|Day's range||1,252.40 - 1,257.70|
Investing.com – Oil prices showed mixed trade on Thursday after two-straight sessions of declines as market participants continued to weigh the battle between the Organization of the Petroleum Exporting Countries’ (OPEC) attempts to curb global supply while U.S. shale producers continued to ramp up output.
The gold prices were quite stable during the Wednesday’s session as it hovered around the $1250 level which has been a fair value of the market over the long-term charts. The market is likely to fall lower a bit towards the $1225 level, probably $1200 level underneath as the dollar will start to gain some value post the rate hike by Fed. This will essentially have a long-term impact on the prices of gold which could give directions to the market for the next year. The silver prices initially went sideways during the yesterday’s session but later found some bullish pressure later in the day.
Wednesday’s technical closing price reversal bottom may be a sign that the buying is stronger than the selling at current price levels. A trade through $2.763 will confirm the chart pattern. This could trigger the start of a 2 to 3 day rally with $2.940 the first major upside target.
WTI prices haven’t moved much in a month. This may change if the hedge funds decide they want to keep their money out of a sideways market and put it to work in another market that is trending.
DAX index continues to range and consolidate as we head towards the end of the year when the ranges are expected to get even tighter
The U.S. Dollar tumbled against a basket of currencies on Wednesday after the U.S. Federal Reserve raised interest rates as expected, but left its rate outlook for the coming years unchanged.
Bitcoin Gold, DASH, and Monero were all volatile during the trading session, but the crypto currency markets continue to be a bit muted in their overall range. Because of this, the markets look as if they are waiting to see what they are going to do if the Federal Reserve involving the US dollar. This will cause and effect in these markets as well.
The S&P 500 continues the upward momentum, and after the interest rate announcement during the trading session on Wednesday, it looks as if the uptrend should continue.
Investing.com - Crude oil prices held gains in Asia on Thursday despite slightly weaker Chinese industrial output figures as refinery throughput held strong and domestic crude output dipped.
While the price of precious metals rose this year, this silver and gold mining stock seemed to lose its luster with investors.
Investing.com - Crude prices inched higher on Wednesday, holding steady after data showed a U.S. oil stockpiles fell more than forecast, while gasoline supplies jumped.
New Gold and Coeur Mining have seen YTD losses of 14.3% and 22.3%, respectively, while NEM and SLW have seen YTD gains of 1.5% and 8.1%, respectively.
Kinross (KGC) expects Gilmore to potentially extend mine life at its Fort Knox mine, which is among its high performing and top producing operations.
The USDCAD pair is still trying to work its way higher and by the look of things, it has not been making a great job of it. The focus would be on the dollar for today as we have the inflation data in the form of CPI from the US and we would also be having the Fed rate annoucement and statement. Most of the market expects the Fed to hike rates today and this has already been priced into the markets.
Bitcoin remains the talk of the town after CBOE’s contracts launch on Sunday saw the cryptocurrency aggressively appreciate, but its futures market debut wasn’t all plain sailing.
The gold prices were relatively weaker during the Tuesday’s session as the market is expecting a hawkish outlook from Fed on interest rate hike. Looking ahead, the gold market will be influenced by the movement in USD and is likely to be volatile.
Gold prices dipped lower on Tuesday, hit a five-month low on the dollar strength. The expected rate hikes in 2018 continue to pressure gold prices lower. Gold prices trade slightly higher on Wednesday morning but remain near yesterday’s low at $1243.
The Federal Reserve is expected to raise its interest rate today, but its outlook via the Monetary Policy Statement is unknown.
Forex has become very cautious the past day as traders await a slew of central bank announcements over the next day and a half. The Pound has been also affected by political concerns again in the U.K and Gold has essentially sat in place. The Pound has remained near the lower rungs of its short-term value as political concerns once again embattle the U.K landscape.
President Trump suffered a major setback as the once strictly Republican state of Alabama has, for the first time in 25 years, elected a Democrat to the US Senate. Democrat Doug Jones staged a stunning come-from-behind win against GOP Roy Moore in, what many believe, will trigger a political earthquake that will be felt nationally and internationally. The vote had been nip-and-tuck and, with 99% of the vote in, Jones was holding a 50% to 49% lead. The win puts the Democrats just two seats away from the majority in the US Senate in 2018. ...
Among the four miners we're covering, Goldcorp and Barrick have YTD (year-to-date) losses of 12.9% and 14.6%, respectively.
With the rate hike a given, gold traders will be primarily focused on the U.S. central bank’s statement for clues on any further rate increases in 2018.
Early Wednesday, WTI and Brent are trading inside yesterday’s ranges. This suggests investor indecision and impending volatility. Traders are likely to make up their minds following the release of the U.S. Energy Information Administration’s weekly inventories report at 1530 GMT.