18Feb

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

  COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold is at an inflection point as traders muse over what’s more important to the market — a U.S.-China trade deal that could knock bullion off its $1,300 perch or a spike in Brexit/Venezulea worries that may result in new 2019 highs. The spot price of bullion and futures of gold hit two-week highs on Friday as a string of weak economic data from earlier in the week and subdued inflation supported the Federal Reserve’s stance of being “patient” with future rate hikes.
  • Venezuela’s opposition has no plans to use funds belonging to U.S. refiner Citgo, which is owned by state oil company PDVSA, despite having named a new board for the company this week, the self-declared interim government’s U.S. envoy said on Friday. The opposition will not make changes to the refining company’s management or operations until Juan Guaido, the leader of Venezuela’s opposition-controlled Congress who swore himself in as president last month, has control of state functions, said Carlos Vecchio, Guaido’s representative in Washington.
  • The good news is flowing in from all corners for oil bulls. Trade talks in Beijing, outage at the biggest Saudi oilfield and commodities merchant Trafigura’s apparent decision to halt trading in Venezuelan crude are all combining to create the largest weekly gain for oil this year.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • A confidential Commerce Department report due to be sent to Donald Trump on Sunday is widely expected to clear the way for the U.S. president to threaten tariffs on imported autos and auto parts by designating the imports a national security threat, auto industry officials said on Friday. The report’s recommendations may bring the global auto industry a step closer to its worst trade nightmare – U.S. tariffs on millions of imported cars and parts of up to 25 percent that many in the industry fear would add thousands of dollars to the cost of vehicles and potentially cost hundreds of thousands of jobs throughout the U.S. economy.
  • Democratic lawmakers, states and others mulling legal challenges to President Donald Trump’s national emergency declaration to obtain funds to build a U.S.-Mexico border wall face an uphill and probably losing battle in a showdown likely to be decided by the conservative-majority Supreme Court, legal experts said.
  • U.S. comparisons with previous quarters are of course skewed by President Donald Trump’s generous tax breaks, which handed companies a big windfall in early 2018 but have now expired. The swift pace and depth of cuts to estimates are raising concerns this may be the start of a trend, as companies struggle with margin squeezes and debt. After all, as recently as December, Q1 earnings were seen expanding by 5.3 percent.

COMEX GOLD SIGNAL

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