|Day's Range||1,273.30 - 1,278.80|
The Greenback may fall in the near term from its top levels soon as US-Sino trade talks head in the wrong direction. The Canadian economy may benefit from the recent US Aluminum-Steel tariff cuts.
The return of domestic political turmoil in the United Kingdom has led to a flurry of selling momentum for the British Pound, which fell over 300 pips during the previous trading week.
The OPEC-led supply cuts have been the one constant underpinning crude oil prices since the first of the year. Although a decision to extend the program will not be made until OPEC and its allies meet in late June, today’s price action confirms that this is the main catalyst driving the rally. Additional support is being provided by the U.S. sanctions on Venezuela and Iran.
China have demanded an apology and called for a life-time ban on a referee who controversially awarded gold to a British competitor at the World Taekwondo Championships. China labelled it "a scandal" and "bizarre" after their Olympic champion Zheng Shuyin was disqualified from the women's +73kg heavyweight final in Manchester on Friday. Despite the home fighter Bianca Walkden winning, boos rang out when the prizes were awarded -- and Zheng, 25, slumped to her knees in tears on the podium.
Last week’s price action strongly indicates the U.S. Dollar is the biggest influence on the direction of gold prices. Gold prices could continue to get crushed if demand for the greenback rises from a combination of safe-haven demand and a strengthening U.S. economy.
If the buying is strong enough to take out $2.700 then this could create enough upside momentum to challenge a key 50% level at $2.762 over the near-term. This is likely to take place if the weather turn up the heat. If the forecasts shift back to more seasonal temperatures then sellers are likely to push prices back to $2.617 to $2.597.
For much of last week, it looked as if worries over supply disruptions were going to be the main price driver due to the relative calm being generated by renewed trade talks between the United States and China. However, this line of thought changed on Friday with the announcement that said the trade talks have stalled. It now looks as if demand fears amid a standoff in Sino-U.S. trade talks have re-entered the picture.
The Australian Dollar now has the dubious honour of being the worst-performing G10 currency so far this month, in the leadup to its federal elections on May 18.
The Toronto Stock Exchange's S&P/TSX fell 42.11 points, or 0.26 percent, to 16,401.75. * Leading the index were CAE Inc, up 14.6 percent, Alacer Gold Corp, up 4.4 percent, and Semafo Inc, higher by 3.4 percent. * Lagging shares were New Gold Inc, down 6.5 percent, Interfor Corp, down 4.0 percent, and Lundin Mining Corp, lower by 4.0 percent. * On the TSX 89 issues rose and 149 fell as a 0.6-to-1 ratio favored decliners. There were 23 new highs and 6 new lows, with total volume of 182.1 million shares. ...
Based on the current price at $62.89 and the intraday downside momentum, look for a potential break into the uptrending Gann angle at $62.35. If this fails then look for the selling to possibly extend into the short-term pivot at $61.96.
Robust growing USD Index pushed down all its major rivals. Hence, EUR/USD pair plunged despite positive Euro-specific data. Meanwhile, the Cable continued to douse in fall amid Brexit chaos.
Based on the earlier price action and the current price at 2877.50, the direction of the June E-mini S&P 500 Index into the close is likely to be determined by trader reaction to the 50% level at 2880.50.
Gold futures fell Friday to tally a loss of 0.9% for the week and mark their lowest finish since May 2. Upbeat U.S. economic data, including a jump in consumer sentiment, as well as some strength in the dollar pressured prices for the haven metal. June gold lost $10.50, or 0.8%, to settle at $1,275.70 an ounce on Comex.
MUMBAI/BENGALURU (Reuters) - Gold was sold at a discount this week in India for the first time in 2-1/2 months as higher prices deterred jewellers and retail buyers, while currency fluctuations and economic worries triggered caution amongst buyers in other Asian hubs. Some are waiting for a correction," said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in Kolkata. Dealers offered a discount of about $2 an ounce over official domestic prices, versus a premium of $2.5 last week.
World share markets suffered a fresh bout of selling on Friday after tough words on trade from China, while bets on a new pro-Brexit leader in Britain sent the pound sliding to its worst week in well over a year. Shanghai finished 2.5% in the red and the yuan hit its weakest in nearly five months, amid growing fallout from President Donald Trump's move to block China's Huawei from buying vital American technology. The foreboding grew further as the Communist Party's People's Daily used a front page commentary on Friday to evoke the patriotic spirit of past conflicts, saying the trade war would never bring China down.
Acacia Mining Plc said on Friday its North Mara Gold Mine would be issued an environmental protection order relating to alleged historical breaches of environmental regulations in Tanzania. Acacia, majority-owned ...
Futures pointed to a lower opening for Canada's main stock index on Friday, tracking global markets which were impacted by tough words on trade from China. China said that the United States must show sincerity ...
Anonymous, cryptocurrencies could become more important in an environment where government money is closely controlled, says Dovey Wan.
Asian shares suffered a fresh bout of the shakes on Friday as tough words on trade from China's media drowned out upbeat news on the U.S. economy and corporate earnings. Shanghai stocks led the way into the red amid the growing fallout from President Donald Trump's move to block China's Huawei Technologies from buying vital American technology. The sense of foreboding grew as the Communist Party's People's Daily used a front page commentary to evoke the patriotic spirit of past wars, saying the trade war would never bring China down.
Japanese miner and smelter Sumitomo Metal Mining Co Ltd (SMM) aims to more than double its production capacity of cathode materials used in batteries for automobiles by March 2028, its president Akira Nozaki said on Friday. SMM, which also makes electrical materials, supplies the nickel-cobalt-aluminium (NCA) cathode materials used in Panasonic Corp's lithium-ion battery that powers Tesla Inc's Model 3 and Model X cars. The Japanese company plans to boost its output capacity of cathode materials to 10,000 tonnes a month by end-March 2028, from 4,550 tonnes a month now, Nozaki told an analyst meeting.
A surge in palladium prices has thrown struggling South African mining companies a lifeline. Russia's Norilsk Nickel (Nornickel), the world's biggest palladium producer, meanwhile, has emerged as the winner from the reversal of platinum's long-standing premium over palladium, because the ore it mines is far richer in the latter. Unlike South African mines, Nornickel's ore produces four times as much palladium as platinum and the company has lower extraction costs, leaving it in prime position to benefit from palladium's bull run and reinforce its dominance.