Comex Market

30Jul

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

      COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Metal prices traded mixed benefiting from a weaker dollar despite a preliminary reading of second-quarter U.S. economic growth showing the economy grew at its fastest pace in nearly four years. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $1.60, or 0.13%, to $1,224.10 a troy ounce, but remained well above an intraday low of $1,216.70.
  • An agreement by the European Union to increase soy imports from the United States will not harm EU farmers, German Agriculture Minister Julia Kloeckner said in an interview published on Saturday. European Commission President Jean-Claude Juncker agreed to increase soy imports in a deal reached with U.S. President Donald Trump, under which Washington will suspend the imposition of new tariffs on the EU.
  • Venezuela’s highly subsidized gasoline, cheaper than anywhere in the world, could be more expensive starting next month. Why? The smallest coin that will be available in the market will be enough to fill 100 SUV tanks. The bizarre situation is the result of a rapidly depreciating currency, hyperinflation and ridiculously low prices for fuel. President Nicolas Maduro’s plan to redenominate the bolivar on Aug. 20 by lopping off five zeroes means that 50-cent coins for the new “sovereign” bolivar will be worth 50,000 of the old (and poorly named) “strong” bolivar.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Top BlackRock Inc (N:BLK) bond investor Rick Rieder halved exposure in recent months to a once-major bet in his portfolios on emerging markets on concerns including that the dollar could move higher, he told Reuters on Friday. “I still would argue volatility is going to be higher, the dollar could potentially continue to grind higher,” said Rieder, BlackRock’s chief investment officer of global fixed income. “It’s just prudent to run a smaller exposure.”
  • Mexican Economy Secretary Ildefonso Guajardo said on Friday that the negotiating teams for the North American Free Trade Agreement (NAFTA) are ready to kick off talks again after they stalled last month. NAFTA talks between the United States, Mexico and Canada had stalled since June when the United States imposed tariffs on Mexican and Canadian steel and aluminum. Both countries responded with levies on products including U.S. pork, ketchup and Kentucky bourbon.
  • President Sebastian Pinera wanted to make one thing perfectly clear about Moody’s Investors Service’s decision to downgrade Chile’s credit rating: It’s not my fault. “The reaction of the rating agency is due to things that happened in previous years,” Pinera, who took office March 11, told reporters Friday. “As you well know, our government is correcting those reasons.” Moody’s reduced Chile’s senior unsecured debt ratings to A1 from Aa3, citing a gradual and broadbased deterioration in the country’s credit profile.

COMEX GOLD SIGNAL

27Jul

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 eased on Thursday as immediate global trade tension eased U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work towards eliminating trade barriers. Gold Futures for August delivery on the Comex division of the New York Mercantile Exchangeis was down 0.2% to a trading price of $1,229.90 each troy ounce at 1:30AM ET (05:30 GMT).
  • Natural gas futures rose to the highest levels of the session on Thursday, after data showed that supplies in storage rose much less than forecast last week. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 24 billion cubic feet (bcf) in the week ended July 20, below forecasts for a gain of 36 bcf. That compared with a build of 46 bcf in the preceding week, an increase of 17 bcf a year earlier and a five-year average rise of 46 bcf.
  • U.S. crude oil prices inched down on Thursday while Brent rose after Saudi Arabia said it was suspending oil shipping in the Red Sea. West Texas Crude oil futures fell 0.03% to $69.28 a barrel as of 10:27 AM ET (14:27 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 0.05% to $73.97. Saudi Arabia, the biggest oil exporter in the world, said it was temporarily halting oil shipments through the Red Sea after an attack by Yemen’s Houthi movement.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Chinese and U.S. envoys presented radically differing visions of China’s economic model at the World Trade Organization on Thursday, a choice between “the world’s most protectionist economy” and a growth story that had benefited all countries. U.S. Ambassador Dennis Shea was presenting a paper entitled “China’s trade-disruptive economic model” to the last WTO meeting before a summer break, overshadowed by a nascent multi-billion dollar trade war between the two economic giants.
  • The Bank of England looks set to pass a post-financial crisis milestone next week by finally raising interest rates above their emergency levels set more than nine years ago. But with a potentially messy Brexit nearing, Governor Mark Carney may sound cautious about the pace of further moves away from the BoE’s still-powerful stimulus program. In March 2009, when the financial crisis was raging, the BoE slashed its benchmark rate to 0.5 percent to stave off the risk of a depression.
  • The U.S. economy is growing at a 3.8 percent annualized rate in the second quarter following the latest data on domestic durable goods orders and advance trade balance, the Atlanta Federal Reserve’s GDPNow forecast model showed on Thursday. The latest estimate on gross domestic product growth was slower than the 4.5 percent pace estimated on July 18, the Atlanta Fed said.

