|Day's Range||1,273.00 - 1,279.70|
CoinDesk's Noelle Acheson looks at anti-money laundering regulation’s increasing focus on cryptocurrencies, and at the opportunity this presents.
Overall, gold futures are fairly priced, given the strengthening U.S. Dollar, steady Treasury yields and a stock market that sits about 1 percent below its all-time highs.
With prices headed toward the psychological $2.50 level, the major concern for short-sellers is not the bearish fundamentals, but the technically oversold conditions. The current mild shoulder season has pushed bullish traders to the sidelines as they await the summer cooling season. This being said, if $2.50 is taken out with conviction then $2.00 becomes the next target.
Traders are facing two major issues at this time: Further pressure on Iran and whether OPEC and its allies, including Russia will continue the deal to reduce production.
President Nicolas Maduro is funneling cashflow from Venezuelan oil sales through Russian state energy giant Rosneft as he seeks to evade U.S. sanctions designed to oust him from power, according to sources and documents reviewed by Reuters. The sales are the latest sign of the growing dependence of Venezuela's cash-strapped government on Russia as the United States tightens a financial noose around Maduro, who it describes as a dictator. With its economy reeling from years of recession and a sharp decline in oil production, Venezuela was already struggling to finance imports and government spending before Washington imposed tough restrictions on state oil company PDVSA in January.
President Nicolas Maduro is funnelling cashflow from Venezuelan oil sales through Russian state energy giant Rosneft as he seeks to evade U.S. sanctions designed to oust him from power, according to sources and documents reviewed by Reuters. The sales are the latest sign of the growing dependence of Venezuela's cash-strapped government on Russia as the United States tightens a financial noose around Maduro, who it describes as a dictator. With its economy reeling from years of recession and a sharp decline in oil production, Venezuela was already struggling to finance imports and government spending before Washington imposed tough restrictions on state oil company PDVSA in January.
Gold markets went back and forth during the trading session on Thursday, as we continue to hang about a significant support level based upon technical analysis, but there are a lot of moving pieces that could push this market.
The British pound continues to drift a bit lower during the trading session on Thursday as the 1.30 level of course attracts a lot of attention. Overall, the market looks very likely to test major levels of the next few days.
The British pound has drifted a bit lower against most currencies over the last several days, and the Japanese yen will be any different. At this point though, we are approaching a very interesting level.
Investing.com - The guessing game begins. With exactly two weeks to the expiration of the U.S. sanction waivers on Iran, oil bulls are holding tight to see which way President Donald Trump will lean.
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If buyers take control then look for a test of a pair of uptrending Gann angles at $64.15 and $64.17. Overtaking $64.17 will indicate the buying is getting stronger. This could trigger an acceleration to the upside with $64.72 the next major target.
BENGALURU/MUMBAI (Reuters) - Gold premiums in top consumer China jumped to their highest in more than two years, as a drop in global prices and strengthening yuan encouraged purchases amid optimism about the state of the economy. Chinese premiums climbed to about $20 an ounce over global benchmark prices this week, a level last seen in March 2017. Premiums of about $13-$15 were charged last week.
Based on the early price action and the current price at 1.1241, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the potential support cluster at 1.1238.
Gold is trading positive but limited. Platinum is providing an interesting technical move while copper is down after reaching 10-month highs
S&P500 futures have been falling since the second half of Wednesday, losing more than 1% from the peak levels. Market participants are trying to stick to thier profits after the recent rally, which sent the US and Chinese indices to multi-month highs. The JPY has touched lows against the dollar since mid-January. The moderate demand for protective assets on the background of relatively good data is a sign of cautions of the markets before the long weekend in Europe due to Easter Holidays.
Thin-trading conditions are contributing to today’s early two-sided trade. This price action is likely to continue throughout the session. Throughout the week, gold has been pressured by improving economic data in the U.S. and China. With the emergence of weaker data from the Euro Zone, traders now have to make position adjustments to reflect this.
The markets could experience choppy, two-sided trading today due to thin, pre-holiday volume, and renewed concerns over future demand due to the weak Euro Zone PMI data. Earlier in the week some of those concerns were offset by stronger-than-expected economic data from China.
It suggests a cooling of tensions between Sibanye and one of its biggest unions ahead of potentially fractious platinum wage negotiations later this year. AMCU has been on strike since Nov. 21 after refusing to join a wage agreement that Sibanye reached with other unions. In an apparent victory for Sibanye Chief Executive Officer Neal Froneman, the labor group has now signed the same three-year pact.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.4 percent, reversing course after brushing its highest since late July 2018 early in the trading session. Australian shares were a shade lower while Japan's Nikkei dropped 0.8 percent and Chinese blue chips slipped 0.2 percent. Wall Street shares drifted lower on Wednesday, with the S&P 500 giving up 0.2 percent as a drop in healthcare equities outweighed upbeat economic data from the United States and China.
February’s employment report was mixed and in this week’s Reserve Bank of Australia minutes, the central bank didn’t sound too excited about the upcoming report. In the minutes, the RBA said that an uptrend in the unemployment rate would open the door to a rate cut.