Comex Market

6Sep

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 prices rose on Wednesday morning in Asia, driven by the ongoing currency crisis in Argentina, which economists expect could lead to a recession, a weaker peso and higher inflation. Gold futures for December delivery went up 0.06% to $1,199.7 at 10:47PM ET (02:47 GMT) on the Comex division of the New York Mercantile Exchange. A monthly survey by Bloomberg on Tuesday showed that Argentina’s inflation is expected to hit 40.3% at the end of the year, higher than the 31.8% forecasted in July.
  • Oil fell toward $77 a barrel on Wednesday as a tropical storm hitting the U.S. Gulf coast weakened and moved away from oil-producing areas, easing supply concerns. Crude had jumped the previous day as oil companies shut dozens of offshore platforms in anticipation of damage from tropical storm Gordon. But by Wednesday the storm was weakening, reducing its threat to oil producers.
  • U.S. oil producer ConocoPhillips (N:COP) is still awaiting payment from Venezuela on a $2 billion arbitration settlement reached last month with the country’s state-run PDVSA, Chief Executive Ryan Lance said on Wednesday. Conoco last month suspended legal attachments efforts that had cut Venezuela’s oil exports from several Caribbean facilities following a deal that allowed the country 90 days to make an initial $500 million payment.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Argentina’s peso lost nearly 1 percent against the U.S. dollar early on Wednesday as government officials met with the International Monetary Fund in Washington to try to secure early cash disbursements under an emergency financing deal. The peso opened down 0.89 percent at 39.4 to the dollar despite Economy Minister Nicolas Dujovne saying in Washington on Tuesday evening that he hoped to clinch a deal with the IMF within a month.
  •  Italy is unlikely to get one of its own appointed as the next head of Europe’s banking watchdog, sources say, diminishing Rome’s chances of retaining its influence over the European Central Bank once ECB chief Mario Draghi steps down next year. The ECB is looking to replace Daniele Nouy, a French national, as the head of the Single Supervisory Mechanism (SSM) — the first of four top jobs at the central bank coming up for grabs in the next 15 months.
  • The U.S. Federal Reserve should hold off on further interest rate rises because the stance of monetary policy is already at neutral or possibly restrictive, St. Louis Federal Reserve Bank President James Bullard said on Wednesday. Bullard has repeatedly raised the alarm over the central bank’s plan to keep raising its benchmark lending rate and pointed to financial market signals as the best indicator of how policymakers should proceed.

GOLD TRADING FORECAST TODAY

4Sep

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

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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.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • 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.

COMEX GOLD SIGNAL

3Sep

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 prices gained on Friday as reports that U.S. President Donald Trump was considering plans to impose tariffs on $200 billion in Chinese imports as soon as next week weighed on market sentiment. Gold futures for December delivery was at a trading price of $1,211.5 per troy ounce, up by 0.6%, at 1:10AM ET (05:10 GMT) on the Comex division of the New York Mercantile Exchange. The precious metal remained on track to record their longest monthly losing streak since 2013 despite today’s gains.
  • Oil prices slipped on Friday as concerns over the impact of a global trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output limited losses. Benchmark Brent crude oil (LCOc1) was down 40 cents at $77.37 a barrel by 1310 GMT. U.S. light crude (CLc1) was 30 cents lower at $69.95.
  • OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq’s southern exports hit a record, a Reuters survey found, although a cut in Iranian shipments due to U.S. sanctions limited the increase. The 15- member Organization of the Petroleum Exporting Countries has pumped 32.79 million barrels per day in August, the survey on Friday found, up 220,000 bpd from July’s revised level and the highest this year.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The Russian central bank will need to postpone a plan to cut rates due to new U.S. sanctions against Moscow seen taking toll on inflation and the rouble, a monthly Reuters poll of 20 analysts and economists showed on Friday. Russia’s economic outlook deteriorated after the rouble hit more than two-year lows against the dollar in August following Washington’s move to apply fresh sanctions against Moscow and a warning that it could extend them in the future.
  • The Brazilian economy accelerated slightly in the second quarter despite a nationwide truckers’ strike, as a slow and uneven recovery rumbled on ahead of presidential elections in October. Brazil’s gross domestic product (GDP) grew 0.2 percent from the first quarter and 1.0 percent from a year before, government statistics agency IBGE said on Friday. That compares with economists’ consensus forecasts of 0.1 percent and 1.1 percent, respectively.
  • The European Commission confirmed on Friday that trade measures restricting the sale of solar panels from China would end at the start of next week. The Commission, which coordinates EU trade policy, said in a statement that the measures would expire at midnight on Monday September 3. The European Union first imposed anti-dumping and anti -subsidy measures for Chinese solar panels, wafers and cells in 2013 and extended them in March 2017 by 18 months, signaling that they should then end.

