|Day's range||1,347.50 - 1,357.70|
Investing.com – Gold prices were slightly higher on Thursday while the U.S. dollar steadied amidst higher U.S. 10-year treasury yield.
Crude oil markets rally to get on Wednesday, as we continue to show signs of strength. Part of the reason of course is the concern about tensions in the Middle East, and I think that ultimately, we will find reasons to go higher, at least in the short term.
Gold markets broke out above the $1350 level during the day on Wednesday, but then pulled back to look for support. We did find it there, so I think that we could continue to see an upward move. However, keep a lot of caution in your trading plans as gold tends to be very noisy.
The EUR/USD pair has pulled back slightly during the trading session on Wednesday, testing the 1.2350 level, and an area that has been massively resistive in the past. I think this shows that we are ready to continue going higher, perhaps reaching towards the vital 1.25 level above.
The EUR/GBP got a bit of a boost as deflationary fears entered the picture in the United Kingdom. However, there is a significant amount of noise in the immediate area where we are trading, so it makes sense that we may have gotten a bit of a pullback. I think the next 24 hours could be very crucial for this market.
Investing.com – Gold prices remained supported as a subdued dollar continued to underpinned upside in the precious metal despite easing geopolitical tensions.
Gold prices moved higher but remain range bound as the dollar was strong capping upside movements in the yellow metal. Silver prices broke out but gold could not following the path of its less expensive precious metal. Gold prices moved higher on Wednesday bouncing at support near the 10-day moving average at 1,341.
NEW YORK/LONDON (Reuters) - Gold prices rose to a one-week high on Wednesday on technical trading and some safe-haven demand even as the dollar held on to gains and stocks rose on risk appetite. Spot gold was up 0.2 percent at $1,349.71 per ounce by 1:48 p.m. EDT (1748 GMT), after touching its highest since April 11, while U.S. gold futures for June delivery settled up $4, or 0.3 percent, at $1,353.50 per ounce. "We are up on safe-haven demand and a general commodities move," said George Gero, managing director of RBC Wealth Management, adding concerns over U.S. sanctions on Russia still remain.
Investing.com - Gold prices moved higher on Wednesday, as the dollar saw little movement and investors looked ahead to references from the Federal Reserve.
West Texas Intermediate oil extended gains in North American trade on Wednesday, as data showed that oil supplies in the U.S. fell more than expected. Crude oil for June delivery on the New York Mercantile Exchange surged 1.69 cents or 2.54% to trade at $68.21 a barrel by 10:32 AM ET (2:32GMT) compared to $67.72 ahead of the report. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 1.071 million barrels in the week ended April 13.
MUMBAI/BENGALURU (Reuters) - Demand for physical gold was lower-than-usual during a key festival in the world's second biggest consumer India as local prices peaked and a cash crunch curbed retail spending. On Wednesday, Indians celebrated the annual festival of Akshaya Tritiya, when buying gold is considered auspicious. "Consumers want to make purchases for Akshaya Tritiya, but they are not comfortable with the current price.
There is no specific reason for the volatility in the gold market today. Traders seemed to be locked into the dollar/gold relationship though.
We’re looking at the possibility of a two-sided trade because the EIA report calls for a build in crude stocks while the API report showed a drawdown. WTI and Brent crude oil could extend their gains if the EIA report shows a decline in crude inventories rather than an increase.
Investing.com - Gold prices edged lower on Wednesday weighed down by gains in the dollar and improving risk appetite which dampened safe haven demand for bullion.
US stock markets rallied during the trading session on Tuesday, showing signs of strength after breaking above minor resistance barriers. Now that we have done that, we can focus on even larger ones.
Gold markets initially tried to rally during the trading session on Tuesday but found the $1350 level to be far too resistant. By pulling back from there, the market will more than likely find value hunters sooner rather than later.
Investing.com - Crude oil prices struggled for direction but settle higher as investor focus shifted to U.S. crude inventory data expected to show a draw in domestic oil supplies.
Gold prices rebounded from session lows following a report that showed large options interest in out of the money calls which helped buoy prices during the North American Trading session. Forty six thousand contracts of the GLD gold ETF were purchased as investors bet the prices would rise by May 18. Housing starts in the U.S. rebounded after falling in February. U.S. March housing starts rebounded 1.9% to 1.319 million after falling 3.3% to 1.295 million which was revised from 1.236 million, January starts were bumped up to 1.339 from 1.329 million.
Crude is trading at 66.50 following the close, after topping at 66.75 during the London session. Earlier, modest dollar gains weighed on the contract, though the easing of Mid-east tensions following the allied Syria raid over the weekend has been the main driver. Focus will remain on geopolitics however, with talk of fresh U.S. sanctions on Iran and Russia likely to limit oil’s downside potential. EIA forecasts that production rose in March in its Short-term Energy Outlook.Technicals
The recent unrest in the markets has had a significant effect on precious metals and mining companies. The US dollar has a prominent role in influencing dollar-denominated precious metals and mining stocks.
Usually, precious metal mining companies follow precious metals for price direction. Precious metals increased on Monday, April 16, 2018, which was followed by most mining shares.
In this part of our series, we’ll be looking at the correlation between gold and four mining stocks: Alamos Gold (AGI), Sibanye Gold (SBGL), Yamana Gold (AUY), and Pan American Silver (PAAS). Mining stocks mostly move with gold prices but not always. Among these four miners, Pan American Silver has shown the highest correlation to gold, while Alamos Gold has seen the lowest correlation on a YTD (year-to-date) basis.
Gold ETF investors bought 173.4 tons of gold in 2017, 9% higher year-over-year (or YoY). In 2018 year-to-date (or YTD), the inflows in gold-backed ETFs have been strong. As of April 13, ETF holdings totaled 2,186 tons, which is 5.2% higher YoY.
Geopolitical tensions, trade war fears, rate hikes, and market volatility have left investors restless. Geopolitical issues started when President Trump imposed tariffs on steel and aluminum imports. The issues increased due to a potential trade war between the United States and China. Next, President Trump targeted Russia. Sanctions have been imposed on several Russian entities, including aluminum giant RUSAL. Missile attacks on Syria further escalated geopolitical tensions.