Comex Market

4Dec

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group’s de facto leader Saudi Arabia and marring efforts to show unity before this week’s meeting of exporters to tackle an oil price slide. Doha, one of OPEC’s smallest oil producers but the world’s biggest liquefied China will need to drop its steep tariffs imposed on a range of American farm products earlier this year before it can fulfill its pledge to buy a “very substantial” amount of U.S. goods, said Chinese traders on Monday. China and the United States agreed on Saturday to refrain from setting additional tariffs that would further escalate a months-long trade war that has roiled global markets and halted sales of American soybeans to the world’s top buyer. natural gas (LNG) exporter, is embroiled in a protracted diplomatic row with Saudi Arabia and some other Arab states.
  • Champions of coal say the superabundant fossil fuel can be made environmentally friendlier by refining it with chemicals – a “clean coal” technology backed by a billion dollars in U.S. government tax subsidies annually. But refined coal has a dirty secret. It regularly fails to deliver on its environmental promises, as electric giant Duke Energy Corp (NYSE:DUK) found. Duke began using refined coal at two of its North Carolina power plants in August 2012.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Federal Reserve vice chairman Randal Quarles said the Fed’s increasing “data dependence” does not mean it will react to every change, but only to “significant changes in direction.” After a week in which markets have swung in their interpretation of where the Fed is heading, Quarles said in remarks in New York that “we should be data dependent but not reacting to every wavering of the needle across the dial…We have described in all the communications tools a path that is pretty clear.”
  • The Bank of Canada will next raise interest rates early next year, according to a strong majority of economists polled by Reuters who still say two more rate rises will follow by end-2019. As recently as late October there was a minority view that a rate rise might come in December. But a huge plunge in the price of oil – Canada’s main export – along with evidence of household budget strain has largely erased those expectations.
  • China was the driving force by a 30 percent leap in global trademark applications in 2017 as innovation turns into the main battleground among competing world economies, the U.N. World Intellectual Property Organization said on Monday. Figures issued by WIPO showed trademark applications hit 9.11 million last year while patent applications rose 5.8 percent to 3.2 million, with 2018 data showing the trend was continuing, WIPO Director General Francis Gurry told a news conference. Asia now accounted for 65.1 percent of patent applications, 66.6 percent of trademark applications, and 67.9 percent of design applications.

COMEX GOLD SIGNAL

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30Nov

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 edged higher for the second consecutive session on Thursday and is currently placed at the top end of its weekly trading range, around the $1227-28 region. The Fed Chair Jerome Powell’s comments that rates are just below the neutral level now triggered a broad-based US Dollar weakness and prompted some short-covering trade around the dollar denominated commodity.
  • Global temperatures are on course for a 3-5 degrees Celsius (5.4-9.0 degrees Fahrenheit) rise this century, far overshooting a global target of limiting the increase to 2C (3.6F) or less, the U.N. World Meteorological Organization said on Thursday. “Greenhouse gas concentrations are once again at record levels and if the current trend continues we may see temperature increases 3-5 degrees C by the end of the century,” Secretary-General Petteri Taalas said in the WMO’s annual statement on the state of the climate.
  • Oil prices erased an earlier decline that took U.S. crude below $50 for the first time in more than a year and jumped on reports that Russia recognized the need for major producers to cut production. New York-traded West Texas Intermediate crude futures rose 98 cents, or 1.98%, at $51.27 a barrel by 9:35 AM ET (14:35 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up 71 cents, or 1.20%, to $59.80.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • U.S. stocks opened lower on Thursday as investors took a cautious stance in the run up to U.S.-China trade talks at the upcoming G20 Summit after President Donald Trump said there was “a long way to go” on tariffs with Beijing. The Dow Jones Industrial Average (DJI) fell 22.78 points, or 0.09 percent, at the open to 25,343.65. The S&P 500 (SPX) opened lower by 6.82 points, or 0.25 percent, at 2,736.97. The Nasdaq Composite (IXIC) dropped 24.22 points, or 0.33 percent, to 7,267.37 at the opening bell.
  • The euro zone bank sector is prepared for a hard Brexit and the Bank of England is right to warn of a deep recession if Britain leaves the bloc without a deal, European Central Bank Vice President Luis de Guindos said on Thursday. The BoE said on Wednesday that the British economy could shrink by as much as 8 percent in about a year in case of a no-deal Brexit, adding to pressure on lawmakers to drop their opposition to the Brexit agreement that Prime Minister Theresa May struck.
  • China is hoping for “positive results” in resolving a trade dispute with the United States at a G20 summit in Argentina, the commerce ministry said on Thursday, ahead of a closely watched meeting of Chinese and U.S. leaders. U.S. President Donald Trump and Chinese President Xi Jinping are due to hold trade discussions on the sidelines of the G20 summit in Buenos Aires on Saturday.

