Comex Signals

13Dec

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 prices ticked higher on Wednesday, hitting the best levels of the session after data showed that U.S. consumer price growth slowed in November. Comex gold futures were up $4, or about 0.3%, at $1,251.20 a troy ounce by 8:45 AM ET (13:45 GMT), not far from a five-month peak of $1,256.60 touched at the start of the week. Meanwhile, spot gold was trading at $1,246.28 per ounce, up $3.30, or 0.25%.
  • OPEC said on Wednesday it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week’s decision to trim output. In a monthly report, the Organization of the Petroleum Exporting Countries said 2019 demand for its crude would fall to 31.44 million barrels per day, 100,000 bpd less than predicted last month and 1.53 million less than it currently produces.
  • Oil rose to about $61 a barrel on Wednesday, supported by an industry report showing a drop in U.S. crude inventories, a cut in Libyan exports and an OPEC-led deal to trim output. The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped by 10.2 million barrels last week, more than analysts had forecast. Official inventory figures are due later on Wednesday. Brent crude (LCOc1), the global benchmark, rose $1.07 to $61.27 by 0947 GMT.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Proposals for reforming the World Trade Organization fail to deal with problems raised by the United States, U.S. Ambassador Dennis Shea told the WTO’s General Council on Wednesday. “With respect to the proposal advanced by the European Union, China, and India, it is hard to see how it in any way responds to the concerns raised by the United States,” he said, according to a transcript provided to Reuters.
  • China plans to give foreign companies greater access to its economy and is drafting a replacement of its plan to dominate advanced technologies by 2025, the Wall Street Journal reported Wednesday, citing sources briefed on the strategy. Beijing’s changes would come in response to pressure from U.S. President Donald Trump, who launched a tit-fortat tariff dispute with China this year aimed at balancing trade and giving American firms increased access to the world’s second-largest economy.
  • European Union leaders will ditch proposals to use a euro zone budget for economic stabilization and restrict any funds to long-standing EU goals of convergence among their economies and increasing competitiveness, draft summit conclusions showed on Wednesday. The likely outcome of Friday’s summit are a blow to German Finance Minister Olaf Scholz, a Social Democrat who wanted any euro zone budget to play a stabilization role via a shared unemployment insurance scheme for the zone’s 19 member states.

COMEX GOLD SIGNAL

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11Dec

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 prices fell on Monday, turning lower after reaching their best level in five months on the back of expectations that the Federal Reserve will need to slow its pace of rate hikes next year. Comex gold futures were down $2.10, or almost 0.2%, to $1,250.45 a troy ounce by 8:40AM ET (13:40 GMT), having earlier touched $1,256.60, the most since July 11. Meanwhile, spot gold was trading at $1,245.10 per ounce, down $3.40, or around 0.3%.
  • Oil prices slumped on Monday, erasing some of last week’s strong gains from an agreement among major producers to curb output in the coming year, while analysts debated whether the deal is enough to rebalance the market. New Yorktraded West Texas Intermediate crude futures fell 96 cents, or 1.82%, at $51.65 a barrel by 9:02 AM ET (14:02GMT).
  • Libya declared a state of force majeure at its largest oil field after an armed group forced a production halt, just days after OPEC exempted the country from global crude output cuts. The shutdown at the Sharara field will result in a production loss of 315,000 barrels a day, the state energy producer National Oil Corp. said on its website. Sharara is operated by a joint venture between the NOC and Total SA (PA:TOTF), Repsol (MC:REP) SA, OMV AG and Equinor ASA, known formerly as Statoil (OL:EQNR) ASA.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • The Governor of the Reserve Bank of India, Urjit Patel, resigned suddenly on Monday, following months of pressure from Prime Minister Narendra Modi’s government that is threatening the independence of the central bank, sending the rupee tumbling. Government officials have been complaining in the past few months that the central bank should allow lenders to make loans more easily, and want the RBI to hand over some of its surplus reserves to help fund the fiscal deficit.
  • Bethlehem is enjoying its busiest Christmas season on record, the Palestinian Ministry of Tourism said on Monday, with hotels in the birthplace of Jesus almost fully booked for the holiday. Tourism has recovered following a fall in knife and car-ramming attacks which helped push visitor numbers in the biblical city to a 10-year low in 2015. Bethlehem store owners also said they were benefiting from a surge of visitors to Israel in its 70th anniversary year.
  • British Prime Minister Theresa May abruptly decided on Monday to pull a parliamentary vote on her Brexit deal, throwing Britain’s plan to leave the European Union up in the air on the eve of the vote after repeated warnings from lawmakers she faced a rout. While there was no immediate official announcement, a source in Whitehall, the center of British power, said the vote would be delayed, a decision the government could take without having to get the approval of parliament.