GOLD TRADING FORECAST TODAY

26Jul

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

TODAY’S COMEX GOLD SIGNAL

 COMEX GOLD SIGNAL

TODAY’S COMEX GOLD SIGNAL

TODAY’S COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices slipped for two consecutive days as dollar slightly rose on Wednesday ahead of a meeting between and U.S. and European Commission presidents for trade-related talks. Gold Futures for August delivery on the Comex division of the New York Mercantile Exchangeis was down 0.11% to a trading price of $1,224.10 each troy ounce at 1:00AM ET (05:00 GMT).
  • Qatar is building a sugar refinery in a bid to avoid supply disruptions after neighboring Gulf Arab states severed economic and political ties with Doha more than a year ago, sources say. In normal trading conditions, building a refinery in Qatar would make little commercial sense because of depressed sugar prices, surplus world stocks and the presence of regional refineries that could provide supplies, the sources said.
  • U.S. crude stocks fell last week, while gasoline and distillate inventories also declined, the Energy Information Administration said on Wednesday. Crude inventories fell by 6.1 million barrels in the week to July 20, compared with analysts’ expectations for a decrease of 2.3 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels, EIA said. Refinery crude runs rose by 46,000 barrels per day, EIA data showed.

26july4

ECONOMY NEWS

  • The International Monetary Fund has given its backing to Ukraine’s plans for an anti-corruption court, removing one of the key hurdles needed for the government to get its next $2 billion tranche of aid. The court is being set up as part of Ukraine’s $17.5 billion bailout and has become a symbol of its efforts to stamp out high-level corruption that has blighted the country for decades.
  • U.S. President Donald Trump accused China on Wednesday of targeting American farmers in a “vicious” way and using them as leverage to get concessions on trade. “China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice – until now!” Trump wrote on Twitter.
  •  White House economic adviser Larry Kudlow said a plan by the Trump administration to pay as much as $12 billion in relief to U.S. farmers hurt by a burgeoning trade dispute is a stop-gap proposal and doesn’t signal a willingness to make a habit of aid programs. “What we’ve put on the board is what I think is a temporary assistance measure, I don’t think it’s going to get near to $12 billion,” Kudlow said during an interview on “CBS This Morning” on Wednesday. “Nobody’s really thrilled about this. We’re just trying to protect American agriculture from some of the unfair trading practices.”

26july5

25Jul

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 were trading slightly lower on Tuesday as the dollar edged up after a sharp decline in the previous session. Gold Futures for August delivery on the Comex division of the New York Mercantile Exchangeis was down 0.47% to a trading price of $1,219.8 each troy ounce at 1:10AM ET (05:10 GMT).
  • Rising oil revenues are greatly improving the outlook for budget and trade balances among Gulf Arab countries but will do very little to boost economic growth, a quarterly Reuters poll of economists showed. The benchmark Brent oil price (LCOc1) has averaged about $71.60 a barrel so far this year, up from $55 last year. Also, Gulf states are set to export more oil this year after global producers agreed last month to boost output, partly to compensate for anticipated losses in production by Iran, which faces U.S. sanctions.
  • U.S. crude oil prices were higher on Tuesday, as Iran threatened to retaliate against the U.S. if the government tries to block its oil exports. West Texas Crude oil futures rose 1.24% to $68.73 a barrel as of 10:32 AM ET (14:32 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 0.79% to $73.64. The U.S. has threatened to block oil trade with Iran after Trump withdrew from the nuclear agreement with Tehran.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The trade is familiar to investors worldwide: in times of turmoil, rush for cover by buying the Japanese yen. This year a global trade row has erupted, Donald Trump has lamented the dollar’s strength – ignoring a custom that U.S. presidents avoid openly interfering in financial markets – and the Chinese yuan has tumbled. And yet the yen has stayed resolutely weak, becoming the weakest of the G10 developed market currencies this month.
  • The International Monetary Fund said on Tuesday that the U.S. dollar is over-valued, China’s yuan is in line with fundamentals and nearly half of global current account balances are now excessive, adding to growth risks and trade tensions. The IMF, in its annual External Sector Report, which assesses exchange rates and current account surpluses and deficits, also said current account surpluses and deficits are becoming increasingly concentrated in advanced economies.
  • The chief trade negotiator of the incoming Mexican administration, Jesus Seade, said on Tuesday he expected the renegotiation of the North American Free Trade Agreement (NAFTA)to be agreed in the next few months. “What I see … to be a very feasible expectation is that we’ll be concluding the negotiation in the next two months if possible, or in the next few months a bit further down the road,” Seade told Mexican radio.

