|Day's Range||1,270.50 - 1,275.70|
Concern is growing that China, the world's biggest metals consumer, will ease up on its economic stimulus efforts, reducing demand. Precious metals miner Centamin jumped as much as 7 percent, making it the biggest midcap gainer.
The company's output totalled 116,183 ounces of gold for the three months ended March 31, above its forecast range of 105,000 to 115,000 ounces. Unit cash costs jumped 9 percent to $631 per ounce of gold produced, in keeping with its tone in February when it warned of higher costs due to increasing input costs and rising fuel, reagent and consumable prices.
The Reserve Bank of India’s purchases are part of a wider picture across developing economies that are looking at de-dollarizing their foreign-exchange reserves, according to Ross Strachan at Capital Economics Ltd. The RBI’s buying trend can be sustained for a number of years in relatively small quantities, as part of a long-term diversification, he said. The RBI may purchase 1.5 million ounces in 2019, or about 46.7 tons, according to Howie Lee, an economist at Oversea-Chinese Banking Corp., with an outlook based on extrapolating amounts bought in the first two months of this year.
Investing.com - Gold prices slipped on Wednesday in Asia, pressured by strong earning reports stateside and strong U.S. housing data released overnight.
U.S. stocks soared on upbeat results from Twitter Inc, Coca-Cola Co, United Technologies Corp and Lockheed Martin Corp, which eased fears of a profit recession in a busy week for corporate earnings. European oil and gas shares jumped 2%, with BP Plc and Royal Dutch Shell Plc leading gains in London, while the FTSEurofirst 300 Index of leading European shares hit eight-month highs. The S&P and Nasdaq indexes roared to record closing highs, ensuring the bull market that started in March 2009 remains alive.
The number of Americans who identify as bisexual is on the rise. According to recently released data from the 2018 General Social Survey (GSS), a nationally representative survey of people in the US collected every two years, over 3% of US adults say they are bisexual (a sexual identity in which someone is attracted to people of their gender or other genders). An analysis of the GSS data by the sociologists D’Lane Compton and Tristan Bridges shows that the change has been almost entirely due to an increase in the number of bisexual women—the population of men who identify as bisexual has barely budged.
Natural gas markets bounced a bit after initially trying to dipped lower during the day on Tuesday, as we have reached extremes to the downside. That being said, this is a market that looks very dangerous.
Gold markets broke down a bit during the trading session on Tuesday, slicing through sideways support that I had pointed out previously. Beyond that, we also stay below there although there was a bit of a bounce later in the day. At this point though, we have seen where gold is going.
The British pound went back and forth during the trading session on Tuesday as traders came back to work from the Easter holiday. We sliced through the 1.2950 level, which is an area of major support and it now looks as if we are ready to drift lower.
The British pound initially tried to rally during the trading session on Tuesday but has seen enough selling pressure to turn things back around and start reaching towards the ¥145 level. Just below though, there is a lot in the way of support.
Investors have been rewarded for backing Agnico's strategy. "Based on the geological potential, and the ability to grow the size of the deposit... and given there hadn't been a lot of exploration work done, we concluded it was a good place to do business," Agnico CEO Sean Boyd told Reuters in an interview. Meliadine is located close to Nunavut's eastern shore on the Hudson Bay, about 25 kilometers (15.5 miles) north of the hamlet of Rankin Inlet, while Amaruk is further inland, 300 km west of Hudson Bay and almost 150 km of the nearest hamlet of Baker Lake.
Agnico Eagle Mines is doubling down this year on Nunavut, Canada’s least developed territory, betting that the high-grade gold ores and slim competition there will offset the risks of digging in the remote location in the far north. Investors have been rewarded for backing Agnico's strategy.
Thin trading conditions could also be helping to exaggerate the sell-off. The Australian and New Zealand markets were closed on Friday and Monday. And they close again on Wednesday. If the major banks and institutions are still on the sidelines, volatility could be heightened and small orders could drive the markets violently in either direction.
Tuesday, April 23 — crypto markets rallied today, with bitcoin (BTC) hitting its new 2019 high of over $5,500. Most of the top 20 cryptocurrencies by market cap are solidly in green at press time, with tezos (XTZ) having jumped more than 12% over the past 24 hours. Bitcoin continued to gain momentum and has surged to as high as $5,590 today, according to CoinMarketCap.
With bitcoin’s move to five-month highs Tuesday, a notable bull cross of key moving averages has formed for the first time in nearly four years.
After the prolonged Easter Recess, the MPs have resumed office today. And during this holiday time, the pair remained subdued near 1.1300 levels amid lack of events and Brexit updates. While, on the technical side, things remain uncertain. Hence, pair’s upcoming movements will weigh more on the fundamental side of the pound.
President Trump has said in the past that he doesn’t want high oil prices and has called upon the Saudi’s to increase production. The last time he asked, they rebuked him. This time, Trump may be more insistent because high oil prices could slow down U.S. economic growth.
Let’s cut to the chase as the energy complex has been the markets singular focus overnight and given oil prices far-reaching influence across global markets, so we might best be served to start with the meat and potatoes this morning.
Based on the early price action, the direction of the June E-mini S&P 500 Index on Tuesday is likely to be determined by trader reaction to the first short-term pivot at 2906.50.
Based on the early price action, the direction of the June Comex gold futures contract on Tuesday is likely to be determined by trader reaction to the pivot at $1277.50.
It’s a mixed start to the day for the majors. While the Pound managed to hold steady, things could change later today as MPs return from recess.