28Aug

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNALCOMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices slipped on Monday, while the dollar also eased on comments from the Federal Reserve chairman in support of a gradual approach to raising rates. Gold Futures for December delivery traded 0.2% lower to $1,212.7 per troy ounce at 1:35AM ET (05:35 GMT) on the Comex division of the New York Mercantile Exchange. Last Friday, Powell said during a speech at the Jackson Hole Symposium in Wyoming last Friday that “further, gradual” rate hikes were likely in the future, noting the economy is “strong” and able to withstand tighter monetary policy.
  • An OPEC and non-OPEC monitoring committee found that oil producers participating in a supply-reduction agreement cut output in July by 9 percent more than called for in their pact, two sources familiar with the matter said on Monday. The findings for last month compare with a compliance level of 120 percent for June and 147 percent for May, meaning participants have been steadily increasing production.
  • The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.49% at 95.08 late Friday. The index ended the week down 0.96%, its second consecutive weekly decline. A weaker U.S. currency makes gold and other dollar-denominated commodities less expensive for foreign investors. Gold prices have fallen around 14% so far this year, pressured lower by the stronger dollar and rising interest rates.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Mexico and the United States are close to agreement on bilateral issues in the renegotiation of the North American Free Trade Agreement (NAFTA), a top Mexican official said on Monday, as U.S. President Donald Trump tweeted a “big deal” was “looking good.” When asked by reporters if a deal had been reached, Mexican Economy Minister Ildefonso Guajardo said an announcement was “probably on the agenda,” but that he still had to conclude a “very important” issue.
  • France on Monday encouraged Turkey to use all available economic policy tools to ensure sustainable growth, Finance Minister Bruno Le Maire said after meeting with his Turkish counterpart Berat Albayrak. Turkey’s lira has tumbled about 40 percent this year, driven by worries over President Tayyip Erdogan’s grip on monetary policy and the standoff with the United States over the fate of evangelical Christian Andrew Brunson. “It is in everyone’s interest, in France, in Turkey, in Europe, that the situation stabilizes in Turkey,” Le Maire told reporters.
  • China pledged on Monday to tighten oversight of its transport industry and warned that the country did not need ridehailing firms which compromised on passenger safety, days after a Didi Chuxing passenger was raped and murdered by her driver. The killing of a 20-year-old passenger who rode in the Didi vehicle on Friday in the eastern city of Wenzhou is the second such incident since May, denting the image of the Beijing-based company, which is the world’s largest ride-hailing firm by number of rides and is expanding globally.

COMEX GOLD SIGNAL

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