|Day's Range||1,331.80 - 1,332.60|
The Australian Dollar is not a complicated currency to trade at this time. The fundamentals are bearish with the Fed set to raise interest rates and the Reserve Bank of Australia in no hurry to hike its benchmark rate.
The prospects of an interest rate hike this week has left Gold wobbly and vulnerable. The metal rallied slightly on Tuesday as stocks dropped across the board, and continues to extend its gains on Wednesday ahead of the Fed meeting.
Based on the early price action, the direction of the index the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 6881.75.
Pan American Silver (PAAS) stock has outperformed its peers (SIL) as well as silver prices (SLV) YTD (year-to-date). PAAS has fallen 1.4% YTD, and SLV and SIL have fallen 3.8% and 8.1%, respectively, YTD as of March 16, 2018. PAAS’s strong operational performance in 2017 is the major reason behind the stock’s outperformance.
Global equities have turned cautious in Europe before the U.S Federal Reserve’s FOMC Statement and Press Conference.
Investing.com - Gold prices moved higher on Wednesday, as sentiment on the greenback weakened ahead of the Federal Reserve monetary policy decision due later in the day.
The alt coins had a mixed session on Tuesday, as we continue to see crypto currencies trying to build up momentum to break out to the upside. While we have not done that yet, it certainly looks as if we are trying to build up the proper momentum.
Higher U.S. interest rates tend to be bearish for gold prices because they raise bond yields, reducing the appeal for the non-yielding asset.
Investors will also be looking for clues from the central bank on its outlook for the U.S. economy and how many interest rate increases we may see to prevent the economy from overheating.
Investing.com – Gold prices rebounded from session lows but remained under pressure as the dollar and U.S. bond yields advanced on expectations that the Federal Reserve was set to hike rates for the first time this year.
Based on the downside momentum into the close, we’re anticipating further weakness. Short-sellers are hoping the market remains under $3.0465.
Price increased came with colder weather in many of the Lower 48 states. As average temperatures for states east of the Mississippi were colder this report week compared with the last report week, the average price for the week rose this report week. Temperatures in the Lower 48 states were expected to be warmer and then turn colder according to the most recent forecast by the National Oceanic Atmospheric Administration. According to NOAA the weather is expected to be colder than normal over the next 8-14 days driving up heating demand.
Gold prices moved lower, ahead of the Fed’s monetary policy meeting, and initially tested resistance which was the former breakdown level which coincides with the 10-day moving average at 1,320. Support on the yellow metal is seen near the February lows at 1,302. Momentum has turned negative as the MACD (moving average convergence divergence) index recently generated a crossover sell signal. The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices. FOMC Forecast revisions, to be released Wednesday in conjunction with the FOMC statement, should reveal big boosts in the 2017 GDP estimates, alongside modest upward tweaks in the 2018 PCE chain price estimates and small trimmings in the jobless rate estimates across the forecast horizon.
Based on the early price action, the direction of the index into the close is likely to be determined by trader reaction to the Fibonacci level at 6881.75.
Investing.com – Wall Street was higher on Tuesday as investors looked ahead to the interest rate decision from the Federal Reserve and shrugged off trade war concerns.The S&P 500 was up nine points or 0.36% to 2,722.58 as of 9:46 AM ET (13:46 GMT) while the Dow composite increased 136 points or 0.55% to 24,747.27, and tech heavy NASDAQ Composite rose 31 points or 0.43% to 7,375.99.Investors are looking ahead to Wednesday, when the Federal Reserve delivers its interest rate decision after the end of a two day meeting that begins on Tuesday. ...
Investing.com - Natural gas futures were little changed on Tuesday, holding near their lowest levels in almost three weeks, amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel.
Canada's main stock index rose on Tuesday, rebounding from a 10-day low the day before, as higher oil prices boosted the energy group, while financial and technology shares also climbed. * The largest percentage gainer on the TSX was Birchcliff Energy Ltd, which rose 8.2 percent. * The overall energy group rose 1.8 percent, with Suncor Energy Inc up 2.2 percent at C$42.99.
Among the senior mining companies under review in this series (GDX), Newmont Mining (NEM) is currently trading at the highest EV-to-forward EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple of 8.3x. NEM is also trading at an 11% premium to its trailing-five-year average multiple and at a 30.4% premium to the peer average. Its strong project pipeline is also encouraging analysts to revise their estimates upward.
Investing.com - Gold prices edged lower on Tuesday, as investors were eyeing the Federal Reserve policy meeting this week for further indications on the pace of future interest rate hikes.