COMEX GOLD SIGNAL

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27Nov

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Commodity bull Goldman Sachs Group Inc (NYSE:GS). is undaunted by the sell-off in raw materials and is forecasting returns of about 17 percent in the coming months, describing the current situation as unsustainable and touting this week’s G-20 meeting in Buenos Aires as a potential turning point. “Given the size of dislocations in commodity pricing relative to fundamentals — with oil now having joined metals in pricing below cost support — we believe commodities offer an extremely attractive entry point for longs in oil, gold and base,” analysts including Jeffrey Currie said in a report.
  • Oil prices rebounded on Monday in Asia after slumping 8% last Friday amid concerns that excess supply and weakening demand pressures could create a glut next year. Crude Oil WTI Futures for January delivery rose 1% to $50.92 a barrel at 12:33 AM ET (05:33 GMT) on the New York Mercantile Exchange, while Brent Oil Futures for February delivery also climbed 1.3% to $59.82 per barrel on London’s Intercontinental Exchange.
  • Saudi Aramco will expand its market share in Asia despite likely OPEC limits on output next year, and is eyeing deals in China and Africa as it aims to become a global leader in chemicals, the head of the world’s top oil producer said on Monday. Amin Nasser, chief executive of the state oil giant, told Reuters that his company would abide by any OPEC agreement to cut crude production in 2019, less than two weeks before the exporter group meets to decide output policy.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • The Bank of Israel raised its benchmark interest rate to 0.25 percent on Monday, an unexpected move that brought nearly four years of record-low borrowing costs to a close. The bank, in a statement accompanying the rate decision, assessed that borrowing costs would rise in a “gradual and cautious” manner. The shekel gained as much as 0.8 percent against the dollar, extending its daily advance and recouping some of its loss since the last rate decision on Oct. 8.
  • A gradual slowdown in euro zone growth is normal and may be in part temporary, European Central Bank President Mario Draghi said on Monday, arguing that his assessment for inflation has not changed even if growth is weaker than earlier thought. “There is good reason to be confident that underlying inflation will gradually rise in the period ahead,” Draghi said. “Recent developments confirm the Governing Council’s earlier assessments of the medium-term inflation outlook.”
  • Global wage grew by 1.8 percent in 2017, down from 2.4 percent in 2016 and the slowest rate since the global financial crisis in 2008, the International Labour Organization said in its two-yearly Global Wage Report on Monday. “What is now widely recognized is that slow wage growth has become an obstacle to achieving sustainable economic growth,” ILO Director-General Guy Ryder wrote in the report.

