Comex Market

21Jan

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • This week precious metals traders will be monitoring trade talks for signs of a resolution in the U.S.-China trade dispute, while concerns over the economic impact of the U.S. government shutdown and uncertainty over Brexit will also remain in focus. While the ongoing government shutdown continues to delay some key U.S. economic reports, investors will get an update on U.S. existing home sales and jobless claims this week and U.S. markets are to remain closed for a long holiday weekend on Monday.
  • A blast at a gasoline pipeline in Mexico that killed at least 79 people has directed renewed scrutiny toward the new president’s ambitious strategy to stop fuel theft, his first major offensive to stamp out corruption and organized crime. Some relatives of the victims said fuel shortages stemming from President Andres Manuel Lopez Obrador’s plan led people to fill plastic containers with gasoline on Friday at a leak in the Tula-Tuxpan pipeline, a few miles (km) from a major refinery.
  • Oil prices dipped on Monday as China reported its weakest annual economic growth in 28 years, although oil prices remain relatively well supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC). International Brent crude oil futures (LCOc1) were at $62.57 per barrel at 0215 GMT, down 13 cents, or 0.2 percent, from their last close.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • China’s economic growth cooled slightly in the fourth quarter from a year earlier as expected, weighed down by weak investment and faltering consumer confidence as Washington piled on trade pressure, leaving 2018 growth the weakest in 28 years. Signs of further cooling in China — which has generated nearly a third of global growth in recent years — are stoking worries about risks to the world economy and are weighing on profits for firms ranging from Apple (NASDAQ:AAPL) to big car makers.
  • Tax systems that put a high burden on the poor mean public services are underfunded, stretching the gap between rich and poor and fuelling global public anger, Winnie Byanyima, executive director of Oxfam International, said on Monday. The Nairobi-headquarted charity said in a report that a new billionaire was created every two days last year, just as the poorest half of the world’s population saw their wealth decline by 11 percent.
  • Analysts have trimmed forecasts for Australian economic growth following some disappointing numbers last year, but still tip solid outcomes ahead even in the face of falling house prices and a slowdown in China. Economists polled by Reuters forecast Australia’s A$1.87 trillion ($1.34 trillion) of annual gross domestic product (GDP) expanded by 3.0 percent in 2018, down from 3.2 percent in an October poll.

COMEX GOLD SIGNAL

 

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17Jan

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • The U.K.’s political and economic problems and a no-confidence vote on Prime Minister Theresa May after her failed Brexit deal vote are keeping alive gold bugs’ hopes of recapturing highs of above $1,300 per ounce, even as China’s attempts to steady its economy tamp down safe havens. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange settled up $5.40, or 0.4%, at $1,293.80 per ounce after reaching a session high of $1,295. Bullion’s spot price rose by $4.21, or 0.3% to 1,293.59 by 1:32 PM ET (18:32 GMT), peaking at $1,295.03 for the day.
  • From her red-roofed home near Papua New Guinea’s capital of Port Moresby, Isabelle Dikana Iveiri overlooks a giant plant used by Exxon Mobil Corp (NYSE:XOM) to liquefy billions of dollars’ worth of natural gas before it is shipped to Asian buyers. Dikana Iveiri can also see swaths of muddy shoreline, where mangroves have been felled for firewood by locals who don’t have electricity, gas, or money to buy either.
  • Oil prices dipped on Thursday as U.S. crude production quickly approached an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $52 per barrel at 0140 GMT, down 31 cents, or 0.6 percent, from their last settlement. International Brent crude oil futures (LCOc1) were down 34 cents, or 0.6 percent, at $60.98 per barrel.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Neel Kashkari, president of the Federal Reserve Bank of Minneapolis and a critic of the Fed’s recent round of interest rate hikes, on Wednesday said the U.S. central bank is as well positioned now as before the 2007-2009 financial crisis to fight a downturn. Kashkari made the comments in a public debate held by Intelligence Squared U.S. in New York City, in which he and Harvard University professor Jason Furman defended the notion that the financial system is safer than it was 10 years ago.
  • With the partial U.S. government shutdown now in its 26th day, House Speaker Nancy Pelosi on Wednesday urged President Donald Trump to reschedule his State of the Union address – a move that could deny him the opportunity to use the pageantry of the speech to attack Democrats in their own chamber over the impasse. With Trump’s address set for Jan. 29, Pelosi wrote him a letter citing security concerns because the Secret Service, which is required to provide security for the address, has not received funding during the dispute.
  • The uncertainty over whether the United Kingdom will leave the European Union is not a direct problem for Canada but will hit the global economy, Canadian Finance Minister Bill Morneau said on Wednesday. Morneau, speaking to reporters on the sidelines of a Cabinet retreat, sidestepped questions about whether Canada would seek to negotiate a free trade treaty with Britain if it left the 28-nation EU.