GOLD TRADING FORECAST TODAY

31Aug

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

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INTERNATIONAL COMEX NEWS

  • Gold prices fell on Thursday and were on track to record a fifth straight monthly decline on expectations of a higher interest rates. Gold futures for December delivery was trading at $1,209.5 per troy ounce, down by 0.16% at 12:32AM ET (04:32 GMT) on the Comex division of the New York Mercantile Exchange. Markets widely expect the Federal Reserve to hike interest rates in September and December following last week’s Jackson Hole symposium, where Fed chairman Jerome Powell defended the policy of interest rate hikes, adding that he expected a low but gradual growth of interest rates as inflation is reaching the country’s 2% target.
  • U.S. crude prices rose on Thursday as traders speculated on further tightening of supply, as weekly U.S. inventory data showed diminishing inventories. New York-traded West Texas Intermediate crude futures gained 22 cents, or 0.32%, at $68.69 a barrel by 11:06 AM ET (15:06 GMT), not far from its intraday high of $69.73. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., rose 26 cents, or 0.34%, to $77.72.
  • The U.S. Energy Information Administration (EIA) reported Thursday morning that U.S. natural gas stockpiles increased by 70 billion cubic feet for the week ending August 24. Analysts were expecting a storage injection of around 65 billion cubic feet. The five-year average for the week is an injection of 59 billion cubic feet, and last year’s storage increase for the week totaled 30 billion cubic feet.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • India’s main opposition Congress party on Thursday lashed out at Prime Minister Narendra Modi after central bank data showed that his shock 2016 move to ban high-value notes failed to meet his key objective of flushing out money hidden from the tax man. Modi withdrew 500 and 1,000 rupee notes from circulation to make hoarded cash, or black money, worthless. It aimed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy and to hit the finances of militant groups suspected of using fake 500 rupee notes to fund operations.
  • Turkish central bank Deputy Governor and Monetary Policy Committee member Erkan Kilimci will resign from the role, according to a person familiar with the matter. Kilimci, who was appointed to the job in May 2016, is joining the board of the Development Bank of Turkey, the person said. The lira extended this week’s slump as news emerged of Kilimci’s departure. The currency dropped as much as 5.8 percent to 6.8427 against the dollar in thin trade during a public holiday in Turkey.
  • The European Union’s detente on tariffs with the United States has not put to rest “profound disagreements” on trade policy, the European commissioner in charge of trade said on Thursday. U.S. President Donald Trump agreed in July to refrain from imposing car tariffs while the two sides sought to cut other trade barriers, in a move described then by the European Commission chief as major concession.