COMEX GOLD SIGNAL

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22Nov

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 on the back of further speculation that the Federal Reserve may take a less aggressive stance on policy tightening, while tension over trade issues between the U.S. and China continued to provide support for the precious metal. At 9:38 AM ET (14:38 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange gained $6.20, or 0.51%, to $1,227.40 a troy ounce.
  • U.S. President Donald Trump praised Saudi Arabia for helping to lower oil prices on Wednesday as pressure intensified to impose tougher sanctions on the Middle East ally following the murder of dissident Saudi journalist Jamal Khashoggi. In a tweet, Trump thanked Riyadh for the recent drop in oil prices and called for prices to go even lower, likening it to “a big tax cut” that could boost the U.S. and global economies.
  • Russian President Vladimir Putin may meet with Saudi Crown Prince Mohammad bin Salman at the Group of 20 summit next week, the Kremlin said. The talks will come just days before a crucial meeting of OPEC and its allies in Vienna, where Saudi Arabia will be trying to convince Russia to cooperate on curbing crude output next year following oil’s plunge back into a bear market.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • As Prime Minister Theresa May battled to save her draft Brexit deal in the face of resignations from her team and threats of a leadership coup, many believed one man could deal the fatal blow. But he didn’t. Michael Gove, her environment minister and the most prominent Brexit campaigner in the British cabinet, took two days to weigh up his options. During that time he declined May’s offer to be Brexit minister, because she refused to let him renegotiate the deal.
  • The Group of 20 industrialized nations is drafting a communique that will exclude an explicit pledge to fight protectionism, which could help avoid a repetition of friction between U.S. President Donald Trump and world leaders at last year’s summit, the Financial Times reported on Wednesday. The draft communique obtained by the FT calls for countries to keep markets open, preserve multilateral trade, and ensure a level playing field, the newspaper reported. The document could change before the 2018 summit begins in Buenos Aires on Nov. 30, it said.
  • Greece on Wednesday projected its economy would grow by 2.5 percent next year, as it submitted its first post-bailout budget to parliament promising to return a high surplus. Presenting its 2019 budget, vetted and approved by the European Commission, Athens said it would outperform on its primary surplus targets for the fifth year running, returning a surplus of 3.6 percent of economic output. The government also saw the country’s debt at 167.8 percent of GDP next year from 180.4 this year.

22nov5

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20Nov

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 slipped on Monday, while the dollar was subdued against its rivals after Federal Reserve officials cautioned on the global economy. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange edged down 0.3% to $1,219.1 a troy ounce by 1:20 AM ET (06:20 GMT). The U.S. dollar index that tracks the greenback against a basket of other currencies edged up 0.08% to 96.4.
  • Oil steadied on Monday, having gained in the previous three sessions from the prospect that top exporter Saudi Arabia will push OPEC and maybe Russia to cut supply towards the year-end. Brent crude futures were down 6 cents at $66.70 a barrel by 1243 GMT, while U.S. futures were up 3 cents at $56.49. The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, is pushing for the group and its partners to reduce output by 1 million to 1.4 million barrels per day to prevent a build-up of unused fuel.
  • A Southeast Asian nation that was a bit player in the biofuel market is suddenly buying and selling unprecedented supplies. The U.S.-China trade war may have something to do with it. Malaysia has emerged to displace the U.S. as the biggest supplier of ethanol to China in just two months. It’s also the first time the Southeast Asian country is selling such significant volumes to the world’s top consumer.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • India’s central bank concluded a critical day-long board meeting, said a source familiar with the situation. It wasn’t immediately clear whether it had come to any conclusions in a dispute with the government over easing liquidity for the financial sector and increasing credit to small businesses. The government has been pressing the RBI to reduce capital ratios for banks, which would speed up loans to small businesses in remote parts of the country, a crucial vote bank for Prime Minister Narendra Modi. There are five key state elections in the next few weeks and a general election due by May.
  • Macedonia should seize on the prospect of faster EU integration to push ahead with reforms that will enable stronger economic growth, the International Monetary Fund said on Monday. Skopje’s agreement with Athens to change the country’s name to the Republic of North Macedonia is set to unblock its NATO and EU membership bids.
  • A potentially huge shift is underway in the U.S. bond market, underscored by a historic swing in hedge fund positions: investors are beginning to think the U.S. economy is close to peaking and the Fed is near the end of its rate-raising cycle. Speculators on U.S. futures markets slashed their bearish bets on 10-year Treasuries last week by the largest amount since April 2017, and the third largest since the Commodity Futures Trading Commission began compiling data in 1995.

