|Day's range||1,456.40 - 1,467.60|
Based on the early price action and the current price at 1.1009, the direction of the EUR/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the support cluster at 1.0996 to 1.0994.
Crude oil inventories were forecast to have risen for a third straight week last week, while refined products inventories likely declined, a preliminary Reuters poll showed on Tuesday.
Asian stocks are trading lower, despite their US counterparts tantalisingly close to setting new record highs, as investors continue sieving through potential signals from the noise surrounding the highly anticipated US-China trade deal.
Our summary of the current situation in the precious metals is not going to differ much from what we wrote yesterday, and the reason is simple.
Investing.com - Oil prices were lower on Wednesday as renewed concerns over prospects for a U.S.-China trade deal weighed on the outlook for the global economy and energy demand.
Based on the early price action, the direction of the December Comex gold futures contract on Wednesday will likely be determined by trader reaction to yesterday’s high at $1461.30.
The market remains long on optimism and short on the critical trade concessions but overall no worse for the wear as investors go through their daily ritual of RoRo (risk-on -risk-off)
Based on the early price action, the direction of the AUD/USD on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at .6840. Nine days down puts AUD/USD in window of time for closing price reversal bottom. Watch trader reaction to Tuesday’s close at .6841.
Investing.com - Oil prices were down on Wednesday in Asia as hopes for a trade deal between China and the U.S., the world’s biggest oil importers, dimmed.
Based on the price action late in the session and the current price at 27639, the direction of the December E-mini Dow Jones Industrial Average futures contract into the close is likely to be determined by trader reaction to Monday’s close at 27658.
Crude oil markets did very little in the way of action during the trading session on Tuesday, as they continue to consolidate in the middle of the larger rectangle that they are both in.
Investing.com – The greatest trade distraction of the century remains alive, markets heard Tuesday, prompting safe-haven gold to climb a few notches in afterhours trade.
Based on the early price action and the current price at 1.1018, the direction of the EUR/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the resistance cluster at 1.1029 and the downtrending Gann angle at 1.1016.
Mobile crypto wallet and investment app Abra is adding a host of new coins and doubling its U.S. bank deposit limits for U.S. customers.
On Monday, U.S. data showed that crude inventories at the Cushing, Oklahoma delivery hub for WTI, fell about 1.2 million barrels in the week-ending November 8, traders said, citing market intelligence firm Genscape.
The GBP/USD made a strong bullish bounce at the 144 ema close, which could indicate the completion of a bearish ABC (orange) correction and a potential restart of the uptrend.
Investing.com - Oil prices climbed on Tuesday, reversing early losses amid hopes that U.S. President Donald Trump would use a speech later in the day to indicate progress towards resolving the protracted U.S.- China trade war.
(Bloomberg) -- China’s Generation Z may be willing to spend more on luxury goods, but they’re not as keen on gold as their older compatriots.That’s according to survey by the World Gold Council, which showed just 12% of those aged 18 to 22 intend to buy gold jewelry in the coming year, much less than the millennial generation and people over 39. Their emotional connection with gold jewelry also “seems particularly weak” compared with other countries, the council said.The changing tastes among China’s young adults may signal a warning for the gold industry, which counts China as its biggest buyer. There are already signs that global gold demand has recently been driven more by exchange-traded fund investors than jewelry purchases.“It is undoubtedly a challenge for China’s jewelry industry to engage with the younger generation,” said Alistair Hewitt, director of market intelligence at the council. China’s young consumers may be distancing themselves from gold because it has long been associated with older generations, though their views may change as they grow older, he said.The difference in gold tastes between different generations in No. 2 buyer India isn’t as pronounced as in China. Gold jewelry attitudes are also more consistent among different age groups in the U.S., the survey showed.One bright spot for gold is its reputation as a store of value. While young adults want quick returns and are eager to take risks through investments like cryptocurrencies, they generally trust gold as way of preserving wealth over the longer term, the council said. The metal remains the third-most popular investment globally, behind savings accounts and life insurance.Even so, there are big differences in consumer appetite for gold around the world, with interest in China and India much stronger than countries like Germany or Canada, the survey showed. The survey questioned 18,000 consumers across six countries.To contact the reporter on this story: Elena Mazneva in London at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Nicholas Larkin, Dylan GriffithsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The direction of the December Comex gold futures contract on Tuesday is likely to be determined by trader reaction to Monday’s close at $1457.10.