|Day's range||1,273.60 - 1,284.30|
After Ecuador’s President removed a moratorium on new mineral licenses, two of the world’s largest gold miners are said to consider a big move into this rising mining nation
ABX reported a decline in quarterly output at its major gold mines, which was expected due to the ongoing disruptions at its Tanzanian mines.
Investing.com - Gold prices hit a more-than-two week low on Monday as dollar strength continued to put pressure on the precious metal.
The U.S Dollar has remained resilient. The Yen has been sold off as the Nikkei Index continues to track upwards and in the wake of Prime Minister Abe’s election victory on Sunday. Gold remains under pressure and is battling headwinds. USD/JPY: Victory by Prime Minister Abe Secures Policy The Yen has continued to get weaker … Continue reading Daily Market Forecast, October 23, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
Gold prices hit a two-week low early Monday as investors continued to react to rising U.S. Treasury yields and increased demand for higher risk assets. The rise in Treasury yields is helping to make the U.S. Dollar a more attractive investment which is weighing on demand for dollar-denominated gold. At 0612 GMT, December Comex Gold … Continue reading Price of Gold Fundamental Daily Forecast – Demand for Gold Drops Amid Stronger U.S. Dollar, Appetite for Risk
U.S. West Texas Intermediate and international-benchmark crude oil futures are edging higher early Monday. The catalysts behind the rally are supply concerns in the Middle East and signs of tightening in the U.S. as well as increasing demand in Asia. At 0543 GMT, December WTI Crude Oil futures are trading $52.09, up 0.25 or +0.48% … Continue reading Oil Price Fundamental Daily Forecast – Supported by Middle East Supply Concerns, Signs of U.S. Tightening
The DAX index continues to struggle to break through the 13000 region and this week could provide a make or break situation for the index to either push itself higher through this region and make the break stick or to expose itself to the vagaries of the global market and the investors and hence correct … Continue reading DAX Index Daily Fundamental Forecast – October 23, 2017
December West Texas Intermediate Crude Oil futures finished slightly higher last week after posting a strong rally on Friday. There is an upside bias in the market, but crude oil lacks a catalyst to trigger an acceleration to the upside. Helping to underpin prices is the market’s move toward a rebalance of support and demand. … Continue reading Crude Oil Price Update – Edging Toward Upside Breakout Over $53.19 but Needs Catalyst
December Comex High Grade Copper futures hit a three year high early last week before settling into a range. The market was underpinned by improving manufacturing profits in China that pointed to robust growth in the world’s top user of metals. Copper drifted mostly sideways after the initial surge at the start of the week. … Continue reading Comex High Grade Copper Price Futures (HG) Technical Analysis – Trader Reaction to Pivot at $3.1760 Will Set the Tone This Week
Hello traders, let’s see which news releases stand out on Monday, the 23rd of October. Coming up first at 12:30 PM GMT is the Chicago Fed National Activity Index for September. The Index slipped in the negative territory in August as industrial production and personal consumption both went down. Canadian Wholesale Trade for August is … Continue reading Daily Economic Calendar, October 23, 2017
Natural gas prices closed lower last week even though there is evidence of a tightening of natural gas stocks. December Natural Gas futures settled at $3.113, down $0.047 or -1.49%. In other news, according to the U.S. Energy Information Administration, domestic supplies of natural gas rose by 51 billion cubic feet for the week ended … Continue reading Natural Gas Price Fundamental Weekly Forecast – Prices Weakening Despite Evidence of Tightening Supply
Gold prices tumbled last week in reaction to rising Treasury yields, a stronger U.S. Dollar and increased demand for higher-yielding assets. December Comex Gold futures settled at $1280.50, down $24.10 or -1.85%. Early in the week, gold was pressured by hawkish comments from Fed Chair Janet Yellen and stronger-than-expected economic data that helped underpin the … Continue reading Price of Gold Fundamental Weekly Forecast – Direction Will Be Dictated by Movement in Treasury Yields
The EUR/GBP pair initially tried to rally during the week, but as you can see ran into a bit of a want the 0.90 level. The British pound itself exploded against the US dollar several times, and it looks likely that we will continue to see a lot of volatility over here. The 0.88 level … Continue reading EUR/GBP forecast for the week of October 23, 2017, Technical Analysis
The S&P 500 rallied significantly during the session on Friday, but then pulled back a little bit only to find more buying pressure. Ultimately, we closed near the 2575 handle, and I think that the market should go looking towards the 2600 level after that. Pullbacks offer value, and eventually, we should break above the … Continue reading S&P 500 Price Forecast October 23, 2017, Technical Analysis
Investing.com – Gold prices fell on Friday amid a sharp rise in the dollar on growing expectations of tax reform after the Senate approved the Republican-backed budget.
Gold prices moved lower on Friday, whipsawing after testing the 10-day moving average and closing near the session lows. A stronger than expected Canadian CPI helped weigh on gold prices. Support on gold is seen near the October lows at 1,260. Momentum is neutral as the MACD (moving average convergence divergence) index prints near the … Continue reading Gold Price Prediction for October 23, 2017
Investing.com - Crude oil prices bounced off session lows on Friday, after traders locked in profits from the commodity's recent gains as optimism surrounding a gradual tightening of the market continued to support.
Investing.com - Gold prices remained lower on Friday, as the U.S. dollar was still broadly supported by fresh hopes for a major U.S. tax overhaul.
Comex gold futures were down $3.54 or about 0.28% at $1,286.44 a troy ounce by 03:00 a.m. ET (07:00 GMT). The greenback was boosted after the U.S. Senate late Thursday approved a budget blueprint for the 2018 fiscal year that will pave the way for Republicans to pursue tax-cut plans without Democratic support. The Republican-controlled Senate voted for the budget measure by 51-to-49, which would add up to $1.5 trillion to the federal deficit over the next ten years in order to pay for proposed tax cuts.