30Aug

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 lower on Wednesday as Sino-U.S. trade tensions continued. Comex gold futures for December delivery fell 0.29% to $1,210.90 a troy ounce as of 10:40 AM ET (14:40 GMT). Investors remained cautious ahead of a upcoming deadline in Sino-U.S. trade disputes as a trade deal between the U.S. and Mexico was underway.
  • After years of restraint since crude prices slumped in 2014, oil services companies are now at loggerheads with producers as they battle for what they see as a fair share of the sector recovery. Oil industry suppliers say they have cut costs and prices to the bone and the recent rebound in crude justifies better rewards for anything from rigs to logistics and engineering services.
  • Copper prices have recovered from a recent rout, but the possibility of the trade dispute between the Washington and Beijing escalating and its potential to crimp demand in China, the world’s top consumer, is expected to cap gains. Benchmark copper on the London Metal Exchange at $6,100 has climbed nearly 6 percent since crashing to a 14-month low of $5,773 a ton on Aug. 15

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Argentina’s peso touched a record low 32 per U.S. dollar on Wednesday after President Mauricio Macri said his government had asked the International Monetary Fund for early release of funds from the country’s $50 billion standby deal. The currency has weakened more than 42 percent in 2018. Investors are concerned that with high inflation, a weak economy and fallout from a global selloff in emerging markets, Argentina may have problems meeting its debt obligation in 2019.
  • Talks to modernize a customs union agreement between Turkey and the European Union, which have been stalled, must start again, Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday. Speaking at a news conference, Cavusoglu also said Turkey did not expect new chapters to be opened regarding its EU accession talks while Austria has the term presidency of the bloc.
  • Financial centers outside the European Union would be the benefactors if the European Union sought to punish the City of London as Britain leaves the bloc, Brexit minister Dominic Raab said on Wednesday. Raab told a parliamentary committee he did not believe the EU would try to punish the London’s financial sector, but that if they did, “I think the only winners would be the other financial centers in the top 10 like Tokyo and New York.”

COMEX GOLD SIGNAL

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29Aug

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 lower on Tuesday, despite a weaker dollar, as trade tensions between the U.S. and China lingered. Comex gold futures for December delivery fell 0.16% to $1,214.10 a troy ounce as of 10:33 AM ET (14:33 GMT). The U.S. and Mexico reached a trade deal on Monday that would replace the North American Free Trade Agreement (NAFTA). U.S. Treasury Secretary Steve Mnuchin said on Tuesday he thinks the U.S. will also reach a deal with Canada this week.
  • Current U.S. sanctions on Iran are unlikely to stop Iranian oil exports completely, a long-time adviser at Saudi Arabia’s Energy Ministry said on Tuesday, adding Iran would be unable to close the straits of Hormuz and Bab al-Mandab even partially. Speaking at an oil conference in the Norwegian city of Stavanger, Ibrahim al-Muhanna said Iran would be the first to lose out on a move to block those major shipping routes and that any such action would trigger further sanctions on Iran.
  • When farmer Julimar Pansera purchased land in Brazil’s interior seven years ago, it was blanketed in tiers of fruit trees, twisted shrubs and the occasional palm standing tall in a thicket of undergrowth. He mowed down most of that vegetation, set it ablaze and started planting soybeans. Over the past decade, he and others in the region have deforested an area larger than South Korea.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • France’s top financial markets regulator Robert Ophele has applied to run the European Central Bank’s banking supervisory body, his office said on Tuesday. The ECB advertised last month for a successor to Daniele Nouy, who is French, when her five-year term as head of the Single Supervisory Mechanism (SSM) ends in December. Ophele was appointed head of the French financial markets authority last August after a long career at France’s central bank. When he was deputy governor of the Bank of France he sat on the board of the ECB’s Single Supervisory Mechanism.
  • Goldman Sachs Group Inc (NYSE:GS). is telling traders to be wary of reading Federal Reserve Chairman Jerome Powell’s comments last week as dovish for the path of interest rates. Ten-year Treasury yields fell Friday on Powell’s speech at the Kansas City Fed’s annual policy symposium, when he said “there does not seem to be an elevated risk of overheating.” What’s more, the maturity’s spread over two-year yields is close to the lowest since 2007.
  • Nearly three out of four companies doing business in Germany and the United States doubt that a U.S.-European trade truce reached last month will be followed by a lasting agreement on large-scale tariff cuts, a survey showed on Tuesday. U.S. President Donald Trump agreed during a meeting with European Commission President Jean-Claude Juncker in July to refrain from imposing tariffs on European cars while the two sides negotiate to cut other tariffs.

