|Day's Range||1,224.50 - 1,241.60|
(Reuters) - Futures for Canada's main stock index fell on Tuesday, as Saudi Arabia's pledge to supply more crude quickly if needed dragged down crude oil prices. December futures on the S&P/TSX index were down 0.8 percent at 6:55 a.m. ET. Toronto Stock Exchange S&P/TSX composite index closed down 57.40 points, or 0.37 percent, at 15,412.70 on Monday. Dow Jones Industrial Average e-mini futures were down 1.0 percent at 6:55 a.m. ET, while S&P 500 e-mini futures were down 1.2 percent and Nasdaq 100 e-mini futures were down 1.4 percent. ...
Based on Monday’s close at 2756.50 and the earlier price action, the direction of the December E-mini S&P 500 Index on Tuesday is likely to be determined by trader reaction to the main 50% level at 2748.50.
Gold markets drifted a bit lower during the trading session on Monday, reaching down towards the $1220 level. This is an area that of course is rather supportive, as we have seen the market bounce from here a couple of times recently.
Based on yesterday’s close at $1224.60 and the early price action, the direction of the December Comex Gold futures contract is likely to be determined by trader reaction to the main 50% level at $1222.70.
Based on Monday’s dramatic reversal to the downside, the direction of the EUR/USD on Tuesday is likely to be determined by trader reaction to the main bottom at 1.1433.
The city of Ephrata, Washington, will halt new crypto mining developments in the city for the next 12 months, Eastern Washington and North Idaho daily newspaper The Spokesman Review reports Friday, Oct. 19. The recently announced suspension will only affect new crypto operations from being established in Ephrata, while the existing four businesses already there will continue operating. According to Ephrata city administrator Wes Crago, those four crypto operations — including two at the Port of Ephrata, one in an industrial area of the city, as well as one in a residential area — are being relocated at the moment.
Fresh economic data will be sparse next week so gold traders are likely to continue to respond to the movement in Treasury yields, the direction of the U.S. Dollar and stock market volatility. Gold could start to feel pressure if yields rise and the stock market remains steady. This will be a sign that investors have priced in a few of the Fed’s future rate hikes.
Based on Friday’s close at $3.309, the direction of the December Natural Gas futures contract is likely to be determined by trader reaction to the pivot at $3.306.
Silver markets went back and forth during the week, forming a bit of a neutral candle. This is a good sign though, because we are trying to form a bit of a base in the silver market. Ultimately, I believe that we will break out, but it’s going to take a bit of grinding sideways before doing so.
Gold markets rallied a bit for the week, as we have cleared the recent consolidation and it now looks like the rally is going to continue. The $1250 level above looks to be rather resistive and perhaps a nice target for the time being.
The Euro is looking for a bottom on the longer-term charts, and as you can see on the accompanying chart, I have a yellow circle around the massive hammer underneath the 1.1450 level. That’s an area that I think continues to hold this market up, so this point I would expect a bit of a bounce.
The crude oil markets bounced a bit during the day on Friday, showing signs of life. We have been beaten down rather drastically during the last several days, and we are starting to approach serious value areas.
NEW YORK (Reuters) - The Toronto Stock Exchange's S&P/TSX rose 65.97 points, or 0.43 percent, to 15,470.10. Leading the index were Baytex Energy Corp , up 6.0 percent, West Fraser Timber Co Ltd , up 4.9 percent, and Detour Gold Corp , higher by 3.9 percent. Lagging shares were BRP Inc , down 6.5 percent, Aphria Inc , down 5.9 percent, and Shopify Inc , lower by 5.7 percent. On the TSX 160 issues rose and 83 fell as a 1.9-to-1 ratio favored advancers. There were 3 new highs and 7 new lows, with total volume of 245.8 million shares. ...
Based on the early price action, the direction of the EUR/USD is likely to be determined by trader reaction to the main bottom at 1.1432. Holding above 1.1432 will indicate the presence of counter-trend buyers. If this can generate enough upside momentum then look for a rally into the resistance cluster at 1.1498 to 1.1502.
The primary market driver today is expected to be the U.S. Dollar. Rising Treasury yields and a rapidly falling Euro is helping to boost the dollar. This is helping to limit foreign demand for dollar-denominated gold.
Investing.com - Gold prices gained on Friday as Asian stocks traded mostly lower after China reported disappointing third-quarter GDP data.
Investing.com – Oil prices edged up on Friday morning in Asia but were expected to head for a second weekly drop due to a rise in U.S. crude stocks.
The Euro fell below the 1.15 level during the session on Thursday, as we continue to test this general area of the chart, as there seems to be a lot of support extending down to the 1.1450 level. It is because of this that it looks like we are trying to build up the confidence to finally go higher.
The Australian dollar initially took off on Thursday, reaching the top of the recent consolidation area, but then turned right back around the show signs of weakness as the Americans stepped on board. It looks as if we are simply going to continue to consolidate in the short term.
Investing.com - Gold prices rose on Thursday as bullish investors took the Federal Reserve's latest hawkish talk in stride and targeted the $1,250 level in a bid to recapture ground lost earlier in the year.
Gold prices moved higher on Thursday as US yields whipsawed initially moving higher following a stronger than expected jobless claims report. With claims close to a 59-year low, wages should begin to move higher which is why the Fed in its meeting minutes said that it was likely to move to restrictive monetary policy. With short-term policy still somewhat accommodative, its possible that short term rates rise to 3%, which is close where the 2-year yield is currently pricing. This could buoy the dollar and in turn put downward pressure on gold prices. Despite this scenario, yields moved lower, paving the way for higher gold prices.
The fairly muted response in the British Pound to the disappointing retail sales data for September reaffirms once again that Brexit headlines take precedence over domestic economic fundamentals for currency volatility.
According to Thomson Reuters, of the 19 analysts covering Newmont Mining (NEM), 58.0% recommended a “buy,” 37.0% recommended a “hold,” and 5.0% recommended a “sell.” Its target price implies an upside of 38.0% based on its current market price of $30.10. Analysts’ ratings for NEM stock haven’t changed much in the last few months.
Oil prices are under pressure on Thursday because of the jump in inventories, however, losses are being limited by rumors the United States may be pressured to go ahead with sanctions on Saudi Arabia. This could push prices higher if the Saudi’s decide to retaliate the move with a supply cut.