|Day's Range||17.810 - 18.060|
It was another busy week for the global financial markets. Economic data, monetary policy and geopolitics kept the markets on their toes.
Based on Friday’s price action and the current price at 7836.75, the direction of the December E-mini NASDAQ-100 Index into the close on Friday is likely to be determined by trader reaction to the short-term uptrending Gann angle at 7830.25.
Based on the early price action and the current price at 3002.50, the direction of the December E-mini S&P; 500 Index into the close on Friday is likely to be determined by trader reaction to the 50% level at 3003.25 and the 50% level at 2992.25.
Natural gas markets broke down a bit during the trading session on Friday again as it tested the $2.50 level. That’s an area that obviously attract a lot of psychological importance, and at this point it’s obvious that breaking that level previously is a good sign.
Saudi Arabia on Friday revealed extensive damage to key oil facilities following weekend aerial strikes that were blamed on Iran, but vowed to quickly restore full production even as regional tensions soar. Yemen's Tehran-linked Huthi rebels, who on Friday announced a sudden halt to attacks on Saudi Arabia, claimed the strikes on state giant Aramco's facilities in Khurais and the world's largest oil processing facility at Abqaiq.
Indians are showing their solidarity with the ongoing global climate strike. Today (Sept. 20), people across Delhi, Mumbai, Bengaluru and Kolkata, among other big cities, staged peaceful protests at prominent city centers, heeding Swedish climate activist Greta Thunberg’s call for mass protests to sound the alarm on climate change. Extinction Rebellion, a climate change group, and Thunberg’s Fridays for Future are striking across the world between Sept. 20 and 27, asking governments to declare a climate change emergency and take definitive action.
BENGALURU/MUMBAI (Reuters) - Physical gold demand was lacklustre in most Asian hubs this week as price dips were not enough to lure in buyers and the Indian retail market saw little activity before a festival season. "Demand has slowed down a bit compared to early September, but supply (in China) is still very tight," said Samson Li, a Hong Kong-based precious metals analyst at Refinitiv GFMS. Premiums in Hong Kong were unchanged at 50 cents to $1, as demand was weak and buying only came from the investment side, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers.
SIlver has moved higher and is within striking distance of the 18..00 level. Will it make a final attempt to break through before the end of the trading week?
Based on the early price action and the current price at .6804, the direction of the AUD/USD the rest of the session on Friday is likely to be determined by trader reaction to the short-term 50% level at .6791.
Former Overstock CO Patrick Byrne dumped his 13% stake in the company he founded to buy cryptocurrency and gold as he prepares to battle his enemies.
The Euro rallied a bit during the trading session on Thursday, as we continue to go back and forth in the same range that we had been in over the last couple of weeks. The market looks like it is trying to decide where to go next, but at this point it’s obviously very choppy to say the least.
Based on the early price action and the current price at 3013.50, the direction of the December E-mini S&P; 500 Index the rest of the session on Thursday is likely to be determined by trader reaction to the uptrending Gann angle at 3014.75.
The other major financial markets – Treasurys, the Dollar and U.S. equities – are also indicating disappointment or perhaps confusion by the Fed. Yields are falling, the greenback is weakening and stocks are expected to open lower. Additionally, the Japanese Yen and Swiss Franc are higher, which suggests a slight increase in safe-haven demand.
Around 15% of the respondents in a recent survey said they have not been spending on discretionary items like shopping, meals, movies, services, and more in August and September, wanting to hold on to the cash in case matters worsen, LocalCircles’ annual Mood of the Consumer survey found. The survey received more than 49,000 votes from around 22,000 unique consumers. “The Mood of the Consumer survey indicates that while the cutback in spending is quite real, the consumer is likely to be back in the market, come October,” LocalCircles noted.
The S&P; 500 fell a bit during the trading session on Wednesday as we awaited the FOMC statement, but at this point there are several levels that we should be watching on the daily close in order to take advantage of the next move and the trend.
The Silver markets did very little heading into the Federal Reserve announcement on Wednesday, as we continue to dance around the $18.00 level. This makes sense as it is a large, round, psychologically significant number, but one thing that you should pay attention to its the trend.
The Australian dollar has fallen again during early trading on Wednesday as we await the Federal Reserve decision and following statement. That being the case, it looks like we are finally starting to see sellers come back into this market.
Newmont Gold Corp., the gold mining giant, has suspended operations at a mine in Mexico after a local trucking company and people from a nearby community blockaded the site for the second time this year. The blockade of the Greenwood Village-based company’s Peñasquito mine started Sunday after talks mediated by Mexico’s federal government stopped. The company responded Monday by suspending mining at Peñasquito, which Newmont Goldcorp (NYSE: NEM) said was necessary to ensure safety and the mine’s long-term viability.
Discover why gold is holding support as the Federal Reserve looks set to keep rates steady. Trade the yellow metal using these three ETFs.
Based on the early price action and the current price at 1.1054, the direction of the EUR/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the 50% level at 1.1045 and the 61.8% level at 1.1073.
Silver prices remain steady, tantalizingly close to the $18 level. With analysts split on whether the Fed will lower rates at today’s policy meeting, we could see some volatility in the North American session.
There’s still a price gap on the daily chart which means the market is still up for the week. This gap could remain intact for weeks as traders await progress reports on the Saudi repairs. Any slowdown in progress should drive prices higher.
Investing.com - Gold prices were hovering near the $1,500 level on Wednesday as investors awaited the outcome of the Federal Reserve meeting later in the day, where the central bank is expected to deliver a rate cut.
Based on the early price action and the current price at .6839, the direction of the AUD/USD on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at .6652. Look for a two-sided reaction with the release of the Fed announcements at 18:00 GMT.