COMEX GOLD SIGNAL

 

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28Aug

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 also eased on comments from the Federal Reserve chairman in support of a gradual approach to raising rates. Gold Futures for December delivery traded 0.2% lower to $1,212.7 per troy ounce at 1:35AM ET (05:35 GMT) on the Comex division of the New York Mercantile Exchange. Last Friday, Powell said during a speech at the Jackson Hole Symposium in Wyoming last Friday that “further, gradual” rate hikes were likely in the future, noting the economy is “strong” and able to withstand tighter monetary policy.
  • An OPEC and non-OPEC monitoring committee found that oil producers participating in a supply-reduction agreement cut output in July by 9 percent more than called for in their pact, two sources familiar with the matter said on Monday. The findings for last month compare with a compliance level of 120 percent for June and 147 percent for May, meaning participants have been steadily increasing production.
  • The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.49% at 95.08 late Friday. The index ended the week down 0.96%, its second consecutive weekly decline. A weaker U.S. currency makes gold and other dollar-denominated commodities less expensive for foreign investors. Gold prices have fallen around 14% so far this year, pressured lower by the stronger dollar and rising interest rates.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Mexico and the United States are close to agreement on bilateral issues in the renegotiation of the North American Free Trade Agreement (NAFTA), a top Mexican official said on Monday, as U.S. President Donald Trump tweeted a “big deal” was “looking good.” When asked by reporters if a deal had been reached, Mexican Economy Minister Ildefonso Guajardo said an announcement was “probably on the agenda,” but that he still had to conclude a “very important” issue.
  • France on Monday encouraged Turkey to use all available economic policy tools to ensure sustainable growth, Finance Minister Bruno Le Maire said after meeting with his Turkish counterpart Berat Albayrak. Turkey’s lira has tumbled about 40 percent this year, driven by worries over President Tayyip Erdogan’s grip on monetary policy and the standoff with the United States over the fate of evangelical Christian Andrew Brunson. “It is in everyone’s interest, in France, in Turkey, in Europe, that the situation stabilizes in Turkey,” Le Maire told reporters.
  • China pledged on Monday to tighten oversight of its transport industry and warned that the country did not need ridehailing firms which compromised on passenger safety, days after a Didi Chuxing passenger was raped and murdered by her driver. The killing of a 20-year-old passenger who rode in the Didi vehicle on Friday in the eastern city of Wenzhou is the second such incident since May, denting the image of the Beijing-based company, which is the world’s largest ride-hailing firm by number of rides and is expanding globally.

COMEX GOLD SIGNAL

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23Aug

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 higher on Wednesday, as political uncertainty weighed on the U.S. dollar and investors looked ahead to meeting minutes from the Federal Reserve. Comex gold futures for December delivery rose 0.20% to a one-week high of $1,202.40 a troy ounce as of 10:25 AM ET (14:25 GMT). The minutes from the Fed’s latest policy meeting come out at 2:00 PM ET (18:00 GMT), which investors will look to for clues on future monetary policy.
  • After a knee-jerk reaction to the downside, West Texas Intermediate oil held onto solid gains in North American trade on Wednesday, as weekly data showed that oil supplies in the U.S. registered a much larger-than-expected draw, although gasoline stockpiles unexpectedly increased and distillate inventories rose more than expected. Crude oil for October delivery on the New York Mercantile Exchange rose $1.63, or 2.48%, to trade at $67.47 a barrel by 10:45 AM ET (15:45 GMT) compared to $67.27 ahead of the report.
  • China’s copper producers and traders are riding an unexpected surge of business that has pushed physical prices to their highest in nearly two years as fabricators rush to buy refined metal to avoid import tariffs on scrap that kick in on Thursday. The buying spree took off after Beijing announced two weeks ago it would hit $16 billion worth of U.S. imports, including scrap metal, with duties of 25 percent from Aug.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Agreement between Mexico and the United States on outstanding bilateral issues in the renegotiation of the North American Free Trade Agreement could be just a few hours away, Mexican officials said on Wednesday. “We hope that we’ll have a solution in the next couple of hours, or the next couple of days,” Mexican Economy Minister Ildefonso Guajardo told reporters before entering the offices of U.S. Trade Representative Robert Lighthizer for NAFTA talks.
  • Israel’s central bank on Wednesday criticized a government plan to sharply boost defense spending, saying it would come at the expense of civilian spending and probably increase the budget deficit and state’s debt burden. Prime Minister Benjamin Netanyahu told ministers last week that to meet expected threats in the coming decade, he intends to increase defense spending by 0.2 to 0.3 percent of gross domestic product under the “2030 Security Concept”.
  • The natural state of a capitalist economy is expansion. Recessions occur when “something breaks” rather than an expansion simply dying of old age. Unfortunately, central banks have a history of pumping the brakes for too long and too hard when attempting to contain growth and inflation and are often the cause of a recession.

