|Day's Range||16.83 - 16.89|
The key level to watch over the near-term is $60.37. This top was put in on September 16, during the height of the attacks on the Saudi oil production. At that time, prices spiked higher due to extraordinary conditions and worries over supply.
Based on the early price action and the current price at 8495.75, the direction of the December E-mini NASDAQ-100 Index into the close on Friday is likely to be determined by trader reaction to 8465.25.
Stock markets went back and forth during the trading session on Friday as we got the initial agreement. At this point in time, the Americans and the Chinese will continue to push the markets around, as we are still light on a lot of the details. However, tariffs are not been enacted on Sunday in theory, and that is net positive.
The silver markets initially tried to rally during the trading session on Friday but gave back the gains yet again. With this, it continues to look very likely to continue going sideways, as there is no urgency to move in one direction or the other.
Crude oil markets have run into a significant amount of resistance during the trading session on Friday after showing a lot of promise. The US/China trade war has resulted in a signing of a “phase 1 deal” on Friday, but there is still a lot of uncertainty.
Natural gas markets pulled back slightly during the trading session on Friday, reaching towards the bottom of the range for the Thursday session but then bounced a bit. This shows a bit of rotation, and therefore it’s very important what happens next.
Gold markets rallied a bit during the trading session on Friday, reaching towards the 50 day EMA as the Americans and the Chinese have come to terms on an agreement it appears. This is a bit interesting, because it should be negative for gold.
The British pound spike higher against most currencies around the world after the election of a Tory Parliament. By doing so, the markets have broken some resistance, and found more above.
Based on the early price action and the current price at 3164.00, the direction of the December E-mini S&P; 500 Index the rest of the session on Friday is likely to be determined by trader reaction to yesterday’s close at 3168.00.
The Fed kept the interest rates unchanged in December. The statement was rather hawkish, while the dot-plot rather dovish. What does such a mix imply for the yellow metal?
I just knew last night was going to be a game-changer. Thankfully Grab food operates 24 hours in Bangkok, and the coffee cupboard was stocked. As we finally have a Phase one trade deal signed sealed and delivered.
Natural gas markets got inventory figures during the trading session on Thursday, with a reading of -73 billion, as opposed to the anticipated -76 billion. Looking at this chart, the market continues to struggle in general, but at this point it’s all about wheather.
The British pound went back and forth during the trading session on Thursday against the Japanese yen as we await the election result in the United Kingdom. Simply put, we have rallied into the election with a specified result in mind.
OPEC and the IEA appear to be at odds about supply in 2020, however, the focus for investors at this time is really on future demand growth. Helping to generate concerns about demand growth is the lingering battle between the world’s two biggest economies – the U.S. and China.
Most estimates as of Wednesday’s close pointed to a withdrawal in the 70s to low 80s Bcf range. Basically, unless there is a significant change in the weather forecasts toward the extremely cold side, the major players are likely to continue to sell rallies.
It’s a big day ahead for the majors. While the markets respond to the FED’s outlook on growth and policy, the UK elections, the ECB and trade are in focus.
Silver markets rallied a bit during the trading session on Wednesday, bouncing from the 200 day EMA finally. This is a bullish sign, but we have a ton of resistance above that could come into play.
The British pound has initially pulled back a bit during the trading session on Wednesday, but then turned around to show signs of strength again. With the British pound rally in the way it has, it looks as if we are getting that final push into the elections.
Gold prices could remain rangebound throughout Tuesday’s session unless there is blockbuster news regarding the new tariffs, a trade deal or extremely hawkish comments from the Fed. I don’t expect the Fed to say anything that could send gold prices skyrocketing, but policymakers could say something that could drive prices sharply lower.
Investing.com -- Gold prices ticked higher on Wednesday in trading largely subdued by anticipation of the Federal Reserve’s statement after its policy-making meeting.
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Silver is calm on Wednesday, but that could change in the North American session, with the release of consumer inflation and the Federal Reserve rate decision.