GOLD TRADING FORECAST TODAY

 

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15Jan

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’s flirt with $1,300 may have been a little too brief, but the yellow metal should be reunited with its desired price target soon as the rally in equities stalls and global macro and political risks rise to the fore, analysts say. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange settled up $2.10, or 0.2%, at $1,289.50 a troy ounce.
  • The United States is not looking to grant more waivers for Iranian oil imports after the reimposition of U.S. sanctions, the U.S. special representative for Iran said on Saturday, underlining Washington’s push to choke off Tehran’s income. “We are not looking to grant any waivers or exemptions to the import of Iranian crude,” Brian Hook told a industry conference in the United Arab Emirates capital Abu Dhabi.
  • Sales of British malting barley to European Union brewers and malt producers for delivery after Brexit have come to a virtual stop because of uncertainty about future trading relations. The standstill in so-called forward export sales for delivery in coming months means UK farmers are not able to take advantage of current attractive prices and are losing business to other EU suppliers, traders said.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Uncertainty over Brexit and the economy have led demand for Britain’s financial services to shrink for the first time in five years, with no immediate sign of an improvement, a survey by business group CBI and PwC showed. And profitability in the sector which raises most tax in Britain was flat for the third quarter in a row in the three months to December 2018, the survey released on Monday said.
  • A Republican senator close to President Donald Trump on Sunday backed a temporary re-opening of the federal government, in the 23rd day of the longest shutdown ever, to allow for talks on a spending agreement that could satisfy Trump’s border security demands. Democrats in Congress rejected Trump’s request that legislation to fund the government include $5.7 billion of taxpayer money for a wall on the U.S. border with Mexico. They have refused further negotiations until the government is reopened after being partially shut down since Dec. 22.
  • Italy’s Treasury Minister said on Sunday he did not see a recession on the horizon but acknowledged there could be a period of stagnation. The Italian economy has been slowing for the last year and gross domestic product declined by 0.1 percent in the third quarter, the weakest result since 2014. On Friday industrial output for November came in much weaker than expected, increasing the risk of recession for the euro zone’s third largest economy.

