|Day's range||1,468.20 - 1,491.60|
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The silver market went back and forth during the trading session on Thursday as traders continue to try to find some type of longer-term move.
Crude oil markets rallied a bit during the trading session on Thursday, as we continue to press major resistance. At this point in time though, we simply don’t have enough momentum to go anywhere.
Gold markets initially tried to rally during the trading session on Thursday but ran into a lot of resistance in the form of a downtrend line. Beyond that, we also have the 50 day EMA starting to influence the market as well.
Gold traders are being cautious on Thursday, but not because of the outcome of the U.K. elections, but because of the uncertainty over whether the U.S. will impose new tariffs on Chinese imports on December 15.
Silver prices posted considerable gains after the Fed rate decision was more dovish than expected. Currently, the metal is trading slightly below the $17.00 level.
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Based on the early price action and the current price at .6884, the direction of the AUD/USD the rest of the session on Thursday is likely to be determined by trader reaction to the 50% level at .6876 and the downtrending Gann angle at .6893.
Investing.com - Oil prices traded higher on Thursday in Asia as the Organization of the Petroleum Exporting Countries (OPEC) revised its deficit forecast for next year.
Investing.com - Gold prices traded higher on Thursday in Asia after the U.S. Federal Reserve held its benchmark interest rate steady and signalled it expects that hold to last through 2020.
Bullish reversal is indicated as the Tadawul All Share Index (TASI) (Saudi Stock Market) breaks out of a head & shoulders bottom reversal pattern at the start of the week. The pattern formed following the completion of a 78.6% Fibonacci retracement of the near-term downtrend.
Gold markets bounced a bit during the day on Wednesday, showing signs of support just underneath. The $1450 level continues to be crucial.
WTI Crude oil continues its slow grind higher towards $60/b. Support has been provided by tight seasonal market conditions, trade talk hopes and most recently the decision by the OPEC+ group to lower their production ceiling. Later today the market will focus on the weekly stock report from the US Energy Information Administration.
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The nearest upside target is a downtrending Gann angle at .6832. Since the main trend is down, sellers could come in on the first test of this angle. Taking it out, however, could trigger a breakout to the upside into the next downtrending Gann angle at .6847.
Very little happened in the precious metals market both yesterday and in today’s pre-market trading – at least so far. We will take this opportunity to discuss something that we haven’t done in a while – silver stocks.
Investing.com - Gold prices were largely unchanged on Wednesday in Asia as traders awaited to see whether the Trump administration would proceed with even more punitive tariffs on China by the end of this week.
Gold prices were nearly unchanged on Tuesday trading is a very tight range, as it appears the holiday season has taken hold. The lack of liquidity could generate additional volatility, but traders appear to be happy to let gold prices remain range-bound. Gold prices remain range-bound and continue to have a difficult time accelerating in one direction.