|Day's Range||1,314.30 - 1,325.80|
NEW YORK (Reuters) - * The Toronto Stock Exchange's S&P/TSX rose 142.26 points, or 0.91 percent, to 15,838.24. * Leading the index were Toromont Industries Ltd, up 10.0 percent, Sierra Wireless Inc, up 9.7 percent, and Lundin Mining Corp, higher by 7.3 percent. * Lagging shares were MTY Food Group Inc, down 12.5 percent, Cineplex Inc, down 7.4 percent, and New Gold Inc, lower by 6.7 percent. * On the TSX 157 issues rose and 73 fell as a 2.2-to-1 ratio favored advancers. There were 10 new highs and 2 new lows, with total volume of 254.7 million shares. ...
Advisers to Venezuelan opposition leader Juan Guaido are asking Citibank not to claim gold put up as collateral for a loan to the government of President Nicolas Maduro if his administration does not make payments on time, a lawmaker said on Friday. Citi would be entitled to keep the gold if cash-strapped Venezuela does not pay the loan when it expires in March, lawmaker Angel Alvarado said, without specifying the value of the gold in question. Allies of Guaido, who has been recognized by the United States and more than 40 countries across the world as Venezuela's legitimate leader, is asking the bank not to invoke the guarantee.
Gold futures finished at a two-week high on Friday to post a modest gain for the week as progress in trade talks between the U.S. and China was seen as bullish for the metal. China is one of the world's biggest buyers of gold. April gold settled at $1,322.10 an ounce, up $8.20, or 0.6% for the session. For the week, prices based on the most-active contract rose 0.3%.
MUMBAI/BENGALURU (Reuters) - A rally in domestic prices curtailed physical gold demand in India and Japan, with interest in the precious metal lacklustre in other Asian centres as markets gradually return from the Lunar New Year holidays. Retail consumers may, however, resume buying for weddings if prices stay at current levels for a fortnight, Shroff said. Dealers in India were offering a discount of up to $5 an ounce over official domestic prices this week, up from a discount of $1.5 last week.
The main trend is up according to the daily swing chart. However, momentum shifted to the downside with the formation of a closing price reversal top on Thursday and its confirmation earlier today.
Argo, which is headquartered in London with facilities in Quebec, said it would terminate its Mining-as-a-Service (MaaS) operations by April, focusing solely on direct mining. MaaS operators facilitate cryptocurrency mining on borrowed hardware remotely. Explaining its decision, Argo said the ongoing suppression of Bitcoin (BTC) prices and associated reduced profitability of mining had caused it to slim down its expenses sheet.
With the poor economic numbers from the US, the market is likely to favour a move to the upside and try moving towards the top of the consolidation phase to the 1.15 handle. The pair is now testing support at the 50% Fibonacci scale, and next major support is at the 1.27 level, which is the 61.8% Fibonacci retracement level. The market is likely to remain choppy and with poor economic numbers from the US, AUD is likely to gain a bit of momentum.
A series of U.S. reports could move gold prices on Friday. Weak numbers will increase the odds of a pause in Fed rate hikes. This would likely put pressure on the dollar while make dollar-denominated gold a more attractive investment.
Barrick Gold Corp. (GOLD) fell 4.11% to $12.82 per share on the New York Stock Exchange on Wednesday after the release of disappointing results for the final quarter of 2018 that ended Dec. 31. Before the opening bell the Canadian gold producer reported a 73% year-over-year decrease in non-GAAP earnings to 6 cents per share, a nearly 15% year-over-year decline in revenues to $1.9 billion and a 5.9% decrease in gold production to 1.262 million ounces. Warning! GuruFocus has detected 6 Warning Signs with GOLD.
Gold markets fell initially during the trading session on Thursday but has turned around to break back above the 20 day EMA, showing signs of resiliency yet again.
The day will be highlighted by the important releases for the United States. The level of retail sales core retail sales and PPI are expected to be published at 15:30 MT time. According to analysts, headline retail sales and PPI will advance by 0.1%. At the same time, the level of core retail sales will likely stay at the same level.
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Gold is regarded as immune to changes in economic activity and hence steady fund flow from investors who wish to avoid loss of funds owing to geopolitical events keeps the price steady above $1300 handle.
The early price action suggests investors are being cautious about buying strength because of concerns over valuation. If buyers continue to take control then then look for a rally to build later in the session on a sustained move over today’s intraday high at 25622. Given the prolonged move up in terms of price and time and today’s higher-high, turning lower for the session will put the E-mini Dow in a position to post a potentially bearish closing price reversal top.
Asian stock markets were in a cautious mood on Thursday as investors hung on for any hint of progress in the latest Sino-U.S. tariff talks amid reports the White House could extend the deadline for a deal. Bloomberg reported President Donald Trump was considering pushing back the deadline by 60 days, citing people familiar with the matter. With Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer in China for high level talks, investors had been daring to hope for good news.
JOHANNESBURG/CAPE TOWN (Reuters) - South African power utility Eskom needs a cash injection by April to survive, the country's public enterprises ministry warned in a presentation on Wednesday, although it later changed its wording to say the firm was "facing liquidity challenges". State-owned Eskom, which supplies more than 90 percent of the power in Africa's most industrialised economy, cut electricity for a fourth straight day on Wednesday. Eskom is laden with more than $30 billion (23 billion pounds) of debt and is battling a shortage of capacity that threatens to derail government plans to lift the sluggish economy.
Stock markets in America continue to grind, as we see plenty of reasons to think we are going to go in both directions. At this point, the buyers have certainly taken over in general, so I like the idea of buying, but obviously you will have to pick your places.