|Day's Range||16.93 - 16.97|
The looming climate change crisis is pushing massive policy shifts around the world, but some of the new regulations being introduced could be doing more harm than good
The current rally is being driven by news so value shouldn’t be an issue. If investors were worried about value, the market wouldn’t be grinding higher. It would be pulling back into support or a value zone where investors would be waiting for bullish news.
Based on the current price at 3116.00, the nearest support is an uptrending Gann angle at 3108.25. The second support is the uptrending Gann angle at 3103.00 and the third support angle comes in at 3089.75.
The US dollar fell during a large part of the week, but then turned around to show signs of life towards the end as we continue to press up against a major resistance barrier.
The British pound has rallied a bit during the week, reaching towards the top of the flag that is currently being built. It should be noted that we are just above the 50 week moving average, which is a representation of support.
The British pound continues to go back and forth against Japanese and, as we reached above the ¥140 level. At this point in time, the market looks as if it is ready to continue the same action that we have seen for several days.
Global markets edge higher on trade hopes but still no deal in sight, traders are warned to expect too much from the deal when and if it comes.
The British and Canadian currencies are almost unchanged on Friday. We could see some movement with the release of U.S. retail sales at 13:30 GMT.
The EUR/USD made a bullish bounce after breaking the round psychological 1.10 support level. The resistance line (red) and wave 4 (orange) pattern, however, make a bearish bounce likely.
Silver remains steady, just below the $17.00 level. We could see some movement later in the day, with the release of retail sales reports at 13:30 GMT.
Based on the early activity and the current price at 27814, the direction of the December E-mini Dow Jones Industrial Average the rest of the session on Friday is likely to be determined by trader reaction to Thursday’s close at 27746.
Canadian miner Lundin Gold Inc inaugurated its Fruta del Norte gold mine in the Ecuadorean Amazon on Thursday, as market-friendly President Lenin Moreno seeks to attract mining investment to diversify the stagnant oil-dependent economy. The mine, whose proven reserves include some 4.8 million ounces of gold and 6.3 million ounces of silver, is expected to produce some 310,000 ounces of gold and 400,000 ounces of silver during its 15-year life span. Moreno, seeking to spur growth and close the OPEC member's fiscal deficit, has eliminated a windfall tax on miners to try to court investment from the sector.
The silver markets initially try to break out during the trading session on Thursday but could not hang above the $17.00 level. By doing so, it shows just how much resistance there is above, as we danced just above the crucial 200 day EMA support level.
The British pound has pulled back slightly against the Japanese yen during the trading session on Thursday but has found support yet again at the same in general vicinity. Ultimately, it looks as if the market continues to do more of the same.
The devastation of failed Alzheimer's drug trials is requiring people to open their minds to new approaches, methods, and disciplines.
Gold is expected to continue to inch higher on short-covering as long as there is tension between the U.S. and China. Gold could spike higher if those tensions escalate. However, if there is a breakthrough in the negotiations then gold could plunge, retesting lows from earlier in the week.
Risk-off continues to linger seemingly on the lack of good news on trade talks with China. At this stage, even date and a location for the trade would be a good thing!!! So, without that baby step in place, the markets could be reluctant to push both equites and US yields higher. But let’s see what the China activity data has in store later today as this will be the main event of the Asia session. I’m on Bloomberg TV later today at 12:00 PM, likely discussing the China data impact, among other things.
Spot gold was up 0.2% at $1,466.51 per ounce, as of 0752 GMT, while U.S. gold futures rose 0.3% at $1,467.10 per ounce. Asian stocks fell after China's industrial output grew significantly slower than expected in October, as weakness in global and domestic demand and the drawn-out Sino-U.S. trade war weighed on activity in the world's second-largest economy. China's Commerce Ministry said cancelling tariffs is an important condition for reaching trade agreement with the U.S., a day after U.S. President Donald Trump threatened to ramp up tariffs on Chinese goods if the countries failed to reach a deal on trade.
It’s been a long time since technology journalists have been enthusiastic about a MacBook Pro. Radical Macbook Pro updates like those removing USB ports, introducing the Touch Bar, or building a new Force TrackPad have often evoked mixed reactions or, worse, nostalgia for older models. After Apple outfitted the 2015 MacBook Pro with a butterfly switch keyboard that was meant to speed up typing but instead broke easily, it seemed like a harbinger of even worse things to come.
Stock markets have been eerily quiet over the last several days, and now with Congress starting the public display of the impeachment hearings, it of course Jerome Powell speaking in front of Congress, more monkeys have joined the circus.
Silver markets rallied a bit during the trading session on Wednesday, reaching towards the $17.00 level before running into a bit of trouble. That being said, the market does look as if it is trying to go higher, so therefore I like the idea of buying dips, and it appears that we have just saved the overall uptrend, at least so far.