|Day's range||1,725.30 - 1,754.50|
The British pound has rallied a bit during the week, breaking above the ¥132 level. The market is likely to see noise above, perhaps extending to the ¥135 level.
The Euro exploded to the upside during the week, breaking above the 1.11 level. However, we are reaching some significant resistance just above.
Asian physical gold hubs struggled to regain footing this week as most retail customers stayed away even as some coronavirus restrictions were eased. In Hong Kong, which has been reeling from protests over a national security legislation being introduced by China, premiums were unchanged at $0.50-$1.75 per ounce. "Many potential customers aren't stepping out due to fears of getting infected," said Devi, who opened shop this week.
The gold futures contract gained 0.09% on Thursday, as it extended its consolidation following bouncing off $1,700 support level on Wednesday. Gold has been trading within a downward correction after reaching new monthly high of $1,775.80 on Monday almost two weeks ago. Gold is 0.6% higher today, as it gets back to yesterday’s high.
Silver breached the resistance at $17.50 and continues to gain upside momentum.
The US dollar fell a bit during the trading session on Friday, reaching towards the ¥107 level, an area that has been supportive as of late.
The Australian dollar has initially dropped during the Friday session only to turn around and break towards the highs again.
U.S. President Donald Trump is expected to announce moves to pressure Beijing over its treatment of Hong Kong.
S&P; 500 futures are flat in premarket trading as hopes about economic recovery are offset by worries about sanctions on China.
The wild price swings seem to be behind us, but the market is still vulnerable to a steep retracement of the recent rally.
Bitcoin's bulls are taking a breather as the traditional markets get the jitters over rising tensions between the U.S. and China.
During Great Recession, many people feared that the Fed’s quantitative easing would trigger inflation, or even hyperinflation. As we know, it didn’t happen.Why?
Spot gold climbed 0.9% to $1,734.60 per ounce by 12:42 p.m. EDT (1642 GMT). U.S. gold futures rose 1.3% to $1,750.20. "Markets are now strictly focused on the two largest economies and what is likely going to be a long, drawn-out battle," said Edward Moya, a senior market analyst at broker OANDA.
U.S. stocks are set to open lower Friday, consolidating ahead of a key statement from President Donald Trump about his administration’s response to China strengthening its grip on Hong Kong. At 07:00 AM ET (1100 GMT), S&P 500 Futures traded 8 points, or 0.3%, lower, Nasdaq Futures down 19 points, or 0.2%. The Dow Futures contract fell 102 points, or 0.4%.
Canadian Imperial Bank of Commerce (CIBC) took a mark-to-market trading loss of C$88.2 million ($64 million) in one day in March due mainly to volatility in the gold market, the bank said in its second-quarter earnings report on Thursday. CIBC is not alone in being caught out when the coronavirus outbreak interrupted gold supply routes and gold futures prices in New York shot above London spot prices. CIBC said the loss happened on March 24 and was "mostly attributable to our precious metals trading business".
We’re going to be watching trader reaction and order flow at $1728.70 into the close. This should tell us if the selling is getting stronger.
The silver markets rallied a bit during the trading session on Thursday, reaching towards the $18 level.
The direction of the July WTI futures contract the rest of the session on Thursday is likely to be determined by trader reaction to $32.77.
Crude oil markets pulled back just a bit during the early hours, but then turned around to show signs of strength yet again.
Natural gas markets have gone back and forth during the trading session on Thursday, as we continue to hug the 50 day EMA.
Gold markets rally significantly during the trading session on Thursday again, as we continue to see more of an upward tilt.
The direction of the June E-mini S&P; 500 Index the rest of the session on Thursday is likely to be determined by trader reaction to 3035.50.
Gold trading banks are preparing to significantly reduce their positions on CME Group's Comex exchange in New York, nine people familiar with the plans said, shifting more trading to London and raising costs for thousands of investors. The divergence wiped hundreds of millions of dollars off the value of trading books, according to industry sources, with HSBC reporting a $200 million paper loss in a single day.