GOLD TRADING FORECAST TODAY

24Jul

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

    COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • U.S. crude oil prices were steady on Monday after U.S. President Donald Trump warned Iran over Twitter on Sunday night. West Texas Crude oil futures rose 0.31% to $68.47 a barrel as of 10:42 AM ET (14:42 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 0.63% to $73.53. Prices surged earlier in the session after Trump warned Iranian President Hassan Rouhani on Sunday to “never, ever threaten the U.S. again,” or Iran would “suffer the consequences.”
  • Oilfield services provider Halliburton Co (N:HAL) on Monday reported a 24 percent increase in quarterly revenue, narrowly beating analysts’ estimates, as higher oil prices sparked a surge in U.S. crude production activity. Halliburton has benefited from soaring U.S. oil production, which reached a record 11 million barrels per day in July, according to a government estimate.
  • The world’s largest oil companies are pumping more natural gasthan ever before, helping to spur a rise in profits while sating rising global demand for fuels that can mitigate global greenhouse gas emissions. This marks a shift over the past decade for an industry that once focused predominantly on crude oil, with gas in most cases an after-thought. Now, the rise of gas-powered electric generation, surging production from U.S shale fields and the burgeoning liquefied natural gas (LNG) industry that makes shipping the fuel possible, have conspired to create a boom.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Real gross-domestic-product growth in the country slipped 0.1 percentage points to 6.7% in the second quarter, the statistics bureau reported Monday, a pace not seen since 2016. That is still over the government’s target of around 6.5%, and year-over-year growth remained at 6.8%. The fall was widely expected after Chinese policymakers began a campaign to curb financial leverage last year, which analysts say has weighed heavily on growth.
  • Canada’s economic growth is strong and some housing market vulnerabilities have improved, but trade policy is a big risk to the outlook and the government should reform taxes to boost corporate competitiveness, the OECD said on Monday. The Paris-based Organisation for Economic Co-operation and Development said while GDP growth is projected to remain robust, with exports underpinned by strong global demand, rising rates will sap some consumer strength.
  • China will adopt a more vigorous fiscal policy to help tackle external uncertainties without resorting to strong policy stimulus, state radio said on Monday, citing the cabinet. Slowing economic growth has sparked a heated debate among government researchers on whether fiscal policy should play a bigger role in softening the impact of a trade war with the United States. “The proactive fiscal policy will become more active,” state radio cited a statement issued after a cabinet meeting, chaired by Premier Li Keqiang, as saying.