COMEX GOLD SIGNAL

30Aug

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

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INTERNATIONAL COMEX NEWS

  • Gold prices were lower on Wednesday as Sino-U.S. trade tensions continued. Comex gold futures for December delivery fell 0.29% to $1,210.90 a troy ounce as of 10:40 AM ET (14:40 GMT). Investors remained cautious ahead of a upcoming deadline in Sino-U.S. trade disputes as a trade deal between the U.S. and Mexico was underway.
  • After years of restraint since crude prices slumped in 2014, oil services companies are now at loggerheads with producers as they battle for what they see as a fair share of the sector recovery. Oil industry suppliers say they have cut costs and prices to the bone and the recent rebound in crude justifies better rewards for anything from rigs to logistics and engineering services.
  • Copper prices have recovered from a recent rout, but the possibility of the trade dispute between the Washington and Beijing escalating and its potential to crimp demand in China, the world’s top consumer, is expected to cap gains. Benchmark copper on the London Metal Exchange at $6,100 has climbed nearly 6 percent since crashing to a 14-month low of $5,773 a ton on Aug. 15

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Argentina’s peso touched a record low 32 per U.S. dollar on Wednesday after President Mauricio Macri said his government had asked the International Monetary Fund for early release of funds from the country’s $50 billion standby deal. The currency has weakened more than 42 percent in 2018. Investors are concerned that with high inflation, a weak economy and fallout from a global selloff in emerging markets, Argentina may have problems meeting its debt obligation in 2019.
  • Talks to modernize a customs union agreement between Turkey and the European Union, which have been stalled, must start again, Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday. Speaking at a news conference, Cavusoglu also said Turkey did not expect new chapters to be opened regarding its EU accession talks while Austria has the term presidency of the bloc.
  •  Financial centers outside the European Union would be the benefactors if the European Union sought to punish the City of London as Britain leaves the bloc, Brexit minister Dominic Raab said on Wednesday. Raab told a parliamentary committee he did not believe the EU would try to punish the London’s financial sector, but that if they did, “I think the only winners would be the other financial centers in the top 10 like Tokyo and New York.”

COMEX GOLD SIGNAL

 

29Aug

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

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COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices were lower on Tuesday, despite a weaker dollar, as trade tensions between the U.S. and China lingered. Comex gold futures for December delivery fell 0.16% to $1,214.10 a troy ounce as of 10:33 AM ET (14:33 GMT). The U.S. and Mexico reached a trade deal on Monday that would replace the North American Free Trade Agreement (NAFTA). U.S. Treasury Secretary Steve Mnuchin said on Tuesday he thinks the U.S. will also reach a deal with Canada this week.
  • Current U.S. sanctions on Iran are unlikely to stop Iranian oil exports completely, a long-time adviser at Saudi Arabia’s Energy Ministry said on Tuesday, adding Iran would be unable to close the straits of Hormuz and Bab al-Mandab even partially. Speaking at an oil conference in the Norwegian city of Stavanger, Ibrahim al-Muhanna said Iran would be the first to lose out on a move to block those major shipping routes and that any such action would trigger further sanctions on Iran.
  • When farmer Julimar Pansera purchased land in Brazil’s interior seven years ago, it was blanketed in tiers of fruit trees, twisted shrubs and the occasional palm standing tall in a thicket of undergrowth. He mowed down most of that vegetation, set it ablaze and started planting soybeans. Over the past decade, he and others in the region have deforested an area larger than South Korea.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • France’s top financial markets regulator Robert Ophele has applied to run the European Central Bank’s banking supervisory body, his office said on Tuesday. The ECB advertised last month for a successor to Daniele Nouy, who is French, when her five-year term as head of the Single Supervisory Mechanism (SSM) ends in December. Ophele was appointed head of the French financial markets authority last August after a long career at France’s central bank. When he was deputy governor of the Bank of France he sat on the board of the ECB’s Single Supervisory Mechanism.
  • Goldman Sachs Group Inc (NYSE:GS). is telling traders to be wary of reading Federal Reserve Chairman Jerome Powell’s comments last week as dovish for the path of interest rates. Ten-year Treasury yields fell Friday on Powell’s speech at the Kansas City Fed’s annual policy symposium, when he said “there does not seem to be an elevated risk of overheating.” What’s more, the maturity’s spread over two-year yields is close to the lowest since 2007.
  • Nearly three out of four companies doing business in Germany and the United States doubt that a U.S.-European trade truce reached last month will be followed by a lasting agreement on large-scale tariff cuts, a survey showed on Tuesday. U.S. President Donald Trump agreed during a meeting with European Commission President Jean-Claude Juncker in July to refrain from imposing tariffs on European cars while the two sides negotiate to cut other tariffs.COMEX GOLD SIGNAL
28Aug

