmakers in May’s Conservative Party to make the case for Britain to remain in a customs union with the EU – something May has ruled out despite being unable to find an alternative that is acceptable to her cabinet and Brussels.

GOLD TRADING FORECAST TODAY

5Jul

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices were at a one-week high on Wednesday as the U.S. dollar weakened. Comex gold futures for August delivery increased 0.36% to $1,258.00 a troy ounce as of 9:55 AM ET (13:55 GMT). Trading volumes are expected to remain thin throughout the day, as U.S. investors celebrate Independence Day. Gold was bolstered by a weaker U.S. dollar. Gold normally rises as the dollar falls, as the precious metal is denominated in the U.S. currency and is sensitive to moves in the dollar.
  • Oil prices registered mixed signs in holiday-thinned trading on Wednesday as market participants kept an on eye on U.S. crude stockpiles. New York-traded West Texas Intermediate crude futures lost 12 cents, or about 0.2%, to $74.02 a barrel by 10:27AM ET (14:27GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up 5 cents or 0.1%, to $77.82. The decline in oil prices occurred despite data released late Tuesday that showed a decline in U.S. oil inventories.
  • A senior Iranian Revolutionary Guards commander said on Wednesday that the Guards were ready to implement a policy preventing regional oil exports if Iranian oil sales were banned by the United States. President Hassan Rouhani appeared on Tuesday to threaten to disrupt oil shipments from neighboring countries if Washington presses ahead with its goal of forcing all countries to stop buying Iranian oil.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • China will “absolutely not” fire the first shot in a trade war with the United States and will not be the first to levy tariffs, its finance ministry said on Wednesday. A person with knowledge of the plan earlier told Reuters China’s threatened tariffs on $34 billion of U.S. goods would take effect from the beginning of the day on Friday. Given the 12-hour time difference, that would have put its implementation ahead of Washington’s.
  • Fast-growing “superstar” tech firms are taking a growing share of national income in many countries, leaving workers’ overall wage growth subdued, the Organization for Economic Cooperation and Development said on Wednesday. Though unemployment in most OECD countries has returned to pre-crisis levels, wage growth has not, even though many labor markets have become the tightest they have ever been, the Paris-based policy forum said in its annual Employment Outlook.
  • China is comfortable with a weakening yuan, intervening only to prevent any rapid and destabilizing declines or to restore market confidence, as the economy loses momentum and faces further risks from a heated trade dispute with the United States, policy insiders said. On Tuesday, as stocks sank and the yuan fell through a key psychological level of 6.7 on the dollar, traders said state-owned banks, which sometimes act on behalf of the central bank, made efforts to prop up the currency. GOLD TRADING FORECAST TODAY
2Jul

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices traded higher Friday on a weaker dollar, but remained on track to post their biggest monthly slump since September after suffering heavy losses this month. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $4.90 or 0.39%, to $1,255.90 a troy ounce.
  • Oil prices added to strong weekly gains on Friday as market participants placed bets that supply concerns would outweigh an attempt by producers to increase production. New York-traded West Texas Intermediate crude futures gained 77 cents, or about 1.1%, to $74.22 a barrel by 10:55AM ET (14:55GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up $1.42, or 1.8%, to $79.03.
  • Oil prices slid on Friday, with concerns about escalating trade tension between the U.S. and its major trade partners being cited as catalyst for the selling. Crude Oil WTI Futures for August delivery were trading at $73.17 a barrel at 1:20AM ET (05:20 GMT), down 0.40%. Brent Oil Futures for September delivery, traded in London, were also down 0.2% at $77.45 per barrel. Meanwhile, Shanghai Crude Oil WTI Futures for September delivery climbed 0.6% at 494.80 yuan per barrel on Friday.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Mexican assets are poised to strengthen even if leftist front-runner Andres Manuel Lopez Obrador wins Sunday’s presidential election, analysts say, on expectations he will govern from the center and as the uncertainty stemming from the race fades. Lopez Obrador, a former Mexico City mayor, holds a roughly 20-point lead over his nearest rival ahead of the July 1 vote, according to the latest polls, putting him on track to become the first leftist Mexican president since the 1930s.
  • The U.S. Commerce Department said on Friday it has begun a review of export controls that will be aligned with new legislation to strengthen national security reviews of foreign acquisitions of American firms, rather than China-specific curbs. In a statement to Reuters, the department said the review would establish changes to the controls “based on risks associated with particular technologies, destinations and end-uses among other relevant factors.”
  • Ahead of Brazil’s wildly unpredictable elections, one of the wealthiest and most powerful men in the country is expanding yet further the frontiers of his media and religious empire. “Nothing to Lose,” the rags-to-riches biopic of billionaire evangelical bishop Edir Macedo, debuted on Netflix (NASDAQ:NFLX) Friday just months after its cinema release drew millions of Brazilians to the Universal Church’s latest marketing tool. It was the most successful film in the history of Brazilian cinema, according to TV Record, the television station controlled by Macedo

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