10Oct

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices moved higher on Tuesday, pulling away from one-week lows as rising U.S. bond yields and concerns over the outlook for global growth soured market sentiment. December gold futures were up $3.20 or 0.27% to $1,191.8 by 10:30 AM ET (14:31 GMT) on the Comex division of the New York Mercantile Exchange. Prices settled at $1,184.40 on Monday, the lowest close since Sept. 28.
  • Crude prices nudged higher on Tuesday after companies operating in the Gulf of Mexico shut down nearly 20% of oil production as Hurricane Michael moved towards eastern Gulf states, including Florida. As Michael moved over open water, energy companies halted nearly one-fifth of Gulf of Mexico oil production and evacuated personnel from 10 platforms on Monday.
  • Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy. Top oil companies including Royal Dutch Shell (AS:RDSa), BP (L:BP) and Total(PA:TOTF) are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power, electric vehicle technology and even forestation.c

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Economic policymakers gathering in Indonesia for this week’s annual meetings of the International Monetary Fund and World Bank should highlight risks to the global economy posed by rising protectionism, the host nation’s finance minister said. The prospect of a further escalation in the trade war between the United States and China – the world’s two largest economies – will haunt finance ministers, central bankers and economists flocking to the resort island of Bali to attend the meetings, which begin on Thursday.
  • The recent jump in U.S. bond yields suggests there is uncertainty among investors over future economic growth prospects, Federal Reserve Bank of Dallas President Robert Kaplan said on Tuesday. The 10-year Treasury yield, which reached a fresh multi-year high on Tuesday, is “telling me that prospects for future U.S. growth are somewhat sluggish (and) that outward growth is looking a little more uncertain,” he said at the Economic Club of New York.
  • Turkey’s private sector has agreed to cut prices on its goods by at least 10 percent across the board, Finance Minister Berat Albayrak said on Tuesday, as he called on businesses to join a national struggle to tame soaring inflation. Berat Albayrak, President Tayyip Erdogan’s son-in-law, rolled out the measures as part of a “fully fledged fight” against inflation. The announcement appeared to leave financial markets cold, however. The lira weakened slightly as he spoke in Istanbul and was at 6.1484 at 1157 GMT, a touch weaker on the day.

COMEX GOLD SIGNAL

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