COMEX GOLD SIGNAL

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11Jan

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • The spot price of palladium retained its record-making streak on Wednesday after investors linked the precious metal used for purifying auto emissions with an announcement by China that could boost car ownership in the world’s second-largest economy. Gold, meanwhile, continued to tread water just below $1,300 a troy ounce as precious metals bulls remained wary of chasing the yellow metal higher without a clear path lower for the dollar, which has remained resilient despite a dovish-sounding Fed of late.
  • Oil has turned into a bull market, from a bear market just two week ago, as priced jumped more than 5%. U.S. crude’s benchmark West Texas Intermediate grade jumped to more than $52 per barrel on Wednesday, gaining exactly $10 per barrel, or almost 24% above the 18-month lows of $42.36 hit on Christmas Eve. U.K. Brent hit 2019 highs above $62. New York-traded WTI settled up $2.58, or 5.2%, at $52.36 per barrel after a 2019 high at $52.58.
  • Gasoline shortages in Mexico sparked by a crackdown on fuel theft prompted warnings from business leaders that industries like car making will suffer if the shortfalls persist as lines at gas stations in the capital grew on Wednesday. The drive to eradicate a crime that has deprived state coffers of billions of dollars is President Andres Manuel Lopez Obrador’s first major move against chronic corruption since taking office on Dec. 1, but risks angering consumers and hurting the economy.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Federal Reserve policymakers have indicated they may be open to tweaking a longstanding plan to shrink the central bank’s balance sheet, including by shedding housing-backed bonds earlier than anticipated or keeping a bigger-than expected portfolio of assets. Those were among a range of options discussed at the Fed’s December meeting, minutes released on Wednesday showed. The discussion will continue at future meetings, the minutes said.
  • Sterling is likely to gain more than 8 percent this year — assuming Britain and the European Union part ways amicably, according to a Reuters poll of foreign exchange strategists. The pound has largely been ignoring economic data, instead swinging wildly on any snippet of news about Britain’s departure from the EU in less than three months. While it has showed some strength to start the year, that is largely down to dollar weakness. Its performance against the euro (EURGBP=) has been more muted.
  • Bank of Japan Governor Haruhiko Kuroda said on Thursday the country’s economy was expected to continue expanding moderately. He also said Japan’s financial system remained stable. “Japan’s economy is expanding moderately” as rising household income underpins consumption, Kuroda said in a speech at a quarterly meeting of the central bank’s regional branch managers.

GOLD TRADING FORECAST TODAY

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9Jan

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Continuous optimism over the U.S.-Sino trade talks are keeping gold bugs away from reattempting $1,300, while palladium hit record highs above those levels for a fourth-straight session on fund buying. Gold, a hedge for financial and political troubles, fell a touch on Tuesday after U.S. Commerce Secretary Wilbur Ross said there was a “very good chance” for Washington to resolve its months-long trade war with Beijing.
  • The United States and China will continue trade talks in Beijing for an unscheduled third day, U.S. officials said on Tuesday amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased access to China’s markets. People familiar with the talks said the world’s two largest economies were further apart on Chinese structural reforms that the Trump administration is demanding in order to stop alleged theft and forced transfer of U.S. technology and on how to hold Beijing to its promises
  • Oil prices rose on Wednesday, extending gains from the previous session on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown. U.S. West Texas Intermediate (WTI) crude oil futures (CLc1) were at $50.29 per barrel as at 0131, up 51 cents, or 1 percent from their last settlement. It was the first time this year that WTI has topped $50 a barrel.COMEX GOLD SIGNAL

ECONOMY NEWS

  • President Donald Trump will make his case to Americans on Tuesday that a wall is urgently needed to resolve what he calls a crisis at the U.S.-Mexico border, trying to win support in a dispute that has sparked an 18-day partial government shutdown. Trump’s prime-time address, scheduled for 9 p.m. (0200 GMT Wednesday) will be his latest attempt to persuade Congress to fund construction of a huge barrier along the 2,000-mile (3,200-km) border.
  • Trade talks between China and the United States will continue on Wednesday, a U.S. government official told reporters. U.S. and Chinese officials are conducting talks in Beijing, their first since U.S. President Donald Trump and Chinese President Xi Jinping agreed to a 90-day truce in a trade war that has roiled global financial markets.
  • Italy has set up a 1.3 billion euro ($1.5 billion) fund to cover potential costs of emergency measures approved on Monday to shore up ailing bank Carige (MI:CRGI). A decree that came into force on Tuesday authorized the Treasury to provide guarantees on up to 3 billion euros in new bonds to be issued by Banca Carige by the end of June. The cost of the guarantees can be of up to 300 million euros. Italy also set aside 1 billion euros to underwrite Carige shares by the end of September under the same ‘precautionary recapitalization’ scheme that it used two years ago to rescue the country’s third-largest lender, Monte dei Paschi di Siena (MI:BMPS).