COMEX GOLD SIGNAL

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16Nov

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 global grain market needs more U.S. wheat to make up for tightening supply in other major exporting zones, but China will be able to keep shunning U.S. soybeans in its trade tussle with Washington, grain merchants said on Wednesday. U.S. soybean shipments to China have dried up in recent months after Beijing raised tariffs on the most valuable U.S. agricultural export to the country.
  • When U.S. President Donald Trump asked Saudi Arabia this summer to raise oil production to compensate for lower crude exports from Iran, Riyadh swiftly told Washington it would do so. But Saudi Arabia did not receive advance warning when Trump made a U-turn by offering generous waivers that are keeping more Iranian crude in the market instead of driving exports from Riyadh’s arch-rival down to zero, OPEC and industry sources say.
  • Gold prices inched up while the dollar slipped on Thursday following reports that China delivered a written response to U.S. trade demand, and that the two nations resumed talks earlier this week to diffuse their trade disputes. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.1% at $1,211.8 a troy ounce by 1:00 AM ET (06:00 GMT).

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Israel’s cabinet plans to vote on Sunday on the nomination of Amir Yaron for Bank of Israel governor, the prime minister’s office said on Thursday. Israeli-born Yaron, 54, a professor at the Wharton School of the University of Pennsylvania and who has lived in the United States for two decades, was chosen by Prime Minister Benjamin Netanyahu last month. He would succeed Karnit Flug, whose five-year term concluded earlier this week. Deputy governor Nadine Baudot-Trajtenberg has assumed duties as acting governor.
  • Hungary’s central bank (NBH) is expected to hold interest rates at record lows on Tuesday, but there is a chance it could send a signal about future tightening against a backdrop of robust economic growth and rising inflation. All 15 analysts in a Reuters poll taken from Nov. 8-15 said the bank would keep both its 0.9 percent base rate and its -0.15 percent overnight deposit rate unchanged. The base rate has stood there since May 2016 and the deposit rate since September 2017.
  • Central banks are unlikely to issue digital currencies within the next decade, even in places where the use of cash is declining rapidly, European Central Bank board member Benoit Coeure said on Thursday. “There is broad agreement that a (central bank digital currency), in whatever form, is unlikely to be issued within the next decade, even among those four central banks that have indicated that they have reached the stage of developing a pilot project,” Coeure told a conference in Basel.

GOLD TRADING FORECAST TODAY

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13Nov

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 were little changed on Monday as the dollar traded near 16-month highs and traders awaited U.S. inflation data due later this week. Meanwhile, Federal Reserve Chairman Jerome Powell’s speech on Wednesday would also be closely watched as he discusses national and global economic issues. The Fed indicated earlier this month that it is still on course to hike interest rates in December.
  • The race is on for liquefied natural gas (LNG) producers to build export terminals as demand soars, but the criteria for financing such mega-projects have shifted as traditional relationships with LNG consumers have begun to disintegrate. Royal Dutch Shell’s (AS:RDSa) final investment decision (FID) taken last month for a $30 billion LNG Canada project was a shot in the arm for the LNG industry, which is emerging from almost three years of low prices and investment.
  • Oil rose by more than 1 percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day. Saudi Arabia, the world’s largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day in December due to seasonal lower demand.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Emerging markets are already contending with U.S.-China trade tensions, policy tightening in developed countries, and a resurgent dollar. Higher oil prices are exactly what they don’t need right now. But that’s what they may get as the year draws to an end. With crude oil in a bear market, Saudi Arabia said OPEC and its allies should reverse about half the increase in output they made earlier this year as fears of shortages are supplanted by concerns about oversupply and collapsing prices. Oil futures in New York climbed as much as 1.6 percent.
  • Prime Minister Theresa May’s Brexit strategy came under attack from all sides on Monday, increasing the risk that her plan for leaving the EU will be voted down by parliament and thrust the United Kingdom toward a potentially chaotic “no-deal” Brexit. In a sign that Brexit talks could go down to the wire, EU sources said they want clarity from London by the end of Wednesday at the latest if there is to be a summit this month to approve a Brexit deal.
  • China will further open its economy in the face of rising protectionism, Premier Li Keqiang said as he arrived in Singapore on Monday for meetings with Asia-Pacific leaders that will focus on speeding up work on a major new trade pact. Li’s remarks in an article in Singapore’s Straits Times newspaper came as Singapore’s Prime Minister Lee Hsien Loong called for more regional integration, saying multi lateralism was under threat from political pressures.COMEX GOLD SIGNAL