COMEX GOLD SIGNAL

23Jul

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

  • Metal prices were higher Friday as the dollar moved sharply lower after President Donald Trump said higher interest rates and the strength of the greenback were hampering economic growth. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $8.10, or 0.66%, to $1,232.30 a troy ounce from a session low of $1.215.50.
  • The U.S. oil and gas industry is lobbying against tighter sanctions on Russia that could impact U.S. investments there, congressional sources said on Friday. The U.S. Senate has revived a bill, called DETER, that would allow for swift sanctions if Moscow was found meddling in future U.S. elections. Both Democrats and Republicans are looking to redress what they consider President Donald Trump’s weak stance on accusations of Russian interference in the 2016 election when he met Russian President Vladimir Putin on Monday.
  • President Donald Trump said he was ready to impose tariffs on all $500 billion of goods the U.S. imports from China, remarks that sent financial markets retreating and threatened to escalate a trade clash with the Asian giant. “We’re down a tremendous amount,” Trump said in an interview about trade imbalances with China on CNBC broadcast on Friday.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The United States is monitoring the recent weakness in China’s yuan currency and will review whether the currency has been manipulated, Treasury Secretary Steven Mnuchin told Reuters on Friday. Mnuchin said in an interview in Sao Paulo, Brazil, that the yuan’s weakness would be reviewed as part of the U.S. Treasury’s semi-annual report on currency manipulation. The report is due on Oct. 15 and will be based on activity for the first six months of 2018.
  • U.S. President Donald Trump may not be happy about the strength of the U.S. dollar, but the greenback’s recent rally may partly be a product of his own making. The U.S. dollar has been climbing against major currencies for several months, with thedollar index (DXY) up nearly 7.0 percent over the last three months and on Thursday hit a one year high.
  • The U.S. Securities and Exchange Commission said on Friday that Deutsche Bank (DE:DBKGn) (N:DB) has agreed to pay nearly $75 million to settle an investigation into the mishandling of pre-release American Depositary Receipts (ADR). Deutsche Bank did not admit or deny the SEC’s findings but agreed to return its “ill-gotten gains” and comply with the SEC’s fine, the regulator said. The SEC said its investigation has revealed “industrywide abuses” in pre-released ADRs, said Stephanie Avakian, of the SEC’s Enforcement Division.

GOLD TRADING FORECAST TODAY

20Jul

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

    COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Metal prices continued to falter on Thursday amid trade concerns and a strengthening U.S. dollar. Comex gold futures for August delivery decreased 0.88% to a one-and-a-half-year low of $1,217.10 a troy ounce as of 10:58 AM ET (14:58 GMT). The precious metal was held back as trade tensions continued after China said the White House was wrong to blame Chinese President Xi Jinping for blocking progress on a trade deal.
  • Oil prices rose on Thursday, as a Saudi Arabian official indicated that the country’s exports will be little changed despite a large increase in production. New York-traded West Texas Intermediate crude futures gained 53 cents, or 0.8% to $68.28 a barrel by 11:29 AM ET (15:29 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up 38 cents, or 0.5%, to $73.28.
  • The U.S. Energy Information Administration said in its weekly report thatnatural gas storage in the U.S. increased by 46 billion cubic feet in the week ended July 13, compared to forecasts for a build of 58 billion. Thursday’s data compared with a gain of 51 billion cubic feet (bcf) in the preceding week and represented a decline of 710 billion from a year earlier and was also 535 bcf below the five-year average.20july4

ECONOMY NEWS

  • European Union countries will suffer long-term damage equivalent to about 1.5 percent of annual economic output if Britain leaves the bloc without a free trade deal next year, the International Monetary Fund said on Thursday. Britain is due to leave the EU on March 29 next year, and Prime Minister Theresa May has yet to reach a consensus within her own Conservative Party on what future ties with the EU should look like, let alone broker a final deal with the EU.
  • Commerce Secretary Wilbur Ross said Thursday it was “too early” to say if the United States would impose tariffs of up to 25 percent on imported cars and parts, a suggestion that has been met with harsh criticism from the industry. The department opened an investigation in May into whether imported autos and parts pose a national security risk and was holding a hearing on the probe on Thursday, taking testimony from auto trade groups, foreign governments and others.
  •  Russian lawmakers backed a proposal on Thursday to raise the retirement age in a preliminary vote, part of an unpopular budget package designed to shore up government finances which has already dented President Vladimir Putin’s approval ratings. Looking for extra money for the budget, the government proposed raising the retirement age. It made the announcement on June 14, the day Russia hosted the first match of the soccer World Cup, leading some critics to suggest the authorities were using the tournament to deflect attention from unpopular news.