COMEX GOLD SIGNAL

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22Aug

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 rose on Tuesday as the dollar softens after U.S. President Donald Trump said he is “not thrilled” with the Federal Reserve’s decision to raise interest rates. Gold Futures for December delivery gained 0.6% to $1,201.9 per troy ounce at 1:40AM ET (05:40 GMT) on the Comex division of the New York Mercantile Exchange. Gold futures ended last week down 2.86%, the largest weekly decline since early May 2017, after hitting $1,176.20 last Thursday, the lowest level since early January 2017.
  • Oil prices held firm on Tuesday, with U.S. fuel markets seen to be tightening, although the release of crude from the American strategic reserve somewhat offset an expected supply cut due to upcoming sanctions against Iran. Frontmonth U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 30 cents, or 0.45 percent, at 0651 GMT, at $66.73 per barrel. The contract expires on Tuesday.
  • Metals prices continued to recover, led by a rise in the Chinese yuan on reports the U.S. and China were looking to resolve their tit-for-tat trade war as soon as November. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose by $10.40, or 0.88%, to $1,194.60 troy ounce. The bright start to the week for gold prices comes as a rising CNY/USD pointed to signs of optimism for positive progress on “low-level” trade talks between the United States and China due this week.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • The Trump administration on Tuesday proposed replacing the Clean Power Plan, the centerpiece of former President Barack Obama’s regulatory efforts to combat climate change. The proposal released by the Environmental Protection Agency is now open for a public comment period. A final EPA rule is expected later this year.
  • Prime Minister Alexis Tsipras hailed the end of a “modern-day Odyssey” on Tuesday after Greece emerged from nine years of bailouts, saying it should never forget the harsh lessons learned under tight financial supervision by its creditors. “This is a day of liberation,” Tsipras declared, standing on a hilltop overlooking a bay on the Ionian island of Ithaca. His decision to give a post-bailout speech on the island was laden with classical symbolism: in Homer’s epic poem The Odyssey, Odysseus, the King of Ithaca, returned home from the Trojan war after a 10-year voyage lost at sea.
  • After lying low on the Riviera through the summer break following a scandal over his bodyguard that has rocked his presidency, Emmanuel Macron embarks this week on the next wave of deep reform to France’s economy and institutions. Lawmakers from the ruling Republic on the Move party promise a resumption of the breakneck pace of legislation that saw Macron’s government rewrite labor laws, overhaul the state-run SNCF railways and revamp the tax code in its first 15 months.

