|Day's Range||0.0000 - 0.0000|
Natural gas markets rallied a bit during the trading session on Tuesday as we have reached towards that crucial bottom yet again. At this point, it makes sense that the market reaches towards the 50-day EMA as we continue to build a base.
Gold markets went nowhere during the training session on Tuesday as we continue to see a lot of consolidation overall. Quite frankly, the market has been very listless as of late, and it appears that we are more than likely going to see a lot of lackluster trading until the next catalyst.
The Australian dollar has gone back and forth during the trading session on Tuesday, as we continue to see a lot of back-and-forth in this market. We are currently trading at an area that cause resistance previously, so it’s something that catches my attention.
Investing.com - Crude prices snapped two-straight days of losses on Tuesday, ignoring another weekly inventory rise forecast by analysts. Instead, traders focused on a report that OPEC might consider deeper supply cuts when it meets in December.
Investing.com – The Brexit theater is taut with suspense and gold longs are keeping their powder dry, Tuesday, until clearer signs emerge on where things are going.
Based on the early price action and the current price at 3012.00, the direction of the December E-mini S&P; 500 Index the rest of the session on Tuesday is likely to be determined by the uptrending Gann angle at 3009.75.
Russian-Zimbabwean joint venture Great Dyke Investments (GDI) said on Tuesday it required a further $500 million for the first phase of its Zimbabwean platinum mining project and was in advanced talks with Russian and South African lenders for syndicated financing. Russia's Vi Holding, through its JSC Afromet subsidiary, owns half the shares in GDI, while Zimbabwe's Landela Mining Venture (Pvt) Ltd owns the rest. The venture, which had initially earmarked $400 million for the first phase of the project, aims for the mine to start production in 2021 and at its peak produce 860,000 ounces of platinum group metals and gold per year.
The main trend is up according to the daily swing chart, however, momentum shifted to the downside with the formation of the closing price reversal top at 1.1179 on Monday and its confirmation earlier today. The chart pattern could lead to the start of a 2 to 3 day correction.
In the short-run, a partial trade deal could spook a few of the weaker shorts into covering their positions, however, unless the U.S. and China lift their current tariffs and the U.S. agrees to postpone the December tariffs, the global economy is going to have a hard time recovering. This should keep the pressure on demand.
Gold is likely to remain rangebound, but with a slight downside bias as long as the U.S. and China are still talking. I don’t expect to see a major more until there is major news about a trade deal ….good or bad.
Based on the early price action and the current price at .7871, the direction of the AUD/USD on Tuesday is likely to be determined by trader reaction to the major 50% level at .6877.
The Canada general election, economic data, and Brexit are all in focus, with early support coming from positive updates from Trump on trade…
Based on Monday’s price action and the close at $53.51, the direction of the December WTI crude oil market on Tuesday is likely to be determined by trader reaction to the 50% level at $53.73.
Investing.com - Oil prices turned lower on Tuesday in Asia despite signs of easing tensions between China and the U.S., the world’s biggest oil importers.
Investing.com - Prices of the safe-haven gold prices inched down on Tuesday in Asia as China and the U.S. made some progress on their trade negotiations.
Crude oil markets did nothing good during the opening session for the week on Monday, as we continue to drift in the same consolidation area that we have been in for several weeks. Markets in general very flat, and quite frankly have no reason to go anywhere.
Based on the early price action and the current price at $1494.00, the direction of the market the rest of the session on Friday is likely to be determined by trader reaction to the uptrending Gann angle at $1493.00.
Based on the early price action and the current price at 26746, the direction of the December E-mini Dow Jones Industrial Average the rest of the session on Monday is likely to be determined by trader reaction to the Fibonacci level at 26697.
The British Pound slowed down its growth early in the fourth October week. It would seem that everything was fine: the British Prime Minister Boris Johnson and the European Union’s representatives agreed on the deal that might allow the country to leave the alliance in time and without additional troubles for the economy.