TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT
COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices rose on Tuesday as the dollar softens after U.S. President Donald Trump said he is “not thrilled” with the Federal Reserve’s decision to raise interest rates. Gold Futures for December delivery gained 0.6% to $1,201.9 per troy ounce at 1:40AM ET (05:40 GMT) on the Comex division of the New York Mercantile Exchange. Gold futures ended last week down 2.86%, the largest weekly decline since early May 2017, after hitting $1,176.20 last Thursday, the lowest level since early January 2017.
- Oil prices held firm on Tuesday, with U.S. fuel markets seen to be tightening, although the release of crude from the American strategic reserve somewhat offset an expected supply cut due to upcoming sanctions against Iran. Frontmonth U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 30 cents, or 0.45 percent, at 0651 GMT, at $66.73 per barrel. The contract expires on Tuesday.
- Metals prices continued to recover, led by a rise in the Chinese yuan on reports the U.S. and China were looking to resolve their tit-for-tat trade war as soon as November. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose by $10.40, or 0.88%, to $1,194.60 troy ounce. The bright start to the week for gold prices comes as a rising CNY/USD pointed to signs of optimism for positive progress on “low-level” trade talks between the United States and China due this week.
- The Trump administration on Tuesday proposed replacing the Clean Power Plan, the centerpiece of former President Barack Obama’s regulatory efforts to combat climate change. The proposal released by the Environmental Protection Agency is now open for a public comment period. A final EPA rule is expected later this year.
- Prime Minister Alexis Tsipras hailed the end of a “modern-day Odyssey” on Tuesday after Greece emerged from nine years of bailouts, saying it should never forget the harsh lessons learned under tight financial supervision by its creditors. “This is a day of liberation,” Tsipras declared, standing on a hilltop overlooking a bay on the Ionian island of Ithaca. His decision to give a post-bailout speech on the island was laden with classical symbolism: in Homer’s epic poem The Odyssey, Odysseus, the King of Ithaca, returned home from the Trojan war after a 10-year voyage lost at sea.
- After lying low on the Riviera through the summer break following a scandal over his bodyguard that has rocked his presidency, Emmanuel Macron embarks this week on the next wave of deep reform to France’s economy and institutions. Lawmakers from the ruling Republic on the Move party promise a resumption of the breakneck pace of legislation that saw Macron’s government rewrite labor laws, overhaul the state-run SNCF railways and revamp the tax code in its first 15 months.
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