|Day's range||1,239.40 - 1,244.00|
Based on Friday’s price action, the direction of the February Comex gold market on Monday is likely to be determined by trader reaction to Friday’s low at $1236.50.
Investing.com - Oil traders will stay fixated on global growth prospects in the week ahead, after prices got hammered last week by worries that the ongoing U.S.-China trade dispute will drag on global growth and, by extension, erode energy demand.
Indonesia on Sunday signed an economic agreement with the European Free Trade Association (EFTA) aimed at increasing trade and investment, concluding almost eight years of negotiations. Under the deal, tariffs and non-tariff barriers would be eliminated for thousands of products traded between Indonesia and the EFTA countries - Switzerland, Liechtenstein, Norway and Iceland, according to government statements. Among those products, Indonesian palm oil would get full market access in Iceland and Norway, with an exception of palm products for animal feed other than for fish, according to Jakarta's statement.
Saudi Arabia’s plan is pretty clear. Their strategy is to cut exports to the United States in order to prevent a build in U.S. crude oil supply. Since they plan to make their move starting in January, this is likely to have a more immediate effect on prices then predictions of lower “future demand”.
According to a report by the World Gold Council (or WGC), holdings in gold ETFs rose for the second consecutive month in November to 21.2 tons to a total of 2,365 tons. It also said that the global gold-backed ETF flows are now positive in US dollar (UUP) terms for the year. ETF flows were positive for the first time in four months. The renewed buying interest from investors was on account of increased market volatility and the equity market sell-off.
Investing.com - Yo-yo days are back in oil, with the market falling as much in a day as it rose previously, as global growth fears offset bullish energy fundamentals.
Could Market Risks Bring Investors Back to Gold in 2019? Last week turned out to be great for gold prices (GLD). As equity and bond markets continued to struggle, gold made the best of the situation.
Silver prices have fallen almost three times as much as gold prices have in 2018 thus far. While the SPDR Gold Trust (GLD) has fallen 4.8% year-to-date, the iShares Silver Trust (SLV) has fallen 14.6% in the same period. Silver (SIL), on the other hand, has had no such luck.
Investing.com - It had to be one safe-haven or the other and the dollar triumphed at the expense of gold on Friday as signs of slowing growth in China sparked risk aversion across the globe.
The energy sector pushed Canada's main index lower on Friday, as oil prices declined after China reported slower economic growth, pointing to lower fuel demand from the world's biggest oil importer. Energy stocks dropped 0.9 percent as U.S. crude prices were down 0.6 percent a barrel, while Brent crude lost 0.6 percent. At 9:43 a.m. ET (14:43 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 85.94 points, or 0.58 percent, at 14,664.41.
Imperial Metals, backed by Canadian billionaire Murray Edwards, earlier this year set up a special committee to identify strategic alternatives including joint ventures and a total or partial sale of the business. Imperial Metals did not respond to a request for comment and BMO declined to comment. With a market capitalization of C$152 million ($114 million) and a debt of C$852.4 million in 2017, the company was guaranteed an extension of its C$200 million credit facility by a company controlled by main shareholder Edwards earlier this year.
Gold prices were lower on Friday, as the U.S. dollar rose in anticipation of a Federal Reserve rate hike next week. Comex gold futures for February delivery slumped 0.3% to $1,242.95 a troy ounce as of 4:51 AM ET (9:51 GMT). The Fed is expected to increase rates by 25 basis points at its next meeting on Wednesday, its fourth rate hike this year.
Barring any major changes in the supply/demand situation, the direction of the WTI futures contract today is likely to be determined by trader reaction to the 50% level at $52.19. The pivot for the Brent futures contract is $60.75.
Based on the early price action and the current price at $52.48, the direction of the February WTI crude oil futures contract the rest of the session is likely to be determined by trader reaction to the pivot at $52.19.
The primary downside target zone at this time is $1236.70 to $1232.00. Since the main trend is up, we’re expecting to see buyers re-emerge on a test of this zone. The price action is expected to continue to be largely influenced by the direction of the U.S. Dollar. Other contributing factors to a further sell-off will be rising Treasury yields and increased demand for higher risk assets.
The Federal Open Market Committee (FOMC) will hold a two-day meeting on December 18-19. It is expected to raise its benchmark interest rate 25 basis points, however, the focus for investors will be on the number of rate hikes protected for next year. Expectations for further rate hikes in 2019 have tempered lately due to fears of weakening U.S. economic growth.
the pair plays tug of war for upper hand as both sides lack decisive factor to push a breakout price action while fundamentals so far favor EUR bulls.
Dec 14 (Reuters) - Bahvest Resources Bhd: * NOVEMBER GOLD PRODUCTION FROM GOLDMINE IN TAWAU SABAH IS 21.58157 KGS Source text : ( https://bit.ly/2SGPmhs ) Further company coverage:
Investing.com - A surprise inventory drawdown at the delivery hub for U.S. crude futures, along with suggestions that global supplies could balance by middle of next year, turned into a 3% rally for oil on Thursday, though some traders said the gains may not last due to the mediocrity of the data.
Investing.com - With just four trading sessions separating gold bugs from the most anticipated closing event of the year (the December Federal Reserve meeting) price swings have become almost non-existential in the yellow metal, with Thursday's 0.2% retreat again showing how muted things could get.
Natural gas prices edged lower on Thursday following a draw in natural gas inventories that was in line with expectations. The weather over the next 8-14 days is expected to be warmer than normal which should weigh on natural gas prices as heating demand slips. Natural Gas prices moved lower on Thursday, making a lower low and a lower high which is a sign of a downtrend.
Gold prices edged lower on Thursday as import prices moved lower and jobless claims tumbled. The dollar was also mixed making it difficult to get a gauge on gold prices. As trade discussing with China continuing to improve the risk off trade which helped buoy gold prices is abating.Technical Analysis