|Day's range||1,230.00 - 1,232.00|
Stocks that moved substantially or traded heavily Monday: Harris Corp., up $18.38 to $173.25 The defense contractor said it will combine with competitor L3 Technologies in an all-stock deal. Autodesk Inc., ...
Natural gas prices moved higher on Monday as colder than normal weather is forecast to move east generating additional heating demand during the balance of October. While supply over the past week was flat, demand increased as higher power generating was need increasing consumption by 1%. Natural gas prices moved higher rising by 2.88%, making a higher high and a lower high which is an uptrend. Momentum is flat as the MACD (moving average convergence divergence) histogram prints in the black with a flat trajectory which points to consolidation.
Gold prices moved higher on Monday and continues to form a bull flag pattern which is a pause that refreshes higher. A weaker than expected retail sales report released by the US Commerce Department on Monday, took some of the strength out of the US dollar paving the way for higher gold prices.Technical Analysis
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If upside momentum begins to build over .7140 then look for buyers to make a run at the 50% level at .7178 over the near-term. Treat .7140 like a pivot into the close.
Based on the early price action, the direction of the December WTI crude oil futures contract the rest of the session is likely to be determined by trader reaction to the 50% level at $71.61.
As stock markets plummeted all around the globe, sentiment deteriorated sharply, and investors turned back to the well-known safe-haven – gold.
Based on the early price action, the direction of December Comex Gold the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at $1235.80.
Based on the current price at 1.1595, the direction of the EUR/USD is likely to be determined by trader reaction to the uptrending Gann angle at 1.1592. Some may argue that the EUR/USD has been forming a support base the entire month. If this is the case then buyers are likely to go after 1.1669. This is a potential breakout level.
The EUR/USD has formed an ascending trend line that is holding the trend in place. The POC zone 1.1560-70 could show fresh buyers for the pair.
On a per-share basis, the company said it had a loss of 6 cents. The gold mining company posted revenue of $4.2 million in the period. The company's shares closed at 10 cents. A year ago, they were trading ...
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If you're looking at gold miners, stop. You need to consider streaming companies like Royal Gold, Franco-Nevada, and Wheaton Precious Metals.
Most Asian shares recovered during early trade despite Wall Street suffering heavy losses overnight. In Europe, stocks continue to march higher on positive global cues which could support Wall Street later in the afternoon.
The stock markets got an absolute bashing during this previous week, as the S&P 500 shows clearly on the weekly chart. We broke down through an uptrend line, and it looks as if the selling isn’t quite over with.
Gold markets were pretty quiet on Friday, grinding sideways after the explosive move on Thursday. This isn’t much of a surprise, because quite frankly markets need to cool off after a move like that. I think at this point, you are likely to see the market to one of a couple different things, either grind sideways to digest gains, or perhaps sell off as profit taking occurs.
The US dollar initially tried to rally during the trading session on Friday, but found resistance at the top of the recent consolidation that we have been in. Overall, this is a market that looks as if it is trying to find support at the 61.8% Fibonacci level again.
The Euro rallied initially during the day on Friday, but then sold off a bit during the early hours in the United States. However, I think that there is plenty of support below, so it is probably only a matter time before the buyers return.
The metal had been stuck in a rut as surging stock markets and the prospect of tighter U.S. monetary policy torpedoed any small rally bulls could muster. Gold prices had held near $1,200 since late August, with a measure of volatility sliding to an eight-month low earlier this month. “Sentiment for gold should improve given the risk rising in the equity market,” said Maxwell Gold, a director of investment strategy at Aberdeen Standard Investments, which oversees about $730 billion.
Gold prices consolidated after surging higher on Thursday driven by demand to enter into a safe haven currency. Yields edge lower allow the dollar to ease paving the way for higher gold prices. President Donald Trump was on the tape on Thursday stating that he believe the Federal Reserve was being reckless and increasing interest rates was unacceptable. Gold prices broke out of a 2-month range hitting highs not seen since early August, and then consolidated on Friday. Prices surged above resistance which is now short term support near a downward sloping trend line at 1,212. Additional support is seen near the 10-day moving average at 1,200. Resistance on the yellow metal is seen near the July highs at 1,265. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal.
Usually, gold miners are a leveraged play on gold prices, meaning that when gold prices rise, gold miners outperform the underlying commodity, and vice versa.
Gold, Miners Have Surged on the Market Rout—What’s the Upside? The Commodity Futures Trading Commission reports the positions of major players in the futures market in its COT (Commitment of Traders) report. It’s released every Friday and shows the open interest recorded on the previous Tuesday.
Gold prices have failed to draw a bid in 2018 despite many market uncertainties, including trade war tensions, the emerging market (EEM) currency crisis, and other geopolitical concerns. Year-to-date, gold prices have fallen 6.4%, and they’re currently down 9.6% from their April peak. The SPDR Gold Shares ETF (GLD), a proxy for physical gold’s price, rose 2.6% yesterday, bringing gold’s gains in the last three days to ~3.0%.
Trading near ten-weeks’ high isn’t speaking loud for the Gold’s strength as 100-day SMA level of $1229 & $1236-38 horizontal-region still stand tall to challenge the buyers. In case the bullion surpasses the $1238 resistance, it’s rally to $1250-51 & $1266-67 can be expected but the $1278 barrier, comprising 200-day SMA, may disappoint optimists then after. Alternatively, the $1215-13 could entertain short-term sellers before offering them the $1200 round-figure. ...