|Day's Range||1,193.30 - 1,202.00|
Investing.com - WTI crude oil prices reversed gains to settle lower Tuesday, shrugging off signs of waning demand for Iran crude as U.S. sanctions loom.
Investing.com - Metal prices remained under pressure Tuesday as gold hovered just above $1,200, while copper fell sharply after the dollar printed fresh intraday highs for the year.
Natural gas prices broke out, but the surge was subdued as prices slid higher above trend line resistance. The weather is expected to be normal with warmer than normal weather cover most of the east and west coasts, while cooler weather is hovering most of the mid-west. The EIA forecast that natural gas production rose in July, offsetting the demand from warmer than normal temperatures.Technical Analysis
Import prices were nearly unchanged and should continue to face headwinds as a stronger dollar reduces the cost in other currencies. Gold prices traded sideways as traders where unwilling to take a stab they would move higher. Momentum has turned negative as the MACD (moving average convergence divergence index) line generated a crossover sell signal.
Based on the current price, the direction of the September E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to the pivot at 7442.00.
Investing.com - Oil prices traded higher on Tuesday as Saudi Arabia cut production by more than originally thought and traders awaited weekly data on U.S. output.
Goldcorp (GG) achieved AISC (all-in sustaining costs) of $850.00 per ounce in Q2 2018, which was 6.3% higher YoY (year-over-year) and 5.0% higher sequentially. Its AISC was also higher than its fiscal 2018 guidance of $800.00 per ounce, plus or minus 5.0%.
Investing.com - Oil prices rose on Tuesday after reports revealed that top exporter Saudi Arabia cut production one month after it agreed the Organization of the Petroleum Exporting Countries (OPEC) to produce more crude. Meanwhile, OPEC remains positive on overall demand.
Investing.com – Gold prices picked up to above $1,200 on Tuesday after hitting a 17-month low in the previous session, as Turkey vowed to save the lira crisis on late Monday.
Markets can get a respite from the rally today or for a few days at best, but the worst is still ahead as we could see the sale-off on stock and bonds markets. The Turkish lira has stabilized near 6.5 per dollar after the country’s central bank had announced the measures to maintain liquidity.
The Aussie dollar has recovered a bit after an initial move lower due to a “risk off” trade. I think at this point, one thing you can count on is a lot of volatility, and with the Aussie being at such a major levels, this will be ground zero for a lot of concerns when it comes to trade war fears and of course risk in general.
Investing.com - WTI crude oil prices settled lower on Monday after OPEC revised lower its estimate for oil-demand growth next year and revealed Saudi Arabia had cut production last month.
Natural gas prices continued to consolidate trading sideways for the second straight trading session after breaking through trend line resistance last week. The warmer weather pattern appears to be changing with a cool front making its way into the middle of the United States.
Investing.com - Metal prices were rocked by Monday as gold fell to a 17-month low, pressured by rising geopolitical uncertainty and a stronger greenback.
Gold prices took it on the chin on Monday, moving lower as concern about Turkey’s currency crisis is buoying the dollar and weighing on gold. The Yuan, the Chinese currency continues to also decline which appears to be correlated to the decline in gold. Gold prices crashed through support which is now resistance near 1,204, which coincides with the August lows and the July 2017 lows. The next level of target support is seen near the January 2017 lows at 1,180.
Investing.com - Oil prices traded lower on Monday, with U.S. crude posting losses, as the Organization of Petroleum Exporting Countries (OPEC) forecast lower demand for next year.
Goldcorp (GG) has one of the strongest project pipelines in the industry. Goldcorp provided an update on the progress of these projects in its Q2 2018 earnings call. At Penasquito, the Pyrite Leach Project (or PLP) is 98.0% complete.
As we’ve discussed previously in this series, the SPDR Gold Trust ETF (GLD) has fallen ~8.0% year-to-date and ~11.0% from its April peak. Historically, gold prices have declined in the summer months, only to climb in August onward due to the seasonal pattern of demand for gold. Physical gold demand from Asian countries such as India supports its price after that.
Usually, gold (GLD) is considered to be a “safe-haven asset” and gains due to economic or political turmoil. The latest evidence is Turkey’s economic and currency crisis. On August 13, gold prices (IAU) fell to 17-month lows despite the raging crisis in Turkey, which also seems to be spreading to other regions.
The demand for gold in India (INDA) fell 7.0% in the second quarter, mainly due to stronger equity markets and higher gold prices measured in rupees. This event caused local gold prices to rise, even with the price decline measured in US dollars.
Based on last week’s close at 2836.75, the direction of the September E-mini S&P 500 Index this week is likely to be determined by trader reaction to the pivot at 2827.25.
Since December Comex gold is inside the window of time for a potentially bullish closing price reversal bottom, we’re going to use last week’s close at $1219.00 as our pivot this week.
Gold markets were very choppy during the Friday session, as we continue to bounce around in the same area. The market has been very difficult to deal with as of late unless you are in a range bound trader.
Gold prices have held up remarkably well in the face of a dollar rally that has been spurred on by geopolitical risks. The Turkish Lira lost 13% against the greenback on Friday as investors turned tail. President Eurogon, has been outspoken and refused to let his central bank raise interest rates which need to occur to stabilize the currency. In line inflation was released in the U.S. on Friday, but it was the large increase in year over year core CPI seen in the past decade.