27Nov

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Commodity bull Goldman Sachs Group Inc (NYSE:GS). is undaunted by the sell-off in raw materials and is forecasting returns of about 17 percent in the coming months, describing the current situation as unsustainable and touting this week’s G-20 meeting in Buenos Aires as a potential turning point. “Given the size of dislocations in commodity pricing relative to fundamentals — with oil now having joined metals in pricing below cost support — we believe commodities offer an extremely attractive entry point for longs in oil, gold and base,” analysts including Jeffrey Currie said in a report.
  • Oil prices rebounded on Monday in Asia after slumping 8% last Friday amid concerns that excess supply and weakening demand pressures could create a glut next year. Crude Oil WTI Futures for January delivery rose 1% to $50.92 a barrel at 12:33 AM ET (05:33 GMT) on the New York Mercantile Exchange, while Brent Oil Futures for February delivery also climbed 1.3% to $59.82 per barrel on London’s Intercontinental Exchange.
  • Saudi Aramco will expand its market share in Asia despite likely OPEC limits on output next year, and is eyeing deals in China and Africa as it aims to become a global leader in chemicals, the head of the world’s top oil producer said on Monday. Amin Nasser, chief executive of the state oil giant, told Reuters that his company would abide by any OPEC agreement to cut crude production in 2019, less than two weeks before the exporter group meets to decide output policy.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • The Bank of Israel raised its benchmark interest rate to 0.25 percent on Monday, an unexpected move that brought nearly four years of record-low borrowing costs to a close. The bank, in a statement accompanying the rate decision, assessed that borrowing costs would rise in a “gradual and cautious” manner. The shekel gained as much as 0.8 percent against the dollar, extending its daily advance and recouping some of its loss since the last rate decision on Oct. 8.
  • A gradual slowdown in euro zone growth is normal and may be in part temporary, European Central Bank President Mario Draghi said on Monday, arguing that his assessment for inflation has not changed even if growth is weaker than earlier thought. “There is good reason to be confident that underlying inflation will gradually rise in the period ahead,” Draghi said. “Recent developments confirm the Governing Council’s earlier assessments of the medium-term inflation outlook.”
  • Global wage grew by 1.8 percent in 2017, down from 2.4 percent in 2016 and the slowest rate since the global financial crisis in 2008, the International Labour Organization said in its two-yearly Global Wage Report on Monday. “What is now widely recognized is that slow wage growth has become an obstacle to achieving sustainable economic growth,” ILO Director-General Guy Ryder wrote in the report.

COMEX GOLD SIGNAL

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