|Day's Range||1,479.90 - 1,481.50|
Uncertainties related to the United States-China trade talks, global economic slowdown and downbeat view for key sectors are triggering demand for gold.
Investing.com -- Gold prices edged higher on Thursday but were essentially rangebound in the absence of major new developments in the U.S.-China trade war.
If OPEC and its allies decide to cut production more than expected then look for a breakout over the last main top at $58.74. The daily chart shows there is plenty of room to the upside with the next major target the September 16 main top at $61.48.
The odds are that it’s not, and that we’re actually seeing a business-as-usual kind of situation. That is if one knows the details of the gold trading business.
The British pound finally broke out during the trading session on Wednesday, clearing the 1.30 level, a key area that I had been paying attention to for some time. By doing so, the market now finds itself testing the 1.31 handle.
WTI and Brent crude oil futures are extending their gains after the EIA reported a 4.9 million barrel draw down. This was larger than the 1.6 million barrel estimate.
Investing.com – The Trump administration’s trade ping-pong with the Chinese is back to haunt gold bulls. Gold backed off from four-week highs on Wednesday as markets returned to a risk-on mode after Trump Administration officials said the U.S. remained in talks with the Chinese, just a day after President Donald Trump said a deal was unlikely until after 2020.
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GBP/USD is seeing follow-through in yesterday’s bullish technical break and trades at levels not seen since May last year.
Gold staged an incredibly rebound on Tuesday, jumping over 1% against the Dollar after U.S President Donald Trump said that a trade deal with China could be delayed until the 2020 elections.
While Highland Gold Mining Limited (LON:HGM) shareholders are probably generally happy, the stock hasn't had...
Based on the early price action and the current price at .6822, the direction of the AUD/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the 50% level at .6842.
Based on yesterday’s price action and the current price at $1485.80, the direction of the February Comex gold futures contract the rest of the session on Wednesday is likely to be determined by trader reaction to the short-term 50% level at $1489.10.
The next few days are critical. If gold finishes the week above $1495, then the odds support a bottom on November 12th at $1446.20. But if futures rollover between now and Friday, then we could see one final decline.
Based on the early price action and the current price at 1.1081, the direction of the EUR/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the short-term 50% level at 1.1079.