GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Many market pundits think gold will come off its highs soon and see lackluster moves till the year end. For now, the yellow metal’s momentum at the top is telling a different story. For a fourth day in a row, benchmark February gold futures on New York Mercantile Exchange’s Comex division hit highs above the key $1,300-an-ounce level. The last two session have been particularly remarkable for February gold as it made highs on days when even the dollar, a contrarian trade to gold, rose. ‘
- U.S. homes and businesses will likely use record amounts of natural gasfor heating on Wednesday as an Arctic-like freeze blankets the eastern half of the country, according to energy analysts. Harsh winds brought record-low temperatures across much of the Midwest, unnerving even residents accustomed to brutal winters and keeping them huddled indoors as offices closed and mail carriers halted their rounds.
- U.S. oil prices edged up on Thursday to extend gains into a third session, with widely watched data showing signs of tightening supply in the United States. U.S. West Texas Intermediate (WTI) crude futures were at $54.41 per barrel at 0052 GMT, up 19 cents from their last settlement. WTI futures closed up 1.7 percent on Wednesday, when prices touched their highest since Nov. 21 at $54.93 a barrel.
- Standard & Poor’s upgraded New Zealand’s credit outlook to “positive” on Thursday, saying expected budget surpluses in coming years would allow the country to reduce its debt and provide resilience to future risks. S&P reaffirmed its sovereign credit rating at AA+, the second highest, and revised its outlook from stable. “The positive outlook on the long-term ratings on New Zealand reflects our view that the general government budget could achieve a surplus in the early 2020s,” S&P said in a statement.
- Bank of Japan Deputy Governor Masayoshi Amamiya said on Thursday the central bank must contain the side effects of its policy to maintain its current “powerful” monetary easing for a prolonged period. Amamiya said it was taking longer than initially expected to achieve the BOJ’s 2 percent inflation target, as firms were keeping costs low by streamlining operations and price-sensitive households were discouraging companies from raising prices.
- Fragile equity markets forced Federal Reserve Chairman Jerome Powell to pledge on Wednesday that the U.S. central bank will be patient with future interest rate hikes, said DoubleLine Capital Chief Executive Jeffrey Gundlach. “He’s caving to the stock market. The stock market scared him,” in late 2018, Gundlach, who oversees $123 billion, said in a phone interview with Reuters. Powell, citing rising uncertainty about the U.S. economic outlook, said the case for raising rates had “weakened,” and the U.S. central bank in a post-meeting statement dropped its earlier expectation for “some further” tightening.
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