|Day's Range||1,276.80 - 1,283.90|
Based on last week’s price action and the current price at 6675.50, the direction of the March E-mini NASDAQ-100 Index the rest of the session on Thursday is likely to be determined by trader reaction to the Fibonacci level at 6653.75.
Which Five Gold Stocks Are Analysts Loving So Far in 2019?(Continued from Prior Part)Analysts’ ratings for WPMAmong major gold (GLD) (IAU) mining and gold streaming companies (GOAU), Wheaton Precious Metals (WPM), the world’s largest precious
The SP 500 initially tried to rally during the trading session on Wednesday but gave back all of the gains rather brutally once the Americans came on board. This shows just how fragile the market is in this area, but I also see significant support underneath.
Oil prices were mostly flat on Wednesday morning, amid signs that U.S. shale growth is slowing down and that major Asian economies will be rolling out fiscal stimulus to boost growth
Kuroda suggested early during Wednesday trading that extraordinary liquidity measures will still need to be in place as there are massive rest of the global financial system. This has thrown a bit of a monkey wrench into the Japanese yen situation, and the ¥110 level should offer resistance.
The British pound broke out against the Japanese yen again, breaking the ¥143 level. It looks as if we are testing the 200 day EMA rather soon, so that of course will be an area that is important. Beyond that, the British pound has rallied significantly against most currencies as Labour looks set to agree to a delay of the Brexit.
The Australian dollar initially rallied during the trading session on Wednesday but pulled back a bit to form a less than impressive candlestick. The 50 day EMA is just above, so it’s likely that we will probably continue to see a bit of resistance and that area.
Which Five Gold Stocks Are Analysts Loving So Far in 2019?Gold’s soft startGold prices have started 2019 on a relatively soft note. YTD (year-to-date), as of January 17, gold prices (GLD) have risen 0.7%. Gold has underperformed the broader
Demand for safe-haven assets is expected to remain steady across the week owing to investors caution surrounding Sino-U.S. trade talk proceedings and global growth worries.
Whether the meeting between high ranking U.S and Chinese officials is on or off will likely influence the direction of crude oil this week. Prices are likely to plunge if the meeting is called off. Prices will hold steady if the meeting is still on.
The main focus for gold traders will be demand for risky assets and U.S. Treasury yields. Higher demand for risk and rising interest rates will keep a lid on gold prices and could trigger further weakness. Lower demand for risky investments and safe-haven buying of Treasurys will be supportive for gold prices.
Based on the early price action, the direction of the NZD/USD the rest of the session is likely to be determined by trader reaction to the 50% resistance cluster at .6778 to .6781.
Crude oil markets pulled back a bit during the trading session on Tuesday, as we are facing significant resistance above. At this point, the question is whether or not we are pulling back from massive resistance, or are we winding up to make the breakout?
The natural gas markets fell a bit during the trading session on Tuesday, filling the gap from below, something that I had been waiting to happen. Now the question as what happens next? We are at extremely low levels, so it’s likely that the market could bounce.
Gold markets pulled back a bit during the day on Tuesday but seem to be hanging on to the $1280 level, an area that I thought could be supportive. Because of this, I think we are now looking at a possible return to consolidation.
The US dollar pulled back against the Japanese yen during the trading session on Tuesday, as we had gotten a bit ahead of ourselves in this rally. We are seeing a lot of resistance right where you would expect to based upon the massive flash crash that happened.
The British pound pulled back initially against the Japanese yen but seems to be finding support during the day on Tuesday, as the 50 day EMA is in play. Beyond that, we have a significant amount of support underneath than the form of the ¥140 level.
Gold Fields believes it would be the ideal combination as the two miners operate in similar jurisdictions and have a shared philosophy, said the person, who asked not to be identified because the information is private. The enlarged company could produce almost 6 million ounces of gold a year, closing the gap on Newmont Mining Corp. and Barrick Gold Corp., which have both announced mega deals. Gold Fields shares climbed as much as 7.7 percent and AngloGold rose as much as 3.5 percent in Johannesburg.
Furthermore, having been burned in December by forecasts for extreme cold that never panned out, buyers seem to be a little reluctant to buy and may need some convincing, but this is only likely to occur if the whole month of February is extremely cold. Look for updated forecasts to drive the price action today. The early slow trade suggests investors may be waiting for new forecasts.
The Fed’s dovish outlook and slower global economic growth had been driving gold prices higher. But this has changed recently with gold traders focusing lately on Treasury yields and the movement in the U.S. Dollar. We expect to see these two factors exert the biggest influence on gold prices today.
Based on last week’s close at $1282.60 and the price action the last three weeks, the direction of the February Comex gold futures contract this week is likely to be determined by trader reaction to the major 50% level at $1285.70.