COMEX GOLD SIGNAL

 

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7Dec

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 prices were flat on Thursday after the arrest of a top executive at China-based Huawei Technologies sparked worries that it could reignite the U.S.-Sino trade dispute. Comex gold futures for February delivery inched up 0.04% to $1,243.05 a troy ounce as of 8:52 AM ET (13:52 GMT). Market sentiment was on edge after Meng Wanzhou, the chief financial officer at smartphone company Huawei was arrested in Canada on an an extradition request by the U.S. The U.S. has been investigating whether or not she violated sanctions against Iran.
  • OPEC tentatively agreed an oil-output cut on Thursday but was waiting to hear from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said. Russian Energy Minister Alexander Novak flew home from Vienna earlier for talks with President Vladimir Putin in St Petersburg.
  •  The Trump administration is expected on Thursday to roll back an Obama-era rule that requires new coal plants to capture their carbon emissions, a move that could crack open the door in coming years for new plants fired by the fossil fuel. The Environmental Protection Agency (EPA) will make an “energy policy announcement” at 1:30 p.m. EST (1830 GMT) on Thursday.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Remainers were jubilant when an adviser to the European Union’s top court said the U.K. should be able to change its mind about Brexit. But the opinion of Advocate General Manuel Campos Sanchez-Bordona is non-binding on the EU’s Court of Justice — meaning judges can decide for themselves as they prepare to issue a landmark ruling on whether Britain could unilaterally revoke the “Article 50” letter that started the clock ticking on Brexit
  • China and India may be talking about improving their trade relationship but there is little action to go with the words. According to Indian government officials and representatives of various Indian trade bodies, progress is very slow – and may even be getting slower after last weekend’s truce between the United States and China in their trade war. Both India and China have sought to rebuild trust after a armed standoff over a stretch of the Himalayan border last year.
  • Britain will suspend its top tier investor visas, which require 2 million pounds ($2.55 million) in investment, as part of a drive to crack down on organized crime and money laundering. From Russian oligarchs and Middle Eastern oil barons to newly-minted Chinese entrepreneurs, the wealthy have flocked to London over the past two decades, snapping up everything from opulent homes to soccer clubs.

COMEX GOLD SIGNAL

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4Dec

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group’s de facto leader Saudi Arabia and marring efforts to show unity before this week’s meeting of exporters to tackle an oil price slide. Doha, one of OPEC’s smallest oil producers but the world’s biggest liquefied natural gas (LNG) exporter, is embroiled in a protracted diplomatic row with Saudi Arabia and some other Arab states.
  • Champions of coal say the superabundant fossil fuel can be made environmentally friendlier by refining it with chemicals – a “clean coal” technology backed by a billion dollars in U.S. government tax subsidies annually. But refined coal has a dirty secret. It regularly fails to deliver on its environmental promises, as electric giant Duke Energy Corp (NYSE:DUK) found. Duke began using refined coal at two of its North Carolina power plants in August 2012.
  • China will need to drop its steep tariffs imposed on a range of American farm products earlier this year before it can fulfill its pledge to buy a “very substantial” amount of U.S. goods, said Chinese traders on Monday. China and the United States agreed on Saturday to refrain from setting additional tariffs that would further escalate a months-long trade war that has roiled global markets and halted sales of American soybeans to the world’s top buyer.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Federal Reserve vice chairman Randal Quarles said the Fed’s increasing “data dependence” does not mean it will react to every change, but only to “significant changes in direction.” After a week in which markets have swung in their interpretation of where the Fed is heading, Quarles said in remarks in New York that “we should be data dependent but not reacting to every wavering of the needle across the dial…We have described in all the communications tools a path that is pretty clear.”
  • The Bank of Canada will next raise interest rates early next year, according to a strong majority of economists polled by Reuters who still say two more rate rises will follow by end-2019. As recently as late October there was a minority view that a rate rise might come in December. But a huge plunge in the price of oil – Canada’s main export – along with evidence of household budget strain has largely erased those expectations.
  • China was the driving force by a 30 percent leap in global trademark applications in 2017 as innovation turns into the main battleground among competing world economies, the U.N. World Intellectual Property Organization said on Monday. Figures issued by WIPO showed trademark applications hit 9.11 million last year while patent applications rose 5.8 percent to 3.2 million, with 2018 data showing the trend was continuing, WIPO Director General Francis Gurry told a news conference. Asia now accounted for 65.1 percent of patent applications, 66.6 percent of trademark applications, and 67.9 percent of design applications.