COMEX GOLD SIGNAL

19Jul

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

  • West Texas Intermediate oil remained lower in North American trade on Wednesday after data showed that oil supplies in the U.S. registered a surprise inventory build and U.S. production reached record levels. But gasoline inventories registered a much larger-than-expected draw and distillate stockpiles unexpectedly declined. After an initial reaction extending losses, crude prices later recovered some lost territory.
  • Gold prices were steady near a one-year low on Wednesday as a higher dollar and comments from Federal Reserve Chair Jerome Powell continued to weigh. Comex gold futures for August delivery decreased 0.29% to $1,223.80 a troy ounce as of 10:46 AM ET (14:46 GMT). Powell reiterated the central bank should gradually increase interest rates at his hearing at Congress on Tuesday. Trade tensions and fiscal policy made the future uncertain, he added.
  • Copper’s slump amid a deepening global trade conflict offers a long-term buying opportunity, according to Citigroup Inc (NYSE:C)., which shrugged off fears for world growth to boost its long-term forecasts. “Prepare for a decade of Dr. Copper on steroids,” analysts including Max Layton and Tracy Liao wrote in a July 17 note. The bank sees average annual prices at $8,000 a metric ton in 2022, passing $9,000 a ton by 2028 under its baseline scenario.
  • GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • U.S. Commerce Secretary Wilbur Ross said on Wednesday that he has launched a new national security investigation into uranium imports that could lead to tariffs or quotas to limit them. The “Section 232” probe was prompted by a petition filed by two U.S. uranium mining companies, Ur-Energy Inc (A:URG) and Energy Fuels Inc (A:UUUU), complaining that subsidized foreign competitors have caused them to cut capacity and lay off workers.
  • European Commission President Jean-Claude Juncker said he was “upbeat and relaxed” ahead of his trip to Washington next week to discuss strained trade relations between the European Union and the United States. Juncker is due meet U.S. President Donald Trump on July 25 with a clear focus on trade after the United States imposed tariffs on EU steel and aluminum and Trump’s repeated threats to extend those measures to European cars. Trump’s top economic adviser, Larry Kudlow, said he expected Juncker to come with a “significant” trade offer.
  • U.S. President Donald Trump’s top economic adviser said on Wednesday that Chinese President Xi Jinping was holding up a deal to resolve a significant trade dispute between the United States and China. Larry Kudlow, head of the White House Economic Council, also said he expects European Commission President Jean-Claude Juncker to bring an important trade offer to Trump when he visits Washington next week. Kudlow said he believed lower-ranking Chinese officials want to put a stop to dueling U.S. and Chinese tariffs. These officials include Xi’s top economic adviser Liu He, Kudlow said, but Xi has refused to make changes to China’s technology transfer and other trade policies.

GOLD TRADING FORECAST TODAY

 

18Jul

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

TODAY’S COMEX GOLD SIGNAL

TODAY’S COMEX GOLD SIGNAL

TODAY’S COMEX GOLD SIGNAL

TODAY’S COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices fell to a two-and-a-half year low on Tuesday, as a stronger dollar weighed on the precious metal and Federal Reserve Chair Jerome Powell backed gradual rate increases. Comex gold futures for August delivery decreased 0.86% to $1,229.20 a troy ounce as of 10:37 AM ET (14:37 GMT). The price of gold fell as Powell reiterated the central bank should gradually increase interest rates. The Fed raised rates twice this year and is expected to raise rates at least once more before the end of the year.
  • Before the U.S.-China trade war, American pig processors exported nine out of every 10 pigs’ feet and heads they shipped overseas to China and Hong Kong – for prices higher than they would fetch anywhere else. Those parts and others that most Americans won’t eat – hearts, tongues, stomachs, entrails – have a special place in Chinese culinary culture and, consequently, in the profit margins of U.S. pork exporters.
  • Global benchmark Brent crude oil hit a three-month low on Tuesday as worries over supply disruptions eased and the focus moved to increasing production and potential damage to global growth from the U.S.-China trade dispute. Benchmark Brent crude oil (LCOc1) fell 49 cents to an intraday low of $71.35 a barrel, its lowest since April 17, before recovering to around $71.65, down 19 cents, by 1020 GMT.

