|Day's Range||16.290 - 16.485|
Gold prices edged lower on Monday, pressured by a strong U.S. dollar amid prospects of higher interest rates, while global trade tensions kept the metal buoyed above a six-month low hit last week.
Investing.com – Gold prices edged up on Monday as the dollar weakened, while trade concerns between the U.S. and China also supported the bullion.
Based on last week’s price action and the close at $68.58, the direction of the August WTI crude oil futures contract this week is likely to be determined by trader reaction to the 50% level at $68.05 and the 61.8% level at $69.15. The first move to the upside after a steep break is usually fueled by short-covering. The next move is usually a 50% pullback of the first leg up. If this market is headed higher, then the pullback should attract new buyers. I don’t think investors are going to chase this market higher.
According to reports, the allied partners led by Saudi Arabia and Russia will aim to increase production to about 1 million barrels per day (bpd). However, reports went on to say that this figure represents about two-thirds of Saudi Arabia’s initial request.
Based on the early trade, the direction of the September E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the 50% level at 7258.00 and the 50% level at 7230.00. Inside this range is an uptrending Gann angle at 7236.00. Basically, look for the index to strengthen over 7258.00 and weaken under 7230.00
Based on the early trade, the direction of the August Comex Gold futures contract is likely to be determined by trader reaction to the long-term uptrending Gann angle at $1268.40. This is also today’s low. Basically, look for an upside bias to develop on a sustained move over $1274.30, and for a downside bias to develop on a sustained move under $1268.40.
Gold’s U-turn from $1261-60 horizontal-support can’t be termed as a sign of its reversal unless it clears the support-turned-resistance, at $1274, on a daily closing basis. Should the yellow metal manages to surpass $1274, the $1284 and the $1288 are likely intermediate halts that it can avail ahead of targeting the $1300 round-figure; though, 50-day & 200-day SMA confluence, near $1305, may confine the Bullion’s advances past-$1300. ...
While J.P. Morgan (JPM) lowered its price forecasts for gold, it remains bullish on the metal. It believes that gold prices could leave their tight trading ranges behind and march toward $1,400 per ounce by the third quarter.
The biggest influences on the gold market today will be any fresh tariff threats from the U.S. or China, U.S. economic data and the outcome of the OPEC meeting in Vienna. Keep an eye on the Treasury yields. If they continue to fall then gold could attract bids.
Buenaventura (BVN) is one stock you should avoid as it has seen a significant price decline and is also seeing negative earnings estimate revisions.
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The gold prices were mostly stable during the Wednesday’s session hovering around the $1275 level. The market has fallen hard in the last couple of session and is likely to continue weak until it gains significant momentum to continue higher. The silver market was stable during the yesterday’s session hovering around the $16.25 level which is also one of the major support levels.
Investing.com – Gold prices fell on a stronger dollar on Thursday, hovering close to a six-month low as the U.S. Federal Reserve Chair confirmed an outlook for higher interest rates in the United States.
Silver markets were relatively flat during the day on Wednesday as we continue to wait to see whether global trade and global fears continue to strengthen. If they do, it will have a great influence on the silver market.
The natural gas markets rallied significantly during the session on Wednesday, reaching towards the $2.95 level. The markets continue to focus on the short-term, such as the weather in the United States, especially the northeastern corridor.
Gold markets were relatively sideways during the trading session on Wednesday as traders continue to bounce around the $1275 level. This is a market that is obviously very sensitive to risk appetite, and I think that the fact that trade tensions have not escalated in the last 24 hours has helped Gold markets in general.
Based on Wednesday’s close at .7369, the direction of the AUD/USD on Thursday is likely to be determined by trader reaction to the June 2, 2017 main bottom at .7372.
Investing.com – Gold prices hovered above session lows Wednesday as fears of a full-blown trade war between the U.S-China eased, sending U.S. bond yields higher, hurting demand for safe-haven gold.
Based on the early trade, the direction of the September E-mini NASDAQ-100 Index will be determined by trader reaction to the short-term pivot at 7239.25.
Maybe it’s all that Netflix and chilling. The streaming service found that more than 80 million of its accounts, or about two-thirds of its global subscriber base, watched a romance film on Netflix sometime between March 2017 and March 2018. Even as Hollywood releases fewer romantic comedies and dramas, Netflix users apparently remain suckers for…