|Day's Range||1,490.60 - 1,497.70|
Asian stocks edged up on Monday as Chinese shares reversed early losses, supported by hopes for progress in resolving the U.S.-China trade war, while sterling slipped after the British parliament delayed a crucial vote on a Brexit withdrawal deal. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.25%. Chinese shares advanced 0.31%, while Japan's Nikkei rose 0.30%.
The buildup in U.S. stockpiles and the broader concerns over Brexit and U.S.-China trade tensions are likely to be the biggest influences on crude oil prices over the near-term.
Barrick is poised to restart gold mining in Tanzania after the company agreed to pay $300 million to the African country and share ownership and other benefits at its three local mines.
Barrick Gold Corp said it had reached a deal to settle a long-running tax dispute between Tanzania and mining group Acacia, which Barrick bought in a $1.2 billion transaction approved by a British court last month. The tax deal includes the payment of $300 million to settle outstanding tax and other disputes, the lifting of a concentrate export ban, and the sharing of future economic benefits from mines on a 50-50 basis, Barrick said in a statement on Sunday. "Barrick is definitely back in Tanzania," Barrick president and chief executive Mark Bristow told reporters in Dar es Salaam, Tanzania’s commercial capital on Sunday.
Investigators said Sunday they had arrested several people after five illegally-built dams collapsed at a Siberian gold mine, killing 15 workers. The workers died after dams at a remote site in the Krasnoyarsk region collapsed at the artisanal gold mine on Saturday, unleashing a torrent of icy water that flooded cabins where they lived. Investigators said the director of the gold mining company, Sisim, and the manager and foreman of the mining site had been arrested.
Fifteen people were killed and another six missing after an illegally built dam collapsed at an artisanal gold mine in a remote Siberian settlement on Saturday, in the latest deadly accident to hit Russia. The dam on the Seiba River in the Siberian region of Krasnoyarsk burst and flooded several cabins where workers lived, authorities said. Officials said the dam had been built in breach of safety rules and claimed that the authorities were not aware of its existence.
Looking at this week’s trading range, buy stops are probably piling up over $1508.00 and sell stops under $1478.00.
Stock markets around the United States have continue to grind higher, and the S&P; 500 of course was no different. The E-mini contract has reached towards the 3000 level yet again, which is starting to show obvious signs of resistance.
Silver markets formed a supportive candle during the week, showing signs of strength yet again as we have bounced from just above the $17.00 level. All things being equal, it looks as if we are trying to build up some type of base.
Crude oil markets continue to find support during the past week, as we are approaching the bottom of the overall range. At this point, the market looks very likely to try to bounce but obviously there’s a lot of noise to work through.
Natural gas markets rally during the week, bouncing from the crucial $2.20 level to test the $2.40 level. It looks as if we have more of a grind on our hands but this is how trend changes start: they get choppy and messy and that eventually everybody moves in the same direction.
Gold futures settled lower on Friday, but posted a modest 0.4% gain for the week. "Gold appears to be in 'no man's land'," said Edward Moya, senior market analyst at Oanda. "The trade war is the gift that keeps on giving, but uncertainty on how much the [Federal Reserve] will fill the punchbowl has gold stuck in a range" of between $1,470 and $1,530 until the Oct. 30 Fed meeting, he said. December gold fell $4.20, or 0.3%, to settle at $1,494.10 an ounce.
The US dollar has gone back and forth during the week, in relatively quiet trading. The 50 week EMA has offered some resistance, and it now looks likely that we need another catalyst to go higher.
The British pound slammed into a major level during the week, testing the ¥140 level. However, although there is supposedly a deal between Boris Johnson and the EU, Parliament has not voted on it and will do so during the weekend. Buckle up, this is going to be brutal.
The British pound approach the major level against the Japanese yen during trading on Friday, as the ¥140 level attracts a lot of attention. Ultimately, this is a market that should continue to see a lot of volatility, as is per usual.
Australian dollar traders were bullish during the early part of Friday, as we continue to see the Australian dollar grind a bit higher. That being said though, we are heading towards an area that has caused resistance recently.
3 percent – that’s the new IMF global growth forecast for 2019. It’s the lowest one since the Great Financial Crisis. Is the much talked about recession coming? And what about the just reached Brexit deal? Can they both make gold rally?
Investing.com - Gold prices fell on Friday in Asia as markets were busy digesting news on Brexit and the Sino-U.S. trade war. Weak China GDP data failed to push the prices of the safe-haven metal higher.
Investing.com - Oil prices dropped on Friday in Asia after Energy Information Administration (EIA) reported that U.S. oil inventories rose much more than the market was expecting, while weak China GDP growth also weighed.