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

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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

23Aug

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

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INTERNATIONAL COMEX NEWS

  • Gold prices were higher on Wednesday, as political uncertainty weighed on the U.S. dollar and investors looked ahead to meeting minutes from the Federal Reserve. Comex gold futures for December delivery rose 0.20% to a one-week high of $1,202.40 a troy ounce as of 10:25 AM ET (14:25 GMT). The minutes from the Fed’s latest policy meeting come out at 2:00 PM ET (18:00 GMT), which investors will look to for clues on future monetary policy.
  • After a knee-jerk reaction to the downside, West Texas Intermediate oil held onto solid gains in North American trade on Wednesday, as weekly data showed that oil supplies in the U.S. registered a much larger-than-expected draw, although gasoline stockpiles unexpectedly increased and distillate inventories rose more than expected. Crude oil for October delivery on the New York Mercantile Exchange rose $1.63, or 2.48%, to trade at $67.47 a barrel by 10:45 AM ET (15:45 GMT) compared to $67.27 ahead of the report.
  • China’s copper producers and traders are riding an unexpected surge of business that has pushed physical prices to their highest in nearly two years as fabricators rush to buy refined metal to avoid import tariffs on scrap that kick in on Thursday. The buying spree took off after Beijing announced two weeks ago it would hit $16 billion worth of U.S. imports, including scrap metal, with duties of 25 percent from Aug.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Agreement between Mexico and the United States on outstanding bilateral issues in the renegotiation of the North American Free Trade Agreement could be just a few hours away, Mexican officials said on Wednesday. “We hope that we’ll have a solution in the next couple of hours, or the next couple of days,” Mexican Economy Minister Ildefonso Guajardo told reporters before entering the offices of U.S. Trade Representative Robert Lighthizer for NAFTA talks.
  • Israel’s central bank on Wednesday criticized a government plan to sharply boost defense spending, saying it would come at the expense of civilian spending and probably increase the budget deficit and state’s debt burden. Prime Minister Benjamin Netanyahu told ministers last week that to meet expected threats in the coming decade, he intends to increase defense spending by 0.2 to 0.3 percent of gross domestic product under the “2030 Security Concept”.
  • The natural state of a capitalist economy is expansion. Recessions occur when “something breaks” rather than an expansion simply dying of old age. Unfortunately, central banks have a history of pumping the brakes for too long and too hard when attempting to contain growth and inflation and are often the cause of a recession.

