|Day's range||1,226.20 - 1,234.10|
Silver markets went back and forth during the week, forming a bit of a neutral candle. This is a good sign though, because we are trying to form a bit of a base in the silver market. Ultimately, I believe that we will break out, but it’s going to take a bit of grinding sideways before doing so.
Gold markets rallied a bit for the week, as we have cleared the recent consolidation and it now looks like the rally is going to continue. The $1250 level above looks to be rather resistive and perhaps a nice target for the time being.
The Euro is looking for a bottom on the longer-term charts, and as you can see on the accompanying chart, I have a yellow circle around the massive hammer underneath the 1.1450 level. That’s an area that I think continues to hold this market up, so this point I would expect a bit of a bounce.
The crude oil markets bounced a bit during the day on Friday, showing signs of life. We have been beaten down rather drastically during the last several days, and we are starting to approach serious value areas.
NEW YORK (Reuters) - The Toronto Stock Exchange's S&P/TSX rose 65.97 points, or 0.43 percent, to 15,470.10. Leading the index were Baytex Energy Corp , up 6.0 percent, West Fraser Timber Co Ltd , up 4.9 percent, and Detour Gold Corp , higher by 3.9 percent. Lagging shares were BRP Inc , down 6.5 percent, Aphria Inc , down 5.9 percent, and Shopify Inc , lower by 5.7 percent. On the TSX 160 issues rose and 83 fell as a 1.9-to-1 ratio favored advancers. There were 3 new highs and 7 new lows, with total volume of 245.8 million shares. ...
Based on the early price action, the direction of the EUR/USD is likely to be determined by trader reaction to the main bottom at 1.1432. Holding above 1.1432 will indicate the presence of counter-trend buyers. If this can generate enough upside momentum then look for a rally into the resistance cluster at 1.1498 to 1.1502.
MUMBAI/BENGALURU (Reuters) - A key festival brought little activity to the physical gold market in India this week as purchases remained significantly lower than normal with domestic prices jumping to the highest in more than two years. Demand in India, the second biggest gold consumer after China, usually strengthens towards the end of the year during the traditional wedding season and major festivals including Diwali and Dusherra, when bullion buying is considered auspicious. "Demand was better than last week but if we compare with last year's Dusherra, it was as much as 40 percent lower in some pockets," Nitin Khandelwal, the chairman of All India Gems & Jewellery Domestic Council, told Reuters.
The primary market driver today is expected to be the U.S. Dollar. Rising Treasury yields and a rapidly falling Euro is helping to boost the dollar. This is helping to limit foreign demand for dollar-denominated gold.
Investing.com - Gold prices gained on Friday as Asian stocks traded mostly lower after China reported disappointing third-quarter GDP data.
Investing.com – Oil prices edged up on Friday morning in Asia but were expected to head for a second weekly drop due to a rise in U.S. crude stocks.
The Euro fell below the 1.15 level during the session on Thursday, as we continue to test this general area of the chart, as there seems to be a lot of support extending down to the 1.1450 level. It is because of this that it looks like we are trying to build up the confidence to finally go higher.
The Australian dollar initially took off on Thursday, reaching the top of the recent consolidation area, but then turned right back around the show signs of weakness as the Americans stepped on board. It looks as if we are simply going to continue to consolidate in the short term.
Investing.com - Gold prices rose on Thursday as bullish investors took the Federal Reserve's latest hawkish talk in stride and targeted the $1,250 level in a bid to recapture ground lost earlier in the year.
Gold prices moved higher on Thursday as US yields whipsawed initially moving higher following a stronger than expected jobless claims report. With claims close to a 59-year low, wages should begin to move higher which is why the Fed in its meeting minutes said that it was likely to move to restrictive monetary policy. With short-term policy still somewhat accommodative, its possible that short term rates rise to 3%, which is close where the 2-year yield is currently pricing. This could buoy the dollar and in turn put downward pressure on gold prices. Despite this scenario, yields moved lower, paving the way for higher gold prices.
The fairly muted response in the British Pound to the disappointing retail sales data for September reaffirms once again that Brexit headlines take precedence over domestic economic fundamentals for currency volatility.
According to Thomson Reuters, of the 19 analysts covering Newmont Mining (NEM), 58.0% recommended a “buy,” 37.0% recommended a “hold,” and 5.0% recommended a “sell.” Its target price implies an upside of 38.0% based on its current market price of $30.10. Analysts’ ratings for NEM stock haven’t changed much in the last few months.
Spot gold rose 0.3 percent to $1,226.11 per ounce at 2:53 p.m. EDT (1853 GMT). U.S. gold futures settled up $2.7, or 0.22 percent, at $1,230.10 an ounce. "Renewed weakness in equity markets might trigger additional buying in gold," said Alexander Zumpfe, a precious metals trader at Heraeus.
Oil prices are under pressure on Thursday because of the jump in inventories, however, losses are being limited by rumors the United States may be pressured to go ahead with sanctions on Saudi Arabia. This could push prices higher if the Saudi’s decide to retaliate the move with a supply cut.
DAX futures trading in international market was trading positive ahead of Asian market hours supporting positive price action in DAX index.
Investing.com - Gold prices slipped while the dollar gained on Thursday after the minutes from the latest Federal Open Market Committee meeting reinforced expectations for tighter U.S monetary policy.
Investing.com - Oil prices extended losses on Thursday morning in Asia after a report showing a larger-than-expected build in crude stockpiles last week.
The Aussie dollar has been very noisy during the trading session on Wednesday, pulling back rather significantly, but we can already start to see buyers jump into this market. I think the market is trying to go to the next major round number, just above at the 0.72 handle.
Rare element metals have become a vital part of U.S. national security this year, with one element in particular making investors extremely excited