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12Nov

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

  • Oil isn’t the only commodity getting hammered these days. Gold’s key support of $1,200 could also be under attack, with investors seeing little upside for the yellow metal amid the string of U.S. rate hikes forecast. U.S. producer price index (PPI) data for October, released on Friday, showed an increase of 0.6% vs expectations for 0.2%. That was an endorsement of sorts for the Federal Reserve to raise rates again in December, the fourth time it would be doing so this year.
  • The oil bears vs. OPEC showdown is coming down to the wire. And across crude markets the question almost everyone seems to be asking is: can oil prices go any lower? On Friday, the world’s leading crude benchmarks fell below key support levels they’ve held for the past seven months at least. U.S. West Texas Intermediate fell under the $60 per barrel support it had maintained since March and and U.K. Brent fell below the $70 level it had latched on to since April.
  •  China National Aviation Fuel Group on Saturday launched the country’s first aviation fuel consumption index aimed at providing a fresh gauge for the regional and national economic health of the world’s second-largest economy. After stellar growth for decades, China, the world’s second largest consumer after the United States, is seeing its aviation fuel demand growth slipping in the last few years as the economy expands less rapidly and more people travel by high speed rail.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  •  China’s premier said loans to small firms should not be “willfully withdrawn,” and China should help small firms tackle their liquidity difficulties, the official Xinhua news agency reported late on Friday. His comments are the latest from China’s leadership about efforts to prop up small and medium enterprises (SMEs), which are flailing in the face of a wider clampdown on riskier credit, a slowdown in economic growth and the escalating trade war between the United States and China.
  • White House adviser Peter Navarro on Friday lashed out at efforts by current and former Wall Street executives to urge the United States and China to end their trade dispute, calling them “unregistered foreign agents” who were trying to pressure President Donald Trump into a deal. “When these unpaid foreign agents engage in this kind of diplomacy, socalled diplomacy, all they do is weaken this president and his negotiating position,” Navarro said at the Center for Strategic and International Studies in Washington.
  • “As part of a Chinese government influence operation, these globalist billionaires are putting a full-court press on the White House in advance of the G-20 in Argentina,” Navarro said in a speech at the Center for Strategic and International Studies in Washington on Friday. Their mission is to “pressure this president into some kind of deal” but instead they’re weakening his negotiating position and “no good can come of this.”

