|Day's Range||58.09 - 58.40|
Based on the early price action, the direction of the AUD/USD into the close on Thursday is likely to be determined by trader reaction to the main 50% level at .6801.
Based on Thursday’s price action and the current price at 8287.00, the direction of the December E-mini NASDAQ-100 futures contract into the close is likely to be determined by trader reaction to the 50% level at 8297.75 and the uptrending Gann angle at 8256.25.
China is set to add a number of new coal-fired power plants that equals the power generation capacity of the entire EU, offsetting the decline elsewhere
Based on the early price action and the current price at $58.32, the direction of the January WTI crude oil market into the extended close is likely to be determined by trader reaction to the downtrending Gann angle at $58.48. This angle stopped the rally earlier today.
Based on the early price action and the current price at $1465.40, the direction of the December Comex gold futures contract into the close on Thursday is likely to be determined by trader reaction to the intermediate Fibonacci level at $1471.00 and the main Fibonacci level at $1461.30.
The federal government's EIA report revealed that crude inventories rose by 1.4 million barrels, compared to the 1.6 million barrels increase that energy analysts had expected.
Based on the early price action and the current price at 3104.25, 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 50% levels at 3104.25 and 3097.75.
Focus on crude oil and gold as trade deal progress remains illusiveThe prospect for a “phase one” trade deal between the US and China received a major setback yesterday after the U.S. Senate passed the Hong Kong Human Rights and Democracy Act.
Venezuela will back its national cryptocurrency, the petro, with some 30 million barrels of crude oil sitting in the country’s storage tanks.The post Venezuela to back its petro crypto with 30M barrels of oil as opposed to 5B barrels planned earlier appeared first on The Block.
It looks like President Trump is bowing to bipartisan pressure, where he is expected to sign the Hong Kong bill into law according to the latest headlines. Sentiment remains exceptionally cautious amid heightened trade uncertainty around this latest event, potentially complicating the US-China trade outlook.
Natural gas inventories are remarkably low just ahead of winter season, and despite some large storage injections at the end of summer, declining drilling and rising export volumes make for a tight market
Given its tremendous oil and gas reserves, Iraq could become a mayor petrochemicals player, but corruption and competition and geopolitical instability have proven to be major stumbling blocks
The S&P; 500 initially fell during trading on Wednesday but turned around just above the 3100 level to show signs of resiliency again. The 3100 level makes sense, it’s a large, round, psychologically significant figure.
Crude oil markets recovered during the day on Wednesday, bouncing back towards the 200 day EMA yet again. As the markets recover, it looks as if more of the same is ahead.
Based on the current price at $56.31, the direction of the January WTI crude oil market the rest of the session is likely to be determined by trader reaction to the support cluster at $56.17 to $56.08.
The US dollar initially pulled back against the Japanese yen but then turned around to show signs of support. At this point, the market then looks as if we are trying to continue the move higher, but obviously there is a lot of new slow out there that continues to throw risk appetite around.
The time that OPEC rhetoric caused huge volatility in oil markets is long gone and in today’s well supplied market, it’s economic powerhouses like China that influence the price of oil
The silver markets rallied a bit during the trading session on Tuesday, breaking above the highs of the last couple of days in a sign of strength. However, we haven’t exactly exploded to the upside so there still are a lot of questions when it comes to silver.