TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT
COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices fell Monday morning in Asia, a day after Chinese President Xi Jinping gave a speech about his government’s determination to engage in economic reforms amid an escalating trade war between Beijing and Washington. Gold futures for December delivery were down by 0.15% to $1,204.90 per troy ounce at 1:20AM ET (05:20 GMT) on the Comex division of the New York Mercantile Exchange.
- OPEC crude production rose in August to the highest level this year as a recovery in Libyan output helped to offset a cut in Iranian exports due to U.S. sanctions. The group’s 15 members, which now include the Republic of Congo, collectively produced 32.74 million barrels a day last month, an increase of 420,000 barrels a day from July, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.
- Oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once U.S. sanctions bite from November, but gains were limited by higher supply from OPEC and the United States. Brent crude oil (LCOc1) was up 50 cents at $78.14 a barrel by 1215 GMT. U.S. crude (CLc1) was 10 cents higher at $69.90. The two benchmarks have risen strongly over the last two weeks with Brent gaining more than 10 percent on expectations that global supply will tighten later this year.
- Britain’s finance ministry is in talks with the Bank of England over whether Governor Mark Carney is willing to stay beyond his planned departure date of June 30 next year, amid difficulties finding a successor, the BBC reported on Monday. Carney originally planned to serve just five years of a maximum eight-year term as governor, but in October 2016 he agreed to stay an extra year, until mid 2019, to see Britain past its expected departure from the European Union.
- The European Commission proposed on Monday opening formal talks with the United States to address U.S. concerns that its farmers do not get a fair share of the Europe’s beef market. The move is not part of the agreement struck between the Commission President Jean-Claude Juncker and U.S. President Donald Trump in July, but could serve to ease mounting trade tensions between the transatlantic partners.
- The leaders of the parties in Italy’s coalition government have signaled they will seek leeway for deficit spending next year, putting it on a collision course with the European Commission and investors. After Fitch cut the outlook on Italy’s debt rating on Friday, neither Matteo Salvini nor Luigi Di Maio – the heads of the League and 5-Star Movement respectively – backed away from campaign promises to cut taxes and boost welfare spending.
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