Global benchmark Brent crude oil hit a three-month low on Tuesday as worries over supply disruptions eased and the focus moved to increasing production and potential damage to global growth from the U.S.-China trade dispute. Benchmark Brent crude oil (LCOc1) fell 49 cents to an intraday low of $71.35 a barrel, its lowest since April 17, before recovering to around $71.65, down 19 cents, by 1020 GMT.

ECONOMY NEWS

  • The European Central Bank should not tie its hands too early when it comes to future monetary policy decisions, but look instead at how the economy pans out, Finland’s new central bank governor Olli Rehn told Reuters on Tuesday. The ECB said last month it expects to end its 2.6 trillion euro ($3.0 trillion) bond-buying program at the end of the year and to keep interest rates at their current, record low level “through the summer of 2019”, leading investors to price in a hike in October of next year.
  • U.S. Federal Reserve Chairman Jerome Powell, discounting the risk that a trade war may throw a global recovery off track, said the economy is on the cusp of “several years” where the job market remains strong and inflation stays around the Fed’s 2 percent target. In written testimony delivered to the Senate Banking Committee on Tuesday, the Fed chair signaled not just that he believes the economy is doing well, but that an era of stable growth may continue provided the Fed gets its policy decisions right.
  • The Russian foreign ministry, citing a court ruling, said on Tuesday that Business France trade agency in Moscow, which Paris has now decided to shut down, had been functioning without any “legal basis”. France said on Monday it had decided to shut its Business France trade agency in Russia after what it said was a long period of negotiations with local authorities following Moscow’s expulsion of its director.

18july5

17Jul

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 inched down on Monday, despite a lower U.S. dollar as data supported expectations of a Fed interest rate increase. Comex gold futures for August delivery decreased 0.15% to $1,239.30 a troy ounce as of 11:18 AM ET (15:18 GMT). Gold was weighed down by economic data pointing to an increase in Federal Reserve interest rates. Retail sales increased by 0.5% for the fifth month in a row, according to the U.S. Commerce Department.
  • Oil prices fell more than 3% to below $68 on Monday as the U.S. Treasury Secretary Steven Mnuchin suggested that certain exceptions could be made for countries importing oil from Iran. New York-traded West Texas Intermediate crude futures tumbled $2.33 or 3.3% to $67.62 a barrel by 10:32 AM ET (14:33 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., sank $2.56 or 3.4%, to $72.77.
  • The market could hold steady on Monday as we approach the May 7 bottom at $2.711. We may not see much action to the downside until the release of the next 10 to 14 day weather forecast and the first round of storage estimates for Thursday’s government report. Natural gas futures are edging slightly higher early Monday. I wouldn’t read into the move. We could be just looking at profit-taking and position-squaring after the steep two-week sell-off.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  •  France and Germany want the European Union’s agriculture budget to be maintained at its current level once Britain leaves the bloc, the French and German farm ministers said on Monday. Rejecting a proposal from the European Commission for a reduction in the budget for the Common Agricultural Policy (CAP), the ministers said in a joint statement they would seek that “the budget allocated to the CAP be maintained at its current level for the 27 member states.”
  • Escalating trade tensions are threatening to derail a global upswing that’s already losing momentum amid weaker-than -expected growth in Europe and Japan as financial markets seem complacent to the mounting risks, the International Monetary Fund warned. The IMF kept is global forecast unchanged Monday in the latest update to its Global Economic Outlook. The world economy will grow 3.9 percent this year and next, said the Washington-based fund. The pace this year would be the fastest since 2011.
  • The International Monetary Fund warned on Monday that escalating and sustained trade conflicts are increasingly likely, threatening to derail economic recovery and depress medium-term growth prospects. The IMF, in an update to its World Economic Outlook growth forecasts, said that the United States, as the focus of retaliatory tariffs from trading partners, was especially vulnerable to a slowdown in its exports. An escalation of tariffs to levels threatened by the United States, China and other countries would not only have a direct effect on demand, but would heighten uncertainty and hurt investment, the IMF said.

GOLD TRADING FORECAST TODAY

 

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