TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT
COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices Friday were set to post their biggest weekly slump since April last year as fears over a slowdown in China and a stronger dollar wreaked havoc in metals earlier this week. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $0.40, or 0.08%, to $1,184.80 troy ounce. The rise in gold prices Friday arrived as the dollar gave up some of its earlier-week gains to trade roughly flat on the week.
- WTI crude oil prices ended lower for a third-straight week, despite settling higher Friday amid reports the U.S. and China are mapping out plans to resolve their trade war later this year. On the New York Mercantile Exchange crude futures for September delivery rose 45 cents settle at $65.91 a barrel, while on London’s Intercontinental Exchange, Brent rose 0.63% to trade at $71.88 barrel.
- The U.S. Trade Representative’s office said on Friday it doubled the length of tariff hearings on the next $200 billion worth of Chinese goods to six days from the previously planned three due to overwhelming demand from companies to testify. The hearings will be held Aug. 20-24 and on Aug. 27, from 9:30 a.m. to 6 p.m. EDT (1330-2200 GMT), the USTR said in a statement.
- Mexico’s economy minister Ildefonso Guajardo said on Friday he hopes to conclude by the middle of next week outstanding bilateral issues with the United States surrounding the renegotiation of the North American Free Trade Agreement (NAFTA). “Hopefully we will be able to close up no later than the middle of the week,” Guajardo told reporters outside the U.S.
- The U.S. and Mexico are resolving their differences on agricultural products covered under Nafta after the Trump administration withdrew some of its sweeping demands, bringing the nations closer to an overall deal, according to five people familiar with the discussions. American negotiators dropped their demand in the last week to erect barriers against seasonal imports of a wide variety of Mexican farm goods, according to the people, who asked not to be named discussing private negotiations.
- The United Nations Human Rights Committee has asked Brazil to guarantee the political rights of jailed former president Luiz Inacio Lula da Silva, prompting a swift response by Brazil’s foreign ministry pointing out the recommendation had no legal significance. In a statement posted on its website on Friday, the UN Human Rights Committee said it has “requested Brazil to take all necessary measures to ensure that Lula can enjoy and exercise his political rights while in prison, as candidate in the 2018 presidential elections.”
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