|Day's range||1,287.60 - 1,292.50|
The gold prices are continuing its move around the $1290 level as it is facing extreme resistance in breaking above the psychologically important $1300 level. If it breaks above the $1300 level, then it can reach towards the $1400 level in the long term, with some selling at every $25 until it reaches there. The $1250 level underneath is strong and hard support for the market and is unlikely to breach. …Read MoreSilver
Gold prices moved sideways in the wake of the Brexit vote which as widely expected defeated the Prime Minister Teressa May. The markets had discounted a no vote, which led to some short-covering in the pound. The easing of the dollar helped buoy gold prices. Momentum, as reflected by the MACD (moving average convergence divergence) index, is also negative as the index generated a crossover sell signal.
Natural gas markets have recently gapped higher but is starting to show cracks in the ice again, as we have gotten far ahead of ourselves. As previously mentioned, I think there could be a selling opportunity near the $3.75 level. We have fallen from there.
The Australian dollar has been rather noisy as of late, but the one thing that I can glean from this chart is that there is a specific level of resistance just above that is going to be difficult to overcome.
Both sides of pair vie for control of momentum as news driven momentum resulted in neither pair dominating rally.
The current intraday chart pattern indicates that investors will have to decide between buying strength and playing for a breakout over today’s intraday high at $3.373, or wait for a pullback into the support zone at $3.091 to $3.024.
Gold has been rangebound for nearly two weeks due to mixed fundamentals. Underpinning the market has been the dovish Fed which recently signaled it may take a break from further rate hikes until the stock market volatility stabilized and the global economy started to show signs of strengthening.
Per the deal, Newmont's (NEM) shareholders will own roughly 65% and Goldcorp shareholders will own around 35% of the combined entity.
Rising gold prices and a hunt to boost additional reserves of the precious metal have spurred Newmont Mining Corp. and Barrick Gold Corp. to acquire rival companies and add more operations. “The thesis being offered is that bigger is better, and historically in the gold sector that hasn’t proven to be value creating for shareholders,” Jake Klein, executive chairman of Sydney-based Evolution Mining Ltd., said by phone on Tuesday. Mid-sized and small producers including Evolution and Canada’s Wesdome Gold Mines Ltd. are among those to have outperformed larger competitors over the past six years.
Venezuela’s ongoing economic crisis has created an opportunity for Russia which seeks to expand Moscow’s global influence
Perhaps stung by the nationalistic backlash against Barrick Gold Corp.’s merger with Randgold Resources Ltd., Newmont Mining Corp. devoted a big chunk of its news release Monday explaining how its $10 billion offer for Vancouver-based Goldcorp Inc. will help Canada. Like “New Barrick,” which no longer has its top executives in Canada, Newmont Goldcorp’s incoming chief executive officer and current chairwoman are expected to remain in the U.S. While some jobs will flow from Nevada to the miner’s new regional base for North America in Vancouver, it’s hard to imagine the influence of that city not waning as a result of the deal.
Newmont and Goldcorp Merger to Create World’s Leading Gold Miner ## Newmont-Goldcorp merger Today, Newmont Mining (NEM) and Goldcorp (GG) announced that they have entered an agreement in which NEM will acquire all of the outstanding shares of Goldcorp in a stock-for-stock transaction valued at $10 billion. Newmont will acquire each share of Goldcorp in exchange for 0.3280 NEM shares, which represents a premium of 17% based on the companies’ 20-day volume weighted average stock prices. ## Sector-leading gold combination Newmont Goldcorp’s reserves will be among the largest in the gold sector (GDX) (GDXJ). Moreover, the combined entity is targeting $1.0 billion–$1.5 billion in divestitures over the next two years to optimize gold (GLD) production at a sustainable rate. As per the press release, “In addition to providing shareholders the largest gold Reserves per share, Newmont Goldcorp will offer the highest annual dividend among senior gold producers.” ## Following Barrick-Randgold merger This transaction comes on the heels of the merger of Barrick Gold (GOLD) with Randgold Resources, which was completed on January 2, 2019. On September 24, Barrick Gold agreed to acquire Randgold Resources in a share-for-share deal. The merger created a sector-leading gold company, which owns five of the industry’s top ten Tier 1 gold assets. The combined entity has a market cap of ~$23.75 billion. It will also have the largest gold reserves among its senior gold peers (GDX) (NUGT). You can read Is Barrick Worth a Look after Its Merger with Randgold? for more details about the merger.
