|Day's Range||1,213.70 - 1,226.00|
Based on last week’s price action and the close at 2743.00, the direction of the December E-mini S&P 500 Index this week is likely to be determined by trader reaction to the major 50% level at 2748.50.
Based on last week’s price action, the direction of the January WTI crude oil futures contract will be determined by trader reaction to the major Fibonacci level at $54.79. Basically, look for a bullish tone to develop on a sustained move over $58.95 and for the bearish tone to resume on a sustained move under $54.79.
Investing.com - Theresa May could be fighting for her political survival, but the Brexit crisis she's in has thrown gold bulls a lifeline.
TORONTO/LONDON (Reuters) - Barrick Gold Corp (ABX.TO), soon to become the world's largest bullion miner, is interested in adding more copper assets as long as the red metal is accompanied by bullion, executives said on Friday. Barrick, which expects to complete its $6.1 billion takeover of Randgold Resources (RRS.L) Jan. 1, outlined plans for exploration, expansion, streamlining and asset sales at an investor presentation in London. Structured under regions in North America, South America and Africa and the Middle East, Barrick spent the last four days focusing on where to take the merged company, said Randgold Chief Executive Officer Mark Bristow, who will be Barrick's new CEO.
Ray Dalio, chair and chief investment officer of Bridgewater Associates, has maintained the fund’s stake in the SPDR Gold Shares ETF (GLD) and the second-largest physical gold-backed ETF, the iShares Gold Trust ETF (IAU). Bridgewater Associates kept its holdings at 3.91 million shares in GLD and 11.31 million shares in IAU in the third quarter, according to Fintel.
Based on 13F filings, despite weaker gold prices, hedge funds maintained their investments in gold in the third quarter. According to Fintel, at the end of the quarter, Paulson & Co. had 4.32 million shares of the world’s largest gold-backed ETF, the SPDR Gold Shares ETF (GLD).
Investing.com - Gold prices surged on Friday as American officials dashed hopes for an imminent solution to trade tensions between China and the U.S. and the dollar suffered from dovish comments from the Federal Reserve and a bearish call from Morgan Stanley (NYSE:MS).
During the third quarter, gold’s price (GLD) fell ~5%, dipping below the psychologically important level of $1,200 per ounce it touched in August.
Could Gold Be the Best Bet amid Increased Economic Uncertainty? According to the World Gold Council (or WGC), central banks’ gold (SGOL) buying has hit the highest level in almost three years for the quarter ended September 2018. Central banks have been net buyers of gold since the beginning of the financial crisis of 2008.
The average investor usually isn’t too focused on the outlook for lean hogs, but that isn’t necessarily the case for gold, oil, and other commodities. It didn’t take too long after the launch of the first ETF in 1993 before commodity ETFs became available. In recent months, investors have been pouring billions into these funds, according to the equity research firm ETFGI.
Gold ETFs have seen renewed buying interest from investors in October on increased market volatility and the equity market sell-off. According to a report by the World Gold Council (or WGC), the holdings in gold-backed ETFs saw inflows of 16.5 tons in October to total 2,346 tons. This marked the first inflow in four months for gold ETFs.
MUMBAI/BENGALURU (Reuters) - Gold is trading at premium in India for the first time in more than two months on robust demand following a busy festival week, while a dip in global prices earlier this week helped bullion's appeal in some Asian hubs. Dealers in India, the world's second biggest gold consumer after China, were charging a premium -- the first time since early September -- of up to $3 an ounce over official domestic prices this week. "After poor sales during Dusherra, jewellers were expecting weak demand even during Diwali.
Could Gold Be the Best Bet amid Increased Economic Uncertainty? Bank of America (or BofA) analysts contend that gold prices (GLD) should surge over the next year. The firm stated that higher real US interest rates, a strong US dollar (UUP), and equity market volatility have kept a lid on gold prices year-to-date.
Gold prices were higher on Friday as investors moved to risk-averse assets amid Brexit turmoil and trade war concerns. Comex gold futures for December delivery increased 1.43% to $1,216.30 a troy ounce as of 5:04 AM ET (10:04 GMT). Uncertainty over Prime Minister Theresa May’s proposed Brexit deal lingered after Brexit minister Dominic Raab resigned on Thursday.
Precious metals trade soft but positive as risk appetite remains high albeit relatively cautious investor sentiment while Crude oil price surges following news of OPEC supply cut.
Both WTI and Brent crude oil have hit potential support zones on the monthly chart. Additionally, some technical traders have declared the markets oversold. These two factors combined with speculation that OPEC and its allies are considering production cuts are helping to hold the markets in a range.
Dax likely to trade positive over hawkish cues from Asian markets but upside move will be limited over cautious investor sentiment following overnight bearish rout in wall street.
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The pair moved off the daily highs ahead EZ CPI today while Brexit continues to weigh
Given the current price at $1215.60, the gold market can move in either direction. We’re looking for heightened volatility since the market is being news driven. There is also a brewing clash between momentum traders and trend traders.
DASH bucks the broader market trend early, recovering from Thursday’s losses, while the broader market could weigh later in the day.
Could Gold Be the Best Bet amid Increased Economic Uncertainty? In March this year, Goldman Sachs (GS) turned bullish on gold for the first time in the last five years. As reported by Bloomberg, Goldman Sachs’s (GS) analysts wrote, “While we think that the U.S. cycle still has room to run it doesn’t mean that markets will not worry about it coming to an end.” The analysts added, “Going forward, we expect market ‘fear’ of a U.S. recession to strengthen.
Investing.com - Oil bears seem to be fearing OPEC, finally, suggesting the brakes might hold on the longest selloff streak in crude.
Gold prices continued to rebound on Thursday, buoyed by a dip in the US dollar. Despite a stronger than expected US retail sales report, yields eased allowing the dollar to decline paving the way for higher gold prices. Inflation remains in check and came out on Wednesday in line with expectations according to date from the Labor Department.Technical Analysis