|Day's range||1,332.10 - 1,338.50|
The primary driver of the recent weakness in the dollar has not been concerns about the length of the government shutdown, but rather worries that its yield advantage is being chipped away by expectations of rising rates in other countries like Germany.
According to data from the U.S. Commodity Futures Trading Commission, U.S. natural gas speculators boosted their net long positions for a fourth week in a row to their highest level in almost two months.
The gold prices rallied significantly during the Friday’s session reaching towards the $1334 level but pulled back slightly from there. The silver prices were much volatile during the Friday’s session initially rallied above the $17 level but settled around the $17 level at the day’s end. The $17.10 level is going to offer short-term resistance while $16.90 level is the support.
2017 was rough for the USD. The beginning of 2018 does not look any better but there is a chance for the USD buyers to at least take a deep breath or a break, before falling even deeper. In the past few days, USD is doing all it can to stop the recent depreciation. Although they are far from the success, the demand made some advancements to at least stop the price from falling. In our today’s analysis, we will target the Dollar Index – DXY, which shows the global sentiment towards the Greenback.DXY Daily Chart
The EUR, GBP, and Yen have held their stronger ground versus the U.S Dollar as trading has begun this morning.
The DAX has finally managed to break through the highs of its range and it remains to be seen whether it can hold on to its gains
Quarterly New Zealand consumer inflation is expected to come in at 0.4%, down from the previously reported 0.5%.
The US dollar has been volatile during the week, but as we close out the Friday session, it looks as if the market doesn’t know where to go next, in relation to the Canadian dollar. I think that the market continues to be difficult for longer-term traders, as there are so many moving pieces.
The technical set-up is there. Now all we need is a catalyst. The catalyst is likely going to be the decision about the government shutdown.
On January 12, 2018, gold prices hit a four-month high of $1,338.20 per ounce, and it ended the day at $1,333.40. The implied volatility in gold was 8.9%. Most of these gains were due to the steady decline in the price of the dollar. The US dollar (UUP), tracked by the DXY Currency Index (or DXY) was down 1.0% on January 12.
The Kiwi Dollar takes another hit after December manufacturing output growth slowed to the lowest level since December 2012, with UK retail sales to drive the Pound. For the Dollar, it’s all in the hands of the Senate with a government shut down likely to sink and already pressured Dollar.
Zacks Industry Outlook Highlights: Alamos Gold, Richmont Mines, Barrick Gold, Franco-Nevada and Sandstorm Gold
The Bitcoin markets continue to sell off, as retail traders are getting pummeled. Currently, it looks very likely that we will continue to see the unwind of the massive uptrend, and it now looks as if the bubble has popped.
The S&P 500 went sideways during most of the session on Wednesday, as we continue to see a lot of volatility. The 2800 level course has offered resistance, so I think that breaking above there is a very bullish sign, specially make a fresh, new high.
Goldcorp's (GG) preliminary full-year 2017 production results exceed its earlier guidance. Also, the company remains on track to achieve its 20/20/20 plan.
Zacks Industry Outlook Highlights: Barrick Gold, Franco-Nevada, Sandstorm Gold, Asanko Gold and Pershing Gold