|Day's Range||1,237.40 - 1,245.10|
In fact, despite gold bullion (GCQ8) falling $140 an ounce since its January high, the average gold timer I track has not turned outright bearish. From a contrarian perspective that means that a tradable gold bottom is not yet upon us. It currently stands at 0%, indicating that the typical timer is out of the gold market but not outright short.
Investing.com – Gold prices were little changed on Tuesday as the dollar steadied ahead of the U.S. Federal Reserve Chairman Jerome Powell’s first congressional testimony.
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Natural gas markets fell again during the trading session on Monday, as we continue to see selling pressure again. The natural gas markets are oversupplied, and quite frankly we are in a larger timeframe consolidation area that dictates we should go much lower.
Gold markets initially rallied during the day, reaching towards $1245 level before finding sellers again. Now that we have broken down after that initial rally, it looks as if there is still bearish pressure in the Gold markets that could come into play.
The British pound rallied a bit during the open on Monday, reaching towards the vital 1.33 handle. However, as I record this video I’m starting to see signs of exhaustion and believe that the market will continue to go lower from here. I recognize that the 1.32 level underneath is supportive though, so I would anticipate more demand down there.
Gold prices were little change on Monday initially attempting to move higher but failing and closing slightly lower. Prices are hovering near support, and Monday’s U.S. retail sales did little to buoy the yellow metal. Later in the week, Fed Chair Powell will testify in front of congress, with expectations of another 25-basis point rate hike baked in for the September meeting. The Eurozone trade balance narrowed as European export growth slowed.Technicals
Investing.com – Gold prices remained below breakeven Monday amid expectations that higher U.S. interest rates would continue to support an uptick in the dollar, weighing on demand for yellow metal, while soft Chinese left other metals mixed.
Elsewhere on the Comex, silver futures were down 0.13% to $15.795 a troy ounce. Among other precious metals, platinum slumped 1.11% to $821.20 while palladium decreased 2.03% to $914.30 an ounce. Copper futures lost 0.31% to $2.767 a pound.
(Reuters) - Canada's main stock index slipped on Monday, as a sharp drop in oil prices weighed heavily on the energy group. * At 9:35 a.m. ET (1335 GMT), the Toronto Stock Exchange's S&P/TSX Composite index was down 36.99 points, or 0.22 percent, at 16,524.13. * Oil prices fell sharply as concerns about supply disruptions eased and Libyan ports reopened while traders eyed potential supply increases by Russia and other oil producers.
Investing.com - Gold price bounced back on Monday after dipping to a near 2018 low last week as the dollar slipped ahead of the first official dialogue between U.S. President Donald Trump and Russian President Vladimir Putin summit in Helsinki later in the day.
Gold prices nudged higher in early trade on Monday amid a softer U.S. dollar and slightly weaker Asian shares, after sliding to their lowest in seven months in the previous session.
Based on the early trade, the direction of the August Comex Gold market today is likely to be determined by trader reaction to the steep downtrending Gann angle at $1246.90. Holding inside Friday’s range of $1236.20 to $1248.50 will indicate investor indecision and impending volatility. Look for the price action in the dollar to control the movement in gold futures today.
The gold market continued to remain noisy in the Friday’s session drifting down towards the $1237 level before bouncing a bit. In an alternate scenario, the market needs to break above the $1250 level, to reverse the downtrend. The market has experienced this support level for the couple of times in the last few sessions and if it breaks from here, then the next major support will be at $15.50 level.
Based on the early trade, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the short-term 50% level at .7422. The main trend is down according to the daily swing chart. However, momentum shifted to the upside with the formation of the secondary higher bottom on July 12. The main trend will change to up on a trade through .7484. A trade through .7360 will signal a resumption of the downtrend.
Bitcoin’s looking to consolidate on Sunday’s rally, though much will depend upon the news wires through the day, regulators and governments busy behind the scenes to bring the market into the mainstream on reg front.