COMEX GOLD SIGNAL

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21Aug

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 is hitting new milestones of misery. Exchange-traded funds tracking the metal have bled assets for 13 consecutive weeks, the longest run in five years, investors have placed the biggest gold short on record, and bullion’s chief foe — a strong dollar — is extending its market grip. Gold’s 9 percent tumble this year belies the turmoil in emerging markets and jitters over technology companies, the anchor of the U.S. equity bull market.
  • Base metals rebounded, pushing copper back above $6,000 a metric ton, on easing trade tensions between the U.S. and China, and signs of stronger demand. Copper for three-month delivery rose 1.6 percent to $6,020 per ton as of 10:54 a.m. on the London Metal Exchange. Most other metals were also higher, with aluminum adding 2.3 percent. Copper prices extended gains on Monday after data showed orders to withdraw metal from LME warehouses increased by the most in three years.
  • Brent oil stabilized near $72 per barrel on Monday after several weeks of decline, weighed down by concerns over slowing global economic growth but supported by an expected fall in supply from Iran due to U.S. sanctions. Brent crude futures, a benchmark for international oil prices, were at $72.08 per barrel at 1336 GMT, up 25 cents. U.S. West Texas Intermediate (WTI) crude futures were up 6 cents at $65.96 per barrel.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • A broad cross-section of U.S. businesses has a message for the Trump administration: new tariffs on $200 billion of Chinese imports will force Americans to pay more for items they use throughout their daily lives, from cradles to coffins. Six days of public hearings on the proposed duties of up to 25 percent will start on Monday in Washington as part of President Donald Trump’s and the U.S. Trade Representative’s efforts to pressure Beijing for sweeping changes to its trade and economic policies.
  • Venezuela President Nicolas Maduro carried out one of the greatest currency devaluations in history over the weekend — a 95 percent plunge that will test the capacity of an already beleaguered population to stomach even more pain. One likely outcome is that inflation, which already was forecast to reach 1 million percent this year, will get fresh fuel from the measures. Prices are currently rising at an annualized rate of 108,000 percent, according to Bloomberg’s Café con Leche index.
  • Italian Deputy Prime Minister Matteo Salvini said on Monday the government will stand up any against market attacks or debt downgrades that may come its way. Italian stocks and bonds have repeatedly come under pressure since the anti-establishment coalition of the right-wing League, led by Salvini, and the 5-Star Movement took office in June.

Gold Trading Forecast Today

 

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20Aug

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 Friday were set to post their biggest weekly slump since April last year as fears over a slowdown in China and a stronger dollar wreaked havoc in metals earlier this week. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $0.40, or 0.08%, to $1,184.80 troy ounce. The rise in gold prices Friday arrived as the dollar gave up some of its earlier-week gains to trade roughly flat on the week.
  • WTI crude oil prices ended lower for a third-straight week, despite settling higher Friday amid reports the U.S. and China are mapping out plans to resolve their trade war later this year. On the New York Mercantile Exchange crude futures for September delivery rose 45 cents settle at $65.91 a barrel, while on London’s Intercontinental Exchange, Brent rose 0.63% to trade at $71.88 barrel.
  • The U.S. Trade Representative’s office said on Friday it doubled the length of tariff hearings on the next $200 billion worth of Chinese goods to six days from the previously planned three due to overwhelming demand from companies to testify. The hearings will be held Aug. 20-24 and on Aug. 27, from 9:30 a.m. to 6 p.m. EDT (1330-2200 GMT), the USTR said in a statement.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Mexico’s economy minister Ildefonso Guajardo said on Friday he hopes to conclude by the middle of next week outstanding bilateral issues with the United States surrounding the renegotiation of the North American Free Trade Agreement (NAFTA). “Hopefully we will be able to close up no later than the middle of the week,” Guajardo told reporters outside the U.S.
  • The U.S. and Mexico are resolving their differences on agricultural products covered under Nafta after the Trump administration withdrew some of its sweeping demands, bringing the nations closer to an overall deal, according to five people familiar with the discussions. American negotiators dropped their demand in the last week to erect barriers against seasonal imports of a wide variety of Mexican farm goods, according to the people, who asked not to be named discussing private negotiations.
  • The United Nations Human Rights Committee has asked Brazil to guarantee the political rights of jailed former president Luiz Inacio Lula da Silva, prompting a swift response by Brazil’s foreign ministry pointing out the recommendation had no legal significance. In a statement posted on its website on Friday, the UN Human Rights Committee said it has “requested Brazil to take all necessary measures to ensure that Lula can enjoy and exercise his political rights while in prison, as candidate in the 2018 presidential elections.”

