|Day's Range||1,189.60 - 1,192.00|
A slightly weaker dollar will create scope for a further limited strengthening in gold, especially given the overall market positioning. Prices were undermined sharply by dollar strength and again failed to gain significant support from fears surrounding the Turkish crisis, although an easing of risk aversion and dollar retreat triggered a correction to above $1,180 on Friday. Although dollar strength tends to undermine gold, the equation will be more complex, especially if any U.S. currency gains are driven by fear and risk aversion rather than confidence in U.S. fundamentals.
With natural gas rapidly approaching the so-called “Shoulder Season”, bearish traders are counting on a big drop in demand and a steady-to-higher rise in production. In a perfect situation, this scenario should lead to lower prices over the near-term. In order for a bearish scenario to develop, temperatures are going to have to remain at average or below average levels and production has to remain over 80 Bcf/d.
Gold futures finished lower last week after spiking to its lowest level since the week-ending December 23, 2016. The catalyst behind the selling pressure was a stronger U.S. Dollar which surged to its highest level since the week-ending May 19, 2017. The rally in the dollar was fueled by a sell-off in emerging market currencies which was triggered by a collapse in the Turkish Lira.
A decade ago, analysts suggested that U.S. oil companies target Venezuela’s Citgo refineries as compensation for Venezuela’s expropriation of their assets, and now, that may finally become a reality
The US dollar has been pretty mixed during the week against the Japanese yen, which makes perfect sense considering the dynamics at play in this currency pair. On one hand, you have a risk sensitivity in this pair, but at the other hand you have the US dollar being a bit too overbought.
The British pound has been rather volatile during the week, but when looked upon on the weekly chart, you could say that this week has been a bit of a victory. I direct your eyes to the month of May in 2017, when we formed several hammers at this level. The fact that we formed an indecisive candle for the week is a ray of hope in what is an otherwise bleak market.
Bitcoin sees red early as investors lock in Friday’s gains, with the bulls needing to hold on this morning to avoid a bigger sell-off later in the day.
Gold prices (GLD) haven’t been able to catch a break even as geopolitical concerns become more pronounced. On August 15, gold prices fell to a 19-month low of $1,173 per ounce as the US dollar continued its winning streak. Despite the trade war concerns, the political and economic tensions in the EU (European Union) (HEDJ), and Turkey’s (TUR) latest currency and economic crisis, gold has behaved like any other risk asset and not gained any bids.
The CFTC (Commodity Futures Trading Commission) reports the position of major players in the futures market through its COT (Commitment of Traders) report. This report specifies the positioning of various players in the market. The report is released every Friday and shows the open interest recorded on the previous Tuesday.
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* At 9:34 a.m. ET (13:34 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 28.02 points, or 0.17 percent, at 16,197.63. The Bank of Canada, which raised interest rates in July for the fourth time in a year, has an inflation target of 2.0 percent. * Canada's energy regulator said on Thursday it had given the go-ahead for the construction of a large portion of the Trans Mountain expansion project, which will nearly triple capacity on the oil pipeline from Alberta to a Vancouver area port.
MUMBAI/BENGALURU (Reuters) - Physical gold demand in India regained momentum this week as jewellers stocked up after prices dipped to their lowest in over seven months, with lower prices attracting fresh buying and driving premiums higher in other major Asian hubs as well. Dealers in India, the second biggest gold consumer after China, were charging a premium of up to $1 an ounce, compared with a discount of $1.5 last week, as prices fell to their lowest since Jan. 10, at 29,268 rupees, earlier on Friday. Jewellery demand was robust during the India International Jewellery Show, said Colin Shah, vice chairman of Gems and Jewellery Export Promotion Council.
Based on the early trade, the direction of the September E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the uptrending Gann angle at 7390.75. Basically, look for the index to weaken under 7390.75 and strengthen over 7411.00.
Platinum prices tumbled to 10-year lows as the collapse of Turkey's lira rippled through markets and weakened the currency of top producer South Africa, underlining persistent oversupply of the autocatalyst metal.
Precious metals are trading range bound as investors await for fresh cues that could indicate future momentum before placing new bets.
Investing.com – Gold prices traded slightly higher on Friday while the U.S. dollar dropped after White House economic advisor Larry Kudlow confirmed that Chinese and U.S. officials will meet later in August to resume trade talks.
Crude oil markets were relatively quiet on Thursday, after struggling most of the week. Perhaps it is a bit of consolidation, or trade or simply looking to catch their collective breath.
Natural gas markets were choppy during the Thursday session, as we are reaching rather high levels in the overall consolidation. In general, the market looks as if it is getting a bit heavy, but there’s no hurry to go in either direction right now.
The Euro rallied slightly during Asian trading but started to roll over as soon as he got close to resistance in the form of the 1.14 handle. I think that the market is probably still going to roll over, and nothing will change until the Turkey situation is settled.
The Australian dollar has rallied early during the trading session on Thursday, as it was announced that the Chinese are sending a delegation to speak to the Americans about trade. That directly affects the Australian dollar, as it is highly leveraged to the Chinese economy, so the rally wasn’t a huge surprise.
INDIA TOP NEWS • RBI's monetary policy panel cites inflationary risks as reason for rate hike The Reserve Bank of India’s monetary policy committee members cited possible risks of inflation in the second half of the year as one of the key drivers for raising interest rates in August, according to minutes of the meeting released on Thursday. • Japan, South Korea steel exports to India surge on tariffs, high-end demand India is being hit by a wave of steel from producers in Japan and South Korea, a government document showed, as mills there redirect supply after U.S. President Donald Trump slapped an import duty on the alloy earlier this year.
Investing.com - Metal prices rebounded Thursday from a rout a day earlier as a subdued dollar and expectations for renewed U.S.-China trade talks supported sentiment, helping gold prices steady.
Investing.com - Oil prices traded slightly higher on Thursday, breaking a three-day losing streak, as hopes the U.S. and China could reconcile recent trade tensions eased worries over the impact on the global economy.
Today’s U.S. Energy Information Administration’s (EIA) weekly storage report is expected to show a 30 Bcf build for the week-ended August 10.