Jim Cramer Suggests Nervous Investors Buy Gold Now ## Cramer suggests adding gold Mad Money host Jim Cramer is advising investors to invest in gold (IAU) if they’re concerned about the Fed’s interest rate policy and the trade conflict between the US (SPY) (IVV) and China (FXI). Cramer said, “If you’re looking for an insurance policy against volatility and economic uncertainty, gold is a great way to go.” He added, “While I like the stock market here, as you know, now that the Fed has decided to be more patient, the whole point of diversification is to be prepared in case something goes wrong … and your thesis doesn’t pan out.” Read Bulls versus Bears on Wall Street: Time to Buy Gold in 2019? for major analysts’ take on the gold price outlook in 2019. ## What should investors buy? However, Cramer doesn’t recommend buying the actual metal. Instead, he recommends direct exposure through the SPDR Gold Shares (GLD), which is the largest gold-backed ETF. He thinks that GLD and other gold mining ETFs (GDX) (NUGT) reduce risk and inconvenience. In addition to GLD, Cramer also recommends a high-quality gold producer like Barrick Gold (GOLD). Recently, Barrick Gold and Randgold Resources’ merger was finalized, which canceled Randgold’s London listing. ## Barrick-Randgold merger created a mining behemoth Regarding the Barrick Gold and Randgold Resources merger, Cramer likes the merged company. He said, “The company has the lowest total cash costs among its peers — I like that — [and] it has a nicely diversified portfolio of assets across the world — I love that.” Read Is Barrick Worth a Look after Its Merger with Randgold? for more details on the new company’s operating metrics and its outlook after the merger.
The early price action has created a cluster of support Gann angles at $3.059 to 3.048. Trader reaction to this area will determine the direction of the natural gas market the rest of the session. The rally could get stronger depending on how far into the US the cold pushes in from Canada, and how long it stays.
Counties in northern Nevada have been using blockchain technology to digitally store government records such as birth and marriage certificates, according to AP news.
While it’s shale that catches most of the headlines, the role of conventional oil production and its decreasing role outside of the Middle East is changing oil markets
After consolidating on the daily chart for several days, natural gas futures finally blasted through short-term resistance to change the trend to up. U.S. West Texas Intermediate and international-benchmark crude oil futures tumbled nearly 2-percent on Friday as some of the positive vibe generated by U.S.-China trade hopes gave way to renewed worries about a global economic slowdown. Gold futures finished Friday’s session marginally higher while wrapping up its fourth successive week of gains.
Natural gas prices are attempting to move higher on Friday, as colder than normal weather is finally making its way into the northeast. The weather pattern is still warm for the southern portion of the United States, which will mean that weather might not play a significant factor in demand use. An agreement with China and the potential to use an increasing amount of LNG which will be exported could significantly increase natural gas demand. Natural gas prices are bounding above support which is an upward sloping trendline that comes in near 2.90.
Based on the earlier price action and the current price at 2586.50. The direction of the March E-mini S&P 500 Index futures contract on Friday is likely to be determined by trader reaction to the uptrending Gann angle at 2598.50.
Silver markets went back and forth during the week, forming a slightly negative candle stick for the week, as we pull his at major resistance. I think that we are looking at a potential pull back, but overall the attitude of this market has clearly changed.
Goldman Sachs has predicted that the price of gold will rise this year driven by fears of slowing economic growth, according to CNBC. In the next three months, the investment bank has forecast that the price of gold to hit $1,325 per troy ounce from $1,250. Three and nine months later, the Wall Street firm
Gold markets went back and forth during the course of the week, testing the crucial $1300 level above, but failed to break above there. This is especially interesting considering that it is a large, round, psychologically significant number, and then of course the shooting star from the previous week.