COMEX GOLD SIGNAL

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17Aug

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 dropped on Thursday while the U.S. dollar also slid despite higher demand in safe-haven assets amidst the Turkish lira crisis. Gold Futures for December delivery went down by 0.48% to $1,179.2 per troy ounce at 12:02AM ET (04:02 GMT) on the Comex division of the New York Mercantile Exchange. The U.S. dollar index that tracks the greenback against a basket of six other currencies also pulled back to 96.36, down by 0.24% after hitting a 13-month high in the previous session.
  • U.S. crude prices plunged further on Wednesday, hitting an eight-week low after data showed that U.S. oil stockpiles rose unexpectedly last week. West Texas Intermediate crude was down $1.73, or roughly 2.5%, at $65.36 a barrel on the New York Mercantile Exchange by 10:33AM ET. It was the lowest level since June 21. Prices were at around $65.86 prior to the release of the inventory data.
  • Oil prices were mixed on Thursday as data from the Energy Informational Administration (EIA) showed the U.S. crude inventory level unexpectedly hiked by 6.8 million barrels in the week ending Aug 10. Analysts previously forecasted stockpiles would fall by 2.5 million barrels.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Lebanese banks are pulling out the stops to bring in dollars as the country strives to preserve a two-decade old currency peg, offering high returns to customers willing to change their hard currency into long-term Lebanese pound deposits. It is one sign of Lebanon’s determination to maintain monetary stability as political leaders’ warnings of economic crisis have fueled rumors that have led the central bank to issue repeated assurances about the peg’s soundness.
  • Swept along by super-easy money, investors have debated for years how world markets will react when this central bank largesse inevitably ends. Now the liquidity tide is about to turn, and they have only a few months to adjust. The world’s four biggest central banks – the U.S. Federal Reserve, European Central Bank, Bank of Japan and the Bank of England – have pumped around $13 trillion into the global economy since the crisis year of 2009, sharply expanding their own balance sheets of financial assets.
  • Last year, Abbey Jones’ high school routine had a twist. For 45 minutes each week, she became one of 15 student tellers at the Community Spirit Bank branch at Red Bay High School in Red Bay, Alabama. Her job? To handle her peers’ transactions and market the bank’s student-specific accounts. Community Spirit has used a digital platform to teach Red Bay students financial concepts for roughly five years.

GOLD TRADING FORECAST TODAY

 

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16Aug

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 recovered from an 18-month low on Tuesday, as the U.S. dollar softened, . Comex gold futures for August delivery rose 0.47% to $1,204.50 a troy ounce as of 10:37 AM ET (14:37 GMT). Gold fell to an 18-month low on Monday, after economic turmoil in Turkey caused the Turkish lira to plunge to an all-time low of 7.1289. The lira recovered on Tuesday, breaking a 5-day losing streak after the country’s central bank pledged to provide liquidity in response to a meltdown that led to a global sell-off in equities.
  • Prices for U.S. farm exports dropped in July by the most in more than six years as a trade war with China heated up, Labor Department figures showed Tuesday. Agricultural export prices fell 5.3 percent from the prior month, the biggest drop since October 2011, as soybean prices plummeted 14.1 percent. Export prices for corn, wheat, fruits and nuts also slumped in July. The overall export price index dropped 0.5 percent, the most since May 2017, the department said.
  • Oil prices rose on Tuesday after reports revealed that top exporter Saudi Arabia cut production one month after it agreed the Organization of the Petroleum Exporting Countries (OPEC) to produce more crude. Meanwhile, OPEC remains positive on overall demand. Brent Oil Futures for October delivery went up 0.30% to $72.83 per barrel at 1:00AM ET (05:00 GMT), while Crude Oil WTI Futures for September delivery also edged upwards by 0.45% to $67.50 per barrel.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • A planned budget for the euro zone could be integrated into the broader spending funds of the European Union, Chancellor Angela Merkel said on Tuesday, adding she sees no immediate need for a finance minister for the currency bloc. Speaking to residents of the eastern city of Jena during a “town hall” meeting, Merkel repeated her support for an agreement reached with France in June to boost investments and strengthen economic convergence in the euro zone.
  • Major Tesla Inc (O:TSLA) shareholder, Fidelity Investments, cut its stake in the electric automaker by 21 percent during the second quarter, before Chief Executive Elon Musk announced his plan to take the company private earlier this month. FMR LLC, the Boston-based manager of the Fidelity funds, sold 3 million shares, or a fifth of its stake, and held under 11.2 million shares by June 30, it said in a filing with the U.S. Securities and Exchange Commission (SEC) late on Friday.
  • The Turkish