COMEX GOLD SIGNAL

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30Nov

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 edged higher for the second consecutive session on Thursday and is currently placed at the top end of its weekly trading range, around the $1227-28 region. The Fed Chair Jerome Powell’s comments that rates are just below the neutral level now triggered a broad-based US Dollar weakness and prompted some short-covering trade around the dollar denominated commodity.
  • Global temperatures are on course for a 3-5 degrees Celsius (5.4-9.0 degrees Fahrenheit) rise this century, far overshooting a global target of limiting the increase to 2C (3.6F) or less, the U.N. World Meteorological Organization said on Thursday. “Greenhouse gas concentrations are once again at record levels and if the current trend continues we may see temperature increases 3-5 degrees C by the end of the century,” Secretary-General Petteri Taalas said in the WMO’s annual statement on the state of the climate.
  • Oil prices erased an earlier decline that took U.S. crude below $50 for the first time in more than a year and jumped on reports that Russia recognized the need for major producers to cut production. New York-traded West Texas Intermediate crude futures rose 98 cents, or 1.98%, at $51.27 a barrel by 9:35 AM ET (14:35 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up 71 cents, or 1.20%, to $59.80.

COMEX GOLD SIGNAL

 

ECONOMY NEWS

  • U.S. stocks opened lower on Thursday as investors took a cautious stance in the run up to U.S.-China trade talks at the upcoming G20 Summit after President Donald Trump said there was “a long way to go” on tariffs with Beijing. The Dow Jones Industrial Average (DJI) fell 22.78 points, or 0.09 percent, at the open to 25,343.65. The S&P 500 (SPX) opened lower by 6.82 points, or 0.25 percent, at 2,736.97. The Nasdaq Composite (IXIC) dropped 24.22 points, or 0.33 percent, to 7,267.37 at the opening bell.
  • The euro zone bank sector is prepared for a hard Brexit and the Bank of England is right to warn of a deep recession if Britain leaves the bloc without a deal, European Central Bank Vice President Luis de Guindos said on Thursday. The BoE said on Wednesday that the British economy could shrink by as much as 8 percent in about a year in case of a no-deal Brexit, adding to pressure on lawmakers to drop their opposition to the Brexit agreement that Prime Minister Theresa May struck.
  • China is hoping for “positive results” in resolving a trade dispute with the United States at a G20 summit in Argentina, the commerce ministry said on Thursday, ahead of a closely watched meeting of Chinese and U.S. leaders. U.S. President Donald Trump and Chinese President Xi Jinping are due to hold trade discussions on the sidelines of the G20 summit in Buenos Aires on Saturday

COMEX GOLD SIGNAL

 

 

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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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22Nov