New Zealand will be releasing its quarterly CPI later tonight. Forecasts point to a 0.5% increase in inflation during the second quarter. The New Zealand Dollar gained 0.07% on Monday morning, trading at 0.6772.
The euro continues to trade in a range with the region around 1.16 providing some strong support over the last couple of weeks which has helped it to keep afloat
The market could hold steady on Monday as we approach the May 7 bottom at $2.711. We may not see much action to the downside until the release of the next 10 to 14 day weather forecast and the first round of storage estimates for Thursday’s government report.
If you’re serious about trading the gold market at this time, you have to block out the noise and focus on the price action of the markets that matter. The biggest influences on gold this year have been the U.S. Dollar, interest rates and appetite for risky assets. Geopolitical turmoil has not been a factor.
Monday Trading update Rio Tinto Economics Retail sales (US), Trade balance (EU) Tuesday TalkTalk chairman Sir Charles Dunstone could face a shareholder revolt at its AGM after raising £200m in a share sale to help it slash debt without consulting existing investors. Two shareholder advisory groups have signalled that investors should rebel against the chairman’s re-election. Trading update BHP Billiton, Dairy Crest, Galliford Try, Petropavlovsk, Royal Mail, SSP Group, TalkTalk AGM British Land, Dairy Crest, FirstGroup, N Brown Economics Labour data (UK), Industrial production (US), New car registrations (EU) Wednesday The boardroom battle at Premier Foods will take centre stage this week as activist investor Oasis Management attempts to oust boss Gavin Darby. The disgruntled shareholder has blasted Mr Darby for “years of persistent shareholder value destruction” and doubled its stake to 17.3pc last week. It is counting on the support of Paulson & Co, which has a 6.2pc stake in Premier, but the group, which owns brands including Mr Kipling and Bisto, is believed to have the backing of Nissin Foods. The Japanese noodle maker has a 20pc holding, dating back to Mr Darby’s controversial decision to spurn a 60p a share bid from US spice firm McCormick in 2016 in favour of a tie-up. Premier Foods shares are currently trading at 46.5p. Trading update Close Brothers, easyJet, Premier Foods, RPC, Severn Trent AGM Experian, Premier Foods, RPC, Severn Trent, TalkTalk Economics Inflation data (UK & EU), Housing data (US), Federal Reserve Beige Book (US), Construction output (EU) Hot weather and the success of England at the World Cup could boost Sports Direct’s figure Thursday Hot weather and the success of England at the World Cup could boost Sports Direct’s figures as it attempts to turn itself into the “Selfridges of Sport”, according to Hargreaves Lansdown analyst George Salmon. He added that its strategy “to elevate its retail offering” has shown early signs of success despite poor high street conditions. Full-year results Sports Direct International Interim results Moneysupermarket.com, Unilever Trading update Anglo American, AO World, Babcock International, Euromoney Institutional Investor, Hilton Food Group, Mothercare, SSE AGM AO World, Babcock International, Electrocomponents, Halma, Royal Mail, SSE Economics Retail sales (UK), CBI industrial trends survey Friday Acacia Mining will update investors on the toll of its bitter dispute with the Tanzanian government. The gold producer already admitted last month that gold production in its second quarter fell by 36pc as its majority shareholder Barrick attempts to lift an export ban hitting around 30pc of its output. Interim results Acacia Mining, Beazley Economics Public sector net borrowing
Investing.com - The strong dollar looks likely to remain a significant headwind for gold this week, with bearish price action in the precious metal looking set to continue despite growing risk aversion.
With precious metals unable to gain defensive support, downside risks are liable to prevail in the short term, with the potential for fresh 2018 lows unless there is a significant shift toward a more dovish policy stance by Fed Chair Powell. Gold edged higher early in the week, but there was resistance above $1,260 per ounce, and sellers gained fresh traction later in the week with a fresh retreat to near 2018 lows just below $1,240 per ounce. The dollar gained strong support against low-yielding assets including gold as U.S. yields proved attractive.