|Day's Range||1,247.10 - 1,251.30|
Trump also said he would intervene in the Justice Department's case against a top executive at China's Huawei Technologies [HWT.UL] if it would serve national security interests or help close a trade deal. The news was enough to prompt a bounce after days of losses, and MSCI's broadest index of Asia-Pacific shares outside Japan advanced 1.2 percent. Japan's Nikkei led the way with a jump of 2 percent, while Shanghai blue chips trailed with just 0.2 percent.
Investing.com - The dollar's relative stability, despite expectations of a friendlier 2019 Fed for risk assets, isn't helping gold bugs.
Gold prices eased on Tuesday following the Labor Departments report on wholesale prices. Gold prices broke out above resistance on Friday following a softer than expected employment report but has since ease and forming a bull flag continuation pattern.Technical Analysis
Crude oil markets rallied a bit during the day on Tuesday as we continue to hover around major levels in both grades that we follow here at FX Empire. With that being the case, perhaps production cuts may be able to save these markets that have been beaten down so severely.
The early price action indicates that gold will continue to be influenced by the movement in the U.S. Dollar. The dollar will weaken and gold will strengthen if investors continue to bet that the U.S. Federal Reserve will pause its tightening cycle sooner than expected.
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Investing.com - Oil prices edged up on Tuesday in Asia after falling 3% in the previous session as a cut promised by Saudi Arabia and its allies in the enlarged OPEC+ failed to boost oil prices.
The gold market pulled back slightly during Monday’s session, testing the $1250 level underneath, which now has turned supportive. The silver market was bit choppy in yesterday’s session testing the $14.50 level underneath. The $50 level underneath is clearly a strong support level with $55 level above is offering maximum resistance.
Natural gas prices moved higher on Monday rising more than 2.5%, but remain rangebound generating a bull flag pattern. Prices are buoyed despite warmer than normal weather which is expected to cover most of the United States for the next 8-14 days according to the National Oceanic Atmospheric Administration. Inventories are well below the 5-year average range for this time of year, while prices are still $2 per mmbtu below the 5-year high. Natural gas prices moved higher on Monday and are forming a bull flag pattern which is a pause that refreshes higher.
The Euro initially rallied during the trading session on Monday to kick off the week but continues to find resistance above the 1.14 level. Because of this, it looks like we are getting a bit exhausted yet again, and this tells me that we will probably continue to stay within the overall range.
S PPI figure will be out on Tuesday. Also that day the market anticipates a release of the British Average Earnings Index. And of course, we all are waiting for the UK Parliament Brexit Vote
Investing.com - Oil prices slumped on Monday, erasing some of last week’s strong gains from an agreement among major producers to curb output in the coming year, while analysts debated whether the deal is enough to rebalance the market.
Investing.com - Gold prices fell on Monday, turning lower after reaching their best level in five months on the back of expectations that the Federal Reserve will need to slow its pace of rate hikes next year.
Newmont (NEM) expects production in 2019 to be driven by higher grade production from the Subika Underground project in Africa.
Chinese officials summoned the U.S. ambassador to Beijing on Sunday to protest the arrest of chief financial officer of Chinese electronics giant Huawei, Meng Wanzhou in Canada. U.S. officials are investigating her role in the companies operations in Iran.
I will start this analysis by telling you that in the past few months, the movements on Gold are a bit, let’s say weird. Gold does not behave as it was for the past few years. The correlation between the USD and the risk ON/OFF mode seems broken. Gold follows it’s own path. Luckily, the technical analysis works in any condition and this is the place, where we will focus now.
We may have seen the high of the week earlier in the session on Monday if the forecast stays the same. Genscape is saying that frigid conditions were expected to keep gas demand holding strong on Monday and Tuesday at 95.8 Bcf/d. Demand was then expected to quickly drop into Wednesday at 89.2 Bcf/d and then continue to shed an average 0.38 Bcf/d through the following seven days, the firm said.
Gold traders are likely to take their cues from the movement in the U.S. Dollar, U.S. Treasury yields and the stock market on Monday since the economic data is limited to the JOLTS Job Openings report.