COMEX MARKET IN MALAYSIA | GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices rose on Wednesday on the back of further speculation that the Federal Reserve may take a less aggressive stance on policy tightening, while tension over trade issues between the U.S. and China continued to provide support for the precious metal. At 9:38 AM ET (14:38 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange gained $6.20, or 0.51%, to $1,227.40 a troy ounce.
  • U.S. President Donald Trump praised Saudi Arabia for helping to lower oil prices on Wednesday as pressure intensified to impose tougher sanctions on the Middle East ally following the murder of dissident Saudi journalist Jamal Khashoggi. In a tweet, Trump thanked Riyadh for the recent drop in oil prices and called for prices to go even lower, likening it to “a big tax cut” that could boost the U.S. and global economies.
  • Russian President Vladimir Putin may meet with Saudi Crown Prince Mohammad bin Salman at the Group of 20 summit next week, the Kremlin said. The talks will come just days before a crucial meeting of OPEC and its allies in Vienna, where Saudi Arabia will be trying to convince Russia to cooperate on curbing crude output next year following oil’s plunge back into a bear market.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • As Prime Minister Theresa May battled to save her draft Brexit deal in the face of resignations from her team and threats of a leadership coup, many believed one man could deal the fatal blow. But he didn’t. Michael Gove, her environment minister and the most prominent Brexit campaigner in the British cabinet, took two days to weigh up his options. During that time he declined May’s offer to be Brexit minister, because she refused to let him renegotiate the deal.
  • The Group of 20 industrialized nations is drafting a communique that will exclude an explicit pledge to fight protectionism, which could help avoid a repetition of friction between U.S. President Donald Trump and world leaders at last year’s summit, the Financial Times reported on Wednesday. The draft communique obtained by the FT calls for countries to keep markets open, preserve multilateral trade, and ensure a level playing field, the newspaper reported. The document could change before the 2018 summit begins in Buenos Aires on Nov. 30, it said.
  • Greece on Wednesday projected its economy would grow by 2.5 percent next year, as it submitted its first post-bailout budget to parliament promising to return a high surplus. Presenting its 2019 budget, vetted and approved by the European Commission, Athens said it would outperform on its primary surplus targets for the fifth year running, returning a surplus of 3.6 percent of economic output. The government also saw the country’s debt at 167.8 percent of GDP next year from 180.4 this year.

GOLD TRADING FORECAST TODAY

 

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20Nov

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 prices slipped on Monday, while the dollar was subdued against its rivals after Federal Reserve officials cautioned on the global economy. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange edged down 0.3% to $1,219.1 a troy ounce by 1:20 AM ET (06:20 GMT). The U.S. dollar index that tracks the greenback against a basket of other currencies edged up 0.08% to 96.4.
  • Oil steadied on Monday, having gained in the previous three sessions from the prospect that top exporter Saudi Arabia will push OPEC and maybe Russia to cut supply towards the year-end. Brent crude futures were down 6 cents at $66.70 a barrel by 1243 GMT, while U.S. futures were up 3 cents at $56.49. The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, is pushing for the group and its partners to reduce output by 1 million to 1.4 million barrels per day to prevent a build-up of unused fuel.
  • A Southeast Asian nation that was a bit player in the biofuel market is suddenly buying and selling unprecedented supplies. The U.S.-China trade war may have something to do with it. Malaysia has emerged to displace the U.S. as the biggest supplier of ethanol to China in just two months. It’s also the first time the Southeast Asian country is selling such significant volumes to the world’s top consumer.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • India’s central bank concluded a critical day-long board meeting, said a source familiar with the situation. It wasn’t immediately clear whether it had come to any conclusions in a dispute with the government over easing liquidity for the financial sector and increasing credit to small businesses. The government has been pressing the RBI to reduce capital ratios for banks, which would speed up loans to small businesses in remote parts of the country, a crucial vote bank for Prime Minister Narendra Modi. There are five key state elections in the next few weeks and a general election due by May.
  • Macedonia should seize on the prospect of faster EU integration to push ahead with reforms that will enable stronger economic growth, the International Monetary Fund said on Monday. Skopje’s agreement with Athens to change the country’s name to the Republic of North Macedonia is set to unblock its NATO and EU membership bids.
  • A potentially huge shift is underway in the U.S. bond market, underscored by a historic swing in hedge fund positions: investors are beginning to think the U.S. economy is close to peaking and the Fed is near the end of its rate-raising cycle. Speculators on U.S. futures markets slashed their bearish bets on 10-year Treasuries last week by the largest amount since April 2017, and the third largest since the Commodity Futures Trading Commission began compiling data in 1995.