COMEX GOLD SIGNAL

22Aug

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

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INTERNATIONAL COMEX NEWS

  • Gold prices rose on Tuesday as the dollar softens after U.S. President Donald Trump said he is “not thrilled” with the Federal Reserve’s decision to raise interest rates. Gold Futures for December delivery gained 0.6% to $1,201.9 per troy ounce at 1:40AM ET (05:40 GMT) on the Comex division of the New York Mercantile Exchange. Gold futures ended last week down 2.86%, the largest weekly decline since early May 2017, after hitting $1,176.20 last Thursday, the lowest level since early January 2017.
  • Oil prices held firm on Tuesday, with U.S. fuel markets seen to be tightening, although the release of crude from the American strategic reserve somewhat offset an expected supply cut due to upcoming sanctions against Iran. Frontmonth U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 30 cents, or 0.45 percent, at 0651 GMT, at $66.73 per barrel. The contract expires on Tuesday.
  • Metals prices continued to recover, led by a rise in the Chinese yuan on reports the U.S. and China were looking to resolve their tit-for-tat trade war as soon as November. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose by $10.40, or 0.88%, to $1,194.60 troy ounce. The bright start to the week for gold prices comes as a rising CNY/USD pointed to signs of optimism for positive progress on “low-level” trade talks between the United States and China due this week.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • The Trump administration on Tuesday proposed replacing the Clean Power Plan, the centerpiece of former President Barack Obama’s regulatory efforts to combat climate change. The proposal released by the Environmental Protection Agency is now open for a public comment period. A final EPA rule is expected later this year.
  • Prime Minister Alexis Tsipras hailed the end of a “modern-day Odyssey” on Tuesday after Greece emerged from nine years of bailouts, saying it should never forget the harsh lessons learned under tight financial supervision by its creditors. “This is a day of liberation,” Tsipras declared, standing on a hilltop overlooking a bay on the Ionian island of Ithaca. His decision to give a post-bailout speech on the island was laden with classical symbolism: in Homer’s epic poem The Odyssey, Odysseus, the King of Ithaca, returned home from the Trojan war after a 10-year voyage lost at sea.
  • After lying low on the Riviera through the summer break following a scandal over his bodyguard that has rocked his presidency, Emmanuel Macron embarks this week on the next wave of deep reform to France’s economy and institutions. Lawmakers from the ruling Republic on the Move party promise a resumption of the breakneck pace of legislation that saw Macron’s government rewrite labor laws, overhaul the state-run SNCF railways and revamp the tax code in its first 15 months.

COMEX GOLD SIGNAL

21Aug

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 is hitting new milestones of misery. Exchange-traded funds tracking the metal have bled assets for 13 consecutive weeks, the longest run in five years, investors have placed the biggest gold short on record, and bullion’s chief foe — a strong dollar — is extending its market grip. Gold’s 9 percent tumble this year belies the turmoil in emerging markets and jitters over technology companies, the anchor of the U.S. equity bull market.
  • Base metals rebounded, pushing copper back above $6,000 a metric ton, on easing trade tensions between the U.S. and China, and signs of stronger demand. Copper for three-month delivery rose 1.6 percent to $6,020 per ton as of 10:54 a.m. on the London Metal Exchange. Most other metals were also higher, with aluminum adding 2.3 percent. Copper prices extended gains on Monday after data showed orders to withdraw metal from LME warehouses increased by the most in three years.
  • Brent oil stabilized near $72 per barrel on Monday after several weeks of decline, weighed down by concerns over slowing global economic growth but supported by an expected fall in supply from Iran due to U.S. sanctions. Brent crude futures, a benchmark for international oil prices, were at $72.08 per barrel at 1336 GMT, up 25 cents. U.S. West Texas Intermediate (WTI) crude futures were up 6 cents at $65.96 per barrel.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • A broad cross-section of U.S. businesses has a message for the Trump administration: new tariffs on $200 billion of Chinese imports will force Americans to pay more for items they use throughout their daily lives, from cradles to coffins. Six days of public hearings on the proposed duties of up to 25 percent will start on Monday in Washington as part of President Donald Trump’s and the U.S. Trade Representative’s efforts to pressure Beijing for sweeping changes to its trade and economic policies.
  • Venezuela President Nicolas Maduro carried out one of the greatest currency devaluations in history over the weekend — a 95 percent plunge that will test the capacity of an already beleaguered population to stomach even more pain. One likely outcome is that inflation, which already was forecast to reach 1 million percent this year, will get fresh fuel from the measures. Prices are currently rising at an annualized rate of 108,000 percent, according to Bloomberg’s Café con Leche index.
  • Italian Deputy Prime Minister Matteo Salvini said on Monday the government will stand up any against market attacks or debt downgrades that may come its way. Italian stocks and bonds have repeatedly come under pressure since the anti-establishment coalition of the right-wing League, led by Salvini, and the 5-Star Movement took office in June.

GOLD TRADING FORECAST TODAY

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