COMEX GOLD SIGNAL

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7Jan

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  •  A rotten Apple was good for gold, with the precious metal reaching within $5 of $1,300 Thursday after weak stock markets pushed investors away from risk and toward safe havens. U.S. stocks fell about 2% as investors, already spooked by a rare profit warning from Apple (NASDAQ:AAPL), were further rattled by the biggest drop in a decade for a key gauge on factory activity.
  • Oil prices fell on Friday after the United States followed most other major economies into a manufacturing downturn, although supply cuts by producer club OPEC kept declines in check. International Brent crude futures (LCOc1) were down 39 cents, or 0.7 percent, at 0155 GMT at $55.56 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures (CLc1) were at $46.93 per barrel, down 16 cents, or 0.3 percent.
  • U.S. oil and gas executives’ outlook turned negative for the first time since the low point of the last oil bust, according to results of a survey released on Thursday by the Federal Reserve Bank of Dallas. A survey of executive sentiment fell to -10 from 47 in the prior quarter, the first negative reading since early 2016, when U.S. crude prices (CLc1) plummeted to $26 per barrel.

INTERNATIONAL COMEX NEWS

ECONOMY NEWS

  • Fed Chair Jerome Powell’s hope for a more plainspoken approach to his job may have landed him in hot water with markets and require more “nuance” going forward, a former top Fed official said on Thursday in a critique of the current U.S. central bank. As the Fed begins a broad review of its operations, former Fed Vice Chair Donald Kohn said in what he called a “memo” that Powell and an array of other Fed officers needed to overhaul how they communicate so both investors and the public have a better sense of the central bank’s job and policies.
  • Investors pulled $98 billion from U.S.-based stock funds in December, a calendar-month record that emphasizes the diminishing goodwill in financial markets, preliminary Lipper estimates showed on Thursday. Fund investors trimmed their risk in the final days of 2018 to hunker down in case the Federal Reserve is too aggressively tightening monetary policy ahead of an economic slowdown and as the United States and China spar over trade. Some people see recent equity declines as a buying opportunity and are stockpiling cash to take advantage should prices fall further.
  • Democrats wasted no time flexing their new power in the U.S. House of Representatives on Thursday as they maneuvered to pass legislation backed by new Speaker Nancy Pelosi that would end a 13-day partial government shutdown while ignoring President Donald Trump’s demand for $5 billion for a border wall. Thursday marked the first day of divided government in Washington since Trump took office in January 2017, as Democrats took control in the House from his fellow Republicans, who remain in charge of the Senate.

GOLD TRADING FORECAST TODAY

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3Jan

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 continued its effort to move past the $1,300 tape as dismal data on global factory activity pushed investors back from risk as markets began trading for 2019. Futures of the yellow metal hit near 7-month highs above $1,290 per troy ounce on Wednesday after China’s Purchasing Manager Index (PMI) contracted for the first time in 19 months in December.
  • Oil began 2019 trading weakly in Asia and Europe before ending up nearly 3% higher in New York after Bloomberg reported a deliberate curtailment by Saudi Arabia of its shipments to the United States and China last month. U.S. West Texas Intermediate crude settled up $1.13, or 2.5%, at $46.54 per barrel. U.K. traded Brent, the global oil benchmark, rose by $1.04, or 1.9%, to $54.84 by 2:39 PM ET (19:39 GMT).
  • Oil prices gave back half of Wednesday’s gains, weighing on the CAD. Canadian Market Manufacturing PMI fell in December to 53.6. The Canadian dollar was among the strongest against the greenback on Wednesday, underpinned by oil prices´ recovery during the US session, sending the pair down to 1.3570 despite soft Canadian data, as the Canadian Market Manufacturing PMI fell in December to 53.6 from 54.9 in November, another sign of global economic slowdown.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • U.S. fund investors anguished over economic growth and policies pulled the most cash from stocks in any weekly period since last February, Investment Company Institute data showed on Wednesday. Mutual funds and exchange traded funds (ETFs) tracked by the trade group reported $37.8 billion in withdrawals overall, a 12th week of declines and the most cash pulled since a Chinese growth scare in August 2015.
  • President Donald Trump threatened on Friday to close the southern U.S. border with Mexico unless he gets the money he wants for a wall, raising the stakes in a standoff that will present an immediate test next week for the new U.S. Congress. When Nancy Pelosi and the Democrats take control of the U.S. House of Representatives on Thursday, they plan to quickly approve a spending measure meant to end a partial government shutdown that began on Dec. 22, triggered by Trump’s demand for $5 billion in funding for his proposed wall.
  • The European Central Bank appointed three temporary administrators on Wednesday to take charge of Italy’s Carige bank (MI:CRGI) in an unprecedented effort to save the struggling lender after it failed to raise new capital. Italy’s 10th largest bank said the administrators would seek fresh talks with the country’s deposit guarantee fund, which lent it 320 million euros ($364 million) via a convertible bond last year to help it meet a year-end deadline to boost capital.

