|Day's Range||14.58 - 14.74|
Traders should continue to expect a two-sided trade over the near-term due to the volatility in the weather forecasts. Until the weather services can settle on a forecast, traders are likely to continue to jockey for position.
Based on Friday’s price action, the direction of the USD/JPY on Monday is likely to be determined by trader reaction to the main 50% level at 112.175.
Crude oil markets fell again during the week, breaking through some technical barriers but we also have support just below. I think the next weekly candle is going to be crucial for the market, so therefore it’s likely to be an interesting few days ahead of us.
The natural gas markets have gone back and forth in while trading during the week, as we are essentially neutral at this point. At this juncture, it looks as if we are getting a bit ahead of ourselves, and the previous shooting star of course has me looking at a potential pullback.
The S&P 500 rallied on Wednesday, testing the 2800 level. This is an area that was the beginning of rather significant resistance though, so we struggled to break above it. The question now is whether or not we can take it back?
The silver market rallied significantly during the day on Friday, breaking above the $14.70 level, but then pulling back later in the day. At this point, silver continues to move with the US dollar, so pay attention to it.
Natural gas markets shot higher during the day on Friday but ran into a buzz saw of resistance at the $3.25 level. This is an area that looks to be somewhat important, at least from a shorter-term perspective and needless to say we are at elevated levels currently.
Gold markets were rather quiet on Friday as traders start to look towards the weekend. We have recently seen a significant move to the upside on the chart, and at this higher-level it looks like we are simply trying to digest some of the recent explosive gains.
The US dollar continues to grind around against the Japanese yen, as it looks like we are trying to form a base for longer-term move. There has been a lot of technical damage, but at this point it looks as if the buyers are starting to flex their muscles again.
Gold prices were flat on Friday as the U.S. dollar was volatile despite expectations of another interest rate increase this year and falling equities. Comex gold futures for December delivery inched down 0.07% to $1,229.30 a troy ounce as of 4:45 AM ET (8:45 GMT), not far from an earlier session high of $1,232.70. Rising interest rates are likely remain a concern for gold prices.
Apple has been known to join in on Black Friday, but in recent years it has chosen to offer gift cards instead of discounts.
Natural gas markets fell on Thursday, showing signs of exhaustion as we had gotten a bit ahead of ourselves. Beyond that, natural gas storage figures were roughly in line, so there was no catalyst to continue to grind higher.
Gold markets broke out to the upside recently, and over the last couple of days we have simply grounds sideways overall and at this point I think what we are trying to do is reach the $1250 level above. That is massive resistance due to technical and psychological importance though.
Gold held fort as geo-political events have lead to some risk averse activity which has kept yellow metal in spot market trading positive.
The S&P 500 pulled back initially during the Wednesday session, breaking below the 2800 level. That is technically an area of interest, but I think at this point we are simply awaiting the FOMC Meeting Minutes.
Silver markets continue to go sideways as we are digesting recent gains. We are hovering around the $14.70 level, an area that has been important for the last several days.
Gold prices edged lower on Wednesday as equities and the dollar gained amid waning risk-averse sentiment and strong reports. US Futures point to a lower open ahead of the FOMC meeting.
The gold market traded sideways mostly through the Tuesday’s session as it has been trying to gain some momentum. The gold prices have shown strong upside momentum in the last several sessions and pull-back under this condition will offer a nice buying opportunity. The $1220 level underneath is an excellent support point for this market and will attract a lot of buyers into the market.
(Reuters) - Gold and silver miner Hochschild Mining Plc (HOCM.L) on Wednesday raised its annual output target and forecast lower mining costs, as its Inmaculada mine in Peru produced higher grade ore. ...
The S&P 500 continues to be very volatile, reaching towards the top of the overall consolidation area, and it now looks as if the market will continue to be short-term trading at best, which makes sense considering so many concerns that we have going on at the same time.
Risk appetite trickles back into the markets early on supporting the commodity currencies, while the Kiwi gets a boost from Q3 inflation numbers.
Gold, Miners Have Surged on the Market Rout—What’s the Upside? In the current sell-off, technology companies (XLK) (SMH) are leading the decline. Investors’ stretched valuation concerns have been especially acute in the US tech space, meaning that tech stocks are much more vulnerable to higher interest rates.
The gold prices were sideways during the Friday’s session as the $1220 level offering a strong support. The silver market initially rallied during the Friday’s session but found $14.70 level too resistive to pull back slightly. A break above $14.80 level will send the silver prices towards the $15 level and higher.