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The biggest concern for traders is the escalation of the U.S.-China trade dispute that will likely lead to further downward revisions in U.S. and global oil demand growth.
In an interview with the Guardian this week, A Song of Ice and Fire author George R.R. Martin admitted what his fans have long suspected: It’s going to be awhile before the wildly popular fantasy book series is complete. Now that HBO’s Game of Thrones is over, fans of both the show and the books that inspired it are eagerly waiting to see how the writer wraps up his version of the story—and if it will differ from the TV show’s divisive ending. Martin reportedly told the show’s producers how he intends to finish his books, but the plot of the prestige drama had already passed that of Martin’s novels.
Natural gas prices rebounded from session lows, but still closed in the red. There is a wave that is sitting off the coast of Florida that the National Oceanic Atmospheric Administration believes has a 70% chance of turning into a tropical cyclone. Additionally, there is a disturbance in the southern Atlantic that is moving toward the United States which NOAA gives a 40% chance at becoming a tropical cyclone.
Natural gas markets went back and forth during the trading session on Friday as we continue to try to find either our footing, or some type of breakdown. At this point, it’s likely that we continue to see volatility.
Natural gas markets initially tried to rally during the week but have given back quite a bit of the gains, forming a bit of a shooting star which of course is a very negative sign. With that, it looks like the negative and massive downtrend should continue.
Gold markets initially fell during the week but found enough support near the $1500 level to turn things around of form a bit of a hammer. We are at extended levels though, so the question then becomes whether or not we can continue this move.
The British pound initially fell during the week but then rallied towards the crucial 1.2250 level again. This is an area that has been important more than once, so it makes sense that we are struggling just a bit here. That being said though, I think that the market is simply bouncing from a very low level.
Under a new mining code, companies operating in Mali will be protected from fiscal changes for 10 years, down from the previous "stability period" of 30 years, a senior mines ministry official told Reuters on Friday. Companies operating in the country include Barrick Gold Corp , B2Gold, Hummingbird Resources and AngloGold Ashanti. Lassana Guindo, a technical advisor at the ministry who is in charge of the new code, said the shorter stability period was in line with regional norms.
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Based on the early price action, the direction of the EUR/USD on Friday is likely to be determined by trader reaction to the uptrending Gann angle at 1.1067.
Crude prices are likely to rally today if Powell is hawkish and supports additional rate cuts. However, gains could be limited as long as there are lingering worries over U.S.-China trade relations.
After a sharp move higher yesterday on the back of positive Brexit comments, the British pound has eased lower in early trading on Friday.
Based on the early price action and the current price at 7753.25, the direction of the September E-mini NASDAQ-100 Index on Friday is likely to be determined by trader reaction to the short-term Fibonacci level at 7735.75.
Based on the early price action, the direction of the AUD/USD on Friday is likely to be determined by trader reaction to the pivot at .6749.
High hopes are riding on Chair Jay Powell’s Jackson Hole speech after an agitated August for investors amid deafening recessionary rhetoric and the escalating trade war. After several pre-Jackson Hole inspired position squeezes, investor fatigue is setting in as the markets have found themselves in a temporary state of pre-Jackson Hole position neutrality.
Investing.com - Gold prices traded lower on Friday in Asia ahead of the Federal Reserve’s annual Jackson Hole Symposium, where Fed Chair Jerome Powell is expected to provide clarity on future monetary easing plans.
Investing.com - Oil prices gained on Friday in Asia, but price movements were limited as traders await a speech by Federal Reserve Chairman Jerome Powell for more clues on U.S. monetary policy.
The British pound took off to the upside during the trading session on Thursday as we pierced the 1.2250 level early in North American trading as Boris Johnson speaks in France. Ultimately, this is probably much to do about nothing.
Mining companies operating in Mali will no longer be exempt from value-added tax during production and will only be protected from fiscal changes for a shorter period, according to a new mining code announced by the Mines Ministry on Wednesday. An opening salvo in what could be a protracted negotiation between the government and corporates over mining regulation in Africa's third-largest gold producer, the move is seen by some as a new instance of "resource nationalism" on the continent.