COMEX GOLD SIGNAL

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31Dec

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold’s target for $1,300 remains intact, but gold bugs seem in no hurry to get there, awaiting equity markets to sink for the next big gold move higher. COMEX gold futures hit new six-month highs on Friday, reaching $1,284.55 per troy ounce. But instead of settling at those peaks in a push toward $1,300, the market gave back some, to finish up $1.45, or 0.1%, at $1,280.65.
  • The U.S.-China trade war resulted in billions of dollars of losses for both sides in 2018, hitting industries including autos, technology – and above all, agriculture. Broad pain from trade tariffs outlined by several economists shows that, while specialized industries including U.S. soybean crushing benefited from the dispute, it had an overall detrimental impact on both of the world’s two largest economies.
  • The Trump administration on Friday said limits on mercury emissions from coal-fired power plants were unnecessary as they were too costly, sparking an outcry from environmentalists who feared the next step would be looser rules favoring the coal industry at the expense of public health. Under the Mercury and Air Toxic Standards, or MATS, enacted under former President Barack Obama, coal-burning power plants were required to install expensive equipment to cut output of mercury, which can harm pregnant women and put infants and children at risk of developmental problems.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • China will restrict imports of scrap steel and aluminum from July 1, the environment ministry said on Saturday. Scrap steel and aluminum would be moved from an unrestricted import list of solid waste products usable as raw materials to a restricted import list, the Ministry of Ecology and Environment said in a statement. Relevant departments were researching the formulation of standards for recycled copper and aluminum, it said.
  • The Federal Emergency Management Agency (FEMA) said on Friday it will resume issuing new flood insurance policies during the partial U.S. government shutdown, reversing a decision announced two days ago. FEMA, which oversees the National Flood Insurance Program, said it was rescinding guidance issued on Wednesday that it would not be able to sell new policies during the shutdown unless Congress passes legislation reauthorizing the program.
  • President Donald Trump threatened on Friday to close the southern U.S. border with Mexico unless he gets the money he wants for a wall, raising the stakes in a standoff that will present an immediate test next week for the new U.S. Congress. When Nancy Pelosi and the Democrats take control of the U.S. House of Representatives on Thursday, they plan to quickly approve a spending measure meant to end a partial government shutdown that began on Dec. 22, triggered by Trump’s demand for $5 billion in funding for his proposed wall.

GOLD TRADING FORECAST TODAY

For More information and daily updated SGX stock picks, Comex signals, Forex signals Click here – http://www.epicresearch.sg or Whatsapp us at +917312580605