GOLD TRADING FORECAST TODAY

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9Nov

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • After spending the majority of the day in a tight range near the $1230 handle, the XAU/USD pair lost its traction and slumped to a fresh daily low of $1228 in the last hour. As of writing, the pair was trading at $1228.70, losing 0.35%, $4.30, on a daily basis. The US Dollar Index, which suffered heavy losses in the second half of the previous week, started the day on a positive note and rose above the 96.50 mark ahead of the non-manufacturing PMI reports that the ISM and the IHS Markit will be releasing later in the session.
  • The United States reintroduced sanctions against Iranian oil on Monday while giving some of Washington’s closest allies exemptions that allow Tehran’s biggest customers, mostly in Asia, to keep buying crude for now. Washington has restored measures lifted under a 2015 nuclear deal negotiated with Tehran by the administration of President Barack Obama.
  • Gold prices slipped while the dollar was unchanged on Monday as traders awaited the U.S. mid-term elections and the Federal Reserve’s November meeting due later this week. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange slipped 0.03% to $1,232.9 a troy ounce by 12:20 AM ET (04:20 GMT). The U.S. Fed will begin its two-day meeting on Wednesday, with markets anticipating no change to interest rates ahead of a widely expected rate hike in December.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • A dozen euro zone banks holding about 40 percent of the sector’s assets need to strengthen their capital positions, European Central Bank Vice President Luis de Guindos said on Monday, reflecting on the results of a stress test exercise. The ECB earlier said that it would consider a 5.5 percent common equity tier 1 capital (CET1) level as acceptable in the test but comments from de Guindos suggest that the ECB may be looking a higher level.
  • The United States announced a new raft of sanctions on Iran on Monday and threatened further action to pressure its old adversary, steps the Islamic Republic condemned as “economic war” and vowed to defy. The move is part of a wider effort by U.S. President Donald Trump to curb Tehran’s missile and nuclear programs and diminish the Islamic Republic’s influence in the Middle East.
  • The European Central Bank has withdrawn the banking license of Malta’s Pilatus Bank, the island’s financial regulator said on Monday, after the chairman of the bank was charged in the United States over money laundering and bank fraud. The lender was also accused of processing corrupt payments for senior Azeri and Maltese figures by investigative journalist Daphne Caruana Galizia. She was killed a year ago by a car bomb in Malta.

COMEX GOLD SIGNAL

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5Nov

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 Trump Administration seems to be achieving its tri-fold agenda of punishing Iran while balancing the world’s energy needs and keeping oil prices low, as crude markets posted on Friday their largest weekly loss since February. Eight countries, including Japan, India, South Korea and China, will be given waivers to continue importing oil from Tehran once export sanctions against the Islamic Republic start this weekend, Bloomberg reported.
  • Gold prices were higher on Friday as the U.S. dollar inched down, despite a better-than-expected jobs report. Comex gold futures for December delivery rose 0.11% to $1,237.40 a troy ounce as of 10:33 AM ET (14:33 GMT). Gold was higher due to a fall in the greenback. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, inched down 0.06% to 96.22.
  • Earnings for the two largest U.S. oil companies on Friday jumped on higher crude prices and the nation’s shale boom, joining big oil rivals in posting sharply higher quarterly profit. Exxon Mobil Corp (N:XOM) posted a 57-percent increase on prices there were up 44 percent over a year ago helped by a lower tax rate while Chevron Corp’s (N:CVX) earnings doubled on surging output from the Permian Basin of West Texas and New Mexico. While Exxon’s results topped Wall Street forecasts, but shares were up fractionally as its oil and gas production declined for the ninth of the last 10 quarters.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • China will provide Pakistan with economic aid but more talks will take place to fix the details, a senior Chinese diplomat said, after new Pakistani Prime Minister Imran Khan met Chinese Premier Li Keqiang on Saturday. Pakistan’s foreign reserves have plunged 42 percent since the start of the year and now stand at about $8 billion, or less than two months of import cover.
  •  U.S. President Donald Trump said on Friday that he will likely make a deal with China on trade, adding that a lot of progress had been made to resolve the two countries’ differences but warning that he still may impose more tariffs on Chinese goods. “China very much wants to make a deal,” Trump told reporters in Washington just hours after his top economic adviser expressed caution about talk of a possible U.S.-China trade agreement.
  • China is willing to resolve trade issues with the United States through mutually respectful talks and on an equal footing, said one of the country’s vice commerce ministers Wang Bingnan on Saturday. Beijing will jointly promote the healthy and stable development of China-U.S. relations, Wang told reporters at a news conference.

5nov6

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