|Day's range||1,201.30 - 1,203.90|
Investing.com – U.S. gold futures settled a touch higher on Monday after hitting one-week highs above $1,200 an ounce, as bullion traders took in stride trade war tensions and a widely-anticipated Federal Reserve rate hike, which would typically be bearish for the yellow metal.
As the Bitcoin network grows, so too does the concern around its environmental impact, and with good reason. Bitcoin consumes more electricity than the entire island of Ireland, and that power consumption is set to steadily rise in the coming years. Beyond the electricity required to run the network, there are the materials required to
Other metals were mixed on the Comex, with silver futures falling 0.34% to $14.310 a troy ounce. Among other precious metals, platinum futures rose 0.30% to $835.40, while palladium futures increased 0.39% to $1,049.00 an ounce. Copper futures gained 0.16% to $2.862 a pound.
Barrick Gold has agreed to buy Africa-focused rival, Randgold Resources in an all-stock deal. The news has put the spotlight on a couple of gold mining ETFs.
The big shareholder groups in Avino Silver & Gold Mines Ltd (TSE:ASM) have power over the company. Insiders often own a large chunk of younger, smaller, companies while huge companiesRead More...
Investing.com - Gold prices inched up while the dollar also gained on Monday as China cancelled its planned trade talks with the U.S.
Based on Friday’s close at $1201.30 and the recent price action, the direction of the December Comex Gold futures contract is likely to be determined by trader reaction to the short-term pivot at $1194.30.
Based on last week’s price action and the close at .7288, the direction of the AUD/USD this week is likely to be determined by trader reaction to the short-term 50% level at .7284.
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Based on Friday’s price action and the close at 7550.50, the direction of the December E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the 50% level at 7572.00.
Based on Friday’s price action and the close at $70.78, the direction of the November WTI Crude Oil futures contract is likely to be determined by trader reaction to the contract’s Fibonacci level at $70.86.
The S&P 500 initially fell during the week but continues to find support as we bounced back above the 2900 level, forming a bullish looking candle with high-volume by the end of the week.
Silver markets dropped rather drastically during the day on Friday as the US dollar strengthened against the British pound. This was because of the Teresa May statement that there might be a no deal Brexit, and that of course spooked a lot of currency traders. The rising dollar of course work against the value of silver, but then we turned around and bounce just as violently on the opposite direction.
Crude oil markets were all over the place on Friday, based upon a lot of different moving pieces. Not the least of which would have been a searching US dollar.
Natural gas markets continue to grind higher on Friday, reaching towards the $2.97 level where we are starting to see more resistance come into play. As we go into the weekend, I suspect a lot of people don’t want to put money to work beyond what’s already out there.
Gold markets got hammered during the trading session on Friday, as the $1215 level has offered too much in the way of resistance. Ultimately, this is a market that is reacting to the US dollar in general, which of course got a lift after volatility in the British pound.
The US dollar was relatively quiet during the trading session on Friday, after initially rallying. The pair tends to be correlated to the stock markets overall, which had been a bit more positive early in the day.
The British pound fell apart during the trading session on Friday, as Teresa May stated that she was sticking with her plan and wasn’t willing to bend watch when it comes to dealing with the European Union. With that being the case, the market looks very likely to continue to be very volatile.
Prices attempted to break out but seller came in pushing the yellow metal lower. A weaker than expected EU PMI report for September reversed the upward momentum in the Euro and allowed the dollar to gain traction. Gold prices attempted to test resistance but failed near the 50-day moving average at 1,206.
While the Quadruple Witching is enough to trigger a volatile reaction in the markets, when combined with the S&P Reclassification and already heightened volatility because of the new all-time highs reached earlier today, the markets could be set up for unprecedented volume and intraday volatility as we approach the close.
Investing.com - Gold prices gained on Friday and is set to record its first weekly gain in four, while the dollar also traded higher although it is still hovering near two-month lows.
The EUR/USD closed well above 1.17 yesterday, signaling a continuation of the rally from August lows and an above-forecast Eurozone preliminary PMI releases could accentuate the bullish case.