27Dec

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Wall Street’s rebound isn’t scaring off gold bugs, who’ve got a host of worries on their side to bolster the precious metal’s standing as a safe haven. The S&P 500 and the Dow jumped more than 4%, percent each while the Nasdaqsurged more than 5% in the first day of trading following the Christmas holiday. To help soothe investors’ nerves, a White House official said the head of the Federal Reserve faced no risk of losing his job and that President Donald Trump was happy with his Treasury Secretary.
  • Last July 6, Major General Manuel Quevedo joined his wife, a Catholic priest and a gathering of oil workers in prayer in a conference room at the headquarters of Petroleos de Venezuela SA, or PDVSA. The career military officer, who for the past year has been boss at the troubled state-owned oil company, was at no ordinary mass. The gathering, rather, was a ceremony at which he and other senior oil ministry officials asked God to boost oil output.
  • U.S. oil prices on Thursday extended their sharp climb from the session before amid rising stock markets, but worries over a glut in crude supply and concerns over a faltering global economy kept a lid on gains. U.S. West Texas Intermediate (WTI) crude futures, were up 26 cents, or 0.56 percent, at $46.48 per barrel at 0032 GMT. They jumped 8.7 percent to $46.22 per barrel in the previous session.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • The European Union will accept France running a budget deficit higher than the EU’s 3 percent ceiling next year, as long as it is a one-off event, EU Budget Commissioner Guether Oettinger said on Thursday. France said last week that its headline deficit could grow to 3.2 percent of output next year from 2.8 percent initially planned. President Emmanuel Macron is under strong pressure from violent protests at home to ease the impact of fiscal reforms.
  • A U.S. trade team will travel to Beijing the week of Jan. 7 to hold talks with Chinese officials, Bloomberg reported on Wednesday, citing two people familiar with the matter. The delegation will be led by Deputy U.S. Trade Representative Jeffrey Gerrish and will include David Malpass, Treasury under secretary for international affairs, Bloomberg said. U.S. and Chinese officials have spoken by phone in recent weeks, but next month’s meeting would be the first in-person talks since President Donald Trump met with his Chinese counterpart, Xi Jinping, in Buenos Aires on Dec. 1.
  • JPMorgan Chase & Co (N:JPM) will pay over $135 million to settle charges it mishandled so-called “pre-released” American Depositary Receipts (ADRS), the Securities and Exchange Commission announced on Wednesday. The regulator said the investment bank improperly provided ADRs, which are U.S. securities that represent foreign shares of foreign companies, to brokers even though the brokers and their clients lacked the corresponding foreign shares.

COMEX GOLD SIGNAL

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24Dec

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold traders will continue to monitor political risks and watch developments in equity markets in the week ahead, after the failure by the U.S. Congress and President Donald Trump to agree to a spending bill by midnight Saturday resulted in a partial U.S. government shutdown. Gold is often sought in times of geopolitical tension or market turbulence. Elsewhere, on the data front, the U.S. will see a relatively quiet week in terms of economic releases, with reports on consumer confidence and the housing sector expected to draw the most attention.
  • OPEC and allied oil producers are ready to hold an extraordinary meeting and will do what is needed if the current cut in oil output by 1.2 million barrels per day does not balance the market next year, the United Arab Emirates’ energy minister said on Sunday.
  •  Oil prices dipped on Monday ahead of the Christmas holiday break, adding to last week’s steep losses on concerns about a global oversupply. International benchmark Brent crude (LCOc1) futures fell 27 cents, or 0.5 percent, to $53.55 a barrel at 0106 GMT. Brent touched $52.79 on Friday, its lowest since September 2017. U.S. West Texas Intermediate (WTI) crude futures (CLc1) eased 8 cents, or 0.1 percent, to $45.51 a barrel.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • U.S. President Donald Trump’s Treasury secretary called top U.S. bankers on Sunday amid an ongoing rout on Wall Street and made plans to convene a group of officials known as the “Plunge Protection Team.” U.S. stocks have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500 index (SPX) on pace for its biggest percentage decline in December since the Great Depression.
  • China and the United States held a vice ministerial-level call on Friday, the second such contact in a week, achieving a “deep exchange of views” on trade imbalances and the protection of intellectual property, the Chinese Ministry of Commerce said. A statement posted on the ministry’s website on Sunday said the two countries “made new progress” on those issues, without specifying further.
  • China is considering introducing a new law on foreign investment to replace three existing laws on joint ventures and wholly owned foreign firms, state news agency Xinhua reported on Sunday. A draft law on foreign investment has been submitted to the National People’s Congress (NPC) Standing Committee, according to Xinhua. The draft, which could take more than a year to be signed into law, includes policies on promoting and managing foreign investment.

GOLD TRADING FORECAST TODAY

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