COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold prices settled a touch lower on Friday on profit-taking from recent gains, but a weaker dollar and geopolitical worries still helped bullion coast to a third weekly gain. Based on current sentiment, market bulls appeared on track with their aim to take out the $1,250 resistance by next week, traders said. In Friday’s trade, the the dollar index fell 0.3%, helping gold run up initially as a contrarian bet.
- Canadian government funding for Arcelor Mittal is the first of a series of steps the country will take to support the steel industry amid a tariff fight with the U.S., Canada’s industry minister says. Navdeep Bains announced on Friday funding of up to C$49.9 million ($38 million), a mix of grants and loans, as part of a C$205 million modernization project at the Hamilton, Ontario plant of the Luxembourg-based steelmaker’s Canadian unit, Arcelor Mittal Dofasco.
- The conflicting themes were on display as Brent, the global benchmark for oil, posted a drop of nearly 1% on the week, while WTI had a weekly loss of 3%. Some think WTI will return to its recent perch above $70 per barrel and dismiss this week’s tumble as aberration, or simply profit-taking, ahead of the expiry of its front-month November contract on Monday. “Despite the weakness into contract expiration, nothing has changed,” said Phil Flynn, an analyst at Chicago’s Price Futures Group, who’s typically bullish on oil. He referred to an earlier 3% selloff in WTI on Aug. 15, which he said was ahead of contract expiration as well.
- China’s new home prices increased at a firm pace in September, supported by gains in smaller cities and showing the market remained resilient despite pressures from softer investment, a slowing economy and government curbs on the sector. Average new home prices in China’s 70 major cities rose 0.9 percent in September from a month earlier, Reuters calculated from official data published on Saturday, slower than the previous month’s reading of 1.4 percent, which was the fastest growth in two years.
- Moody’s on Friday cut Italy’s sovereign debt rating to one notch above junk status because of concerns over government budget plans, but in a move that could calm investor anxiety, it said the outlook was stable. Moody’s lowered the rating to “Baa3” from a previous “Baa2” just five months after warning of a possible downgrade for the eurozone’s third-largest economy.
- When is a currency manipulator not a currency manipulator? When it’s your friend. That’s the best conclusion to draw from the U.S. Treasury Department’s latest report on the macroeconomic and foreign-exchange policies of major trading partners, handed up to Congress Wednesday. Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable!
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