COMEX GOLD SIGNAL

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16Nov

COMEX MARKET IN MALAYSIA | GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • The global grain market needs more U.S. wheat to make up for tightening supply in other major exporting zones, but China will be able to keep shunning U.S. soybeans in its trade tussle with Washington, grain merchants said on Wednesday. U.S. soybean shipments to China have dried up in recent months after Beijing raised tariffs on the most valuable U.S. agricultural export to the country.
  • When U.S. President Donald Trump asked Saudi Arabia this summer to raise oil production to compensate for lower crude exports from Iran, Riyadh swiftly told Washington it would do so. But Saudi Arabia did not receive advance warning when Trump made a U-turn by offering generous waivers that are keeping more Iranian crude in the market instead of driving exports from Riyadh’s arch-rival down to zero, OPEC and industry sources say.
  • Gold prices inched up while the dollar slipped on Thursday following reports that China delivered a written response to U.S. trade demand, and that the two nations resumed talks earlier this week to diffuse their trade disputes. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.1% at $1,211.8 a troy ounce by 1:00 AM ET (06:00 GMT).

INTERNATIONAL COMEX NEWS

ECONOMY NEWS

  • Israel’s cabinet plans to vote on Sunday on the nomination of Amir Yaron for Bank of Israel governor, the prime minister’s office said on Thursday. Israeli-born Yaron, 54, a professor at the Wharton School of the University of Pennsylvania and who has lived in the United States for two decades, was chosen by Prime Minister Benjamin Netanyahu last month. He would succeed Karnit Flug, whose five-year term concluded earlier this week. Deputy governor Nadine Baudot-Trajtenberg has assumed duties as acting governor.
  • Hungary’s central bank (NBH) is expected to hold interest rates at record lows on Tuesday, but there is a chance it could send a signal about future tightening against a backdrop of robust economic growth and rising inflation. All 15 analysts in a Reuters poll taken from Nov. 8-15 said the bank would keep both its 0.9 percent base rate and its -0.15 percent overnight deposit rate unchanged. The base rate has stood there since May 2016 and the deposit rate since September 2017.
  • Central banks are unlikely to issue digital currencies within the next decade, even in places where the use of cash is declining rapidly, European Central Bank board member Benoit Coeure said on Thursday. “There is broad agreement that a (central bank digital currency), in whatever form, is unlikely to be issued within the next decade, even among those four central banks that have indicated that they have reached the stage of developing a pilot project,” Coeure told a conference in Basel.


16nov7

 

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13Nov

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 prices were little changed on Monday as the dollar traded near 16-month highs and traders awaited U.S. inflation data due later this week. Meanwhile, Federal Reserve Chairman Jerome Powell’s speech on Wednesday would also be closely watched as he discusses national and global economic issues. The Fed indicated earlier this month that it is still on course to hike interest rates in December.
  • The race is on for liquefied natural gas (LNG) producers to build export terminals as demand soars, but the criteria for financing such mega-projects have shifted as traditional relationships with LNG consumers have begun to disintegrate. Royal Dutch Shell’s (AS:RDSa) final investment decision (FID) taken last month for a $30 billion LNG Canada project was a shot in the arm for the LNG industry, which is emerging from almost three years of low prices and investment.
  • Oil rose by more than 1 percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day. Saudi Arabia, the world’s largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day in December due to seasonal lower demand.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Emerging markets are already contending with U.S.-China trade tensions, policy tightening in developed countries, and a resurgent dollar. Higher oil prices are exactly what they don’t need right now. But that’s what they may get as the year draws to an end. With crude oil in a bear market, Saudi Arabia said OPEC and its allies should reverse about half the increase in output they made earlier this year as fears of shortages are supplanted by concerns about oversupply and collapsing prices. Oil futures in New York climbed as much as 1.6 percent.
  • Prime Minister Theresa May’s Brexit strategy came under attack from all sides on Monday, increasing the risk that her plan for leaving the EU will be voted down by parliament and thrust the United Kingdom toward a potentially chaotic “no-deal” Brexit. In a sign that Brexit talks could go down to the wire, EU sources said they want clarity from London by the end of Wednesday at the latest if there is to be a summit this month to approve a Brexit deal.
  • China will further open its economy in the face of rising protectionism, Premier Li Keqiang said as he arrived in Singapore on Monday for meetings with Asia-Pacific leaders that will focus on speeding up work on a major new trade pact. Li’s remarks in an article in Singapore’s Straits Times newspaper came as Singapore’s Prime Minister Lee Hsien Loong called for more regional integration, saying multilateralism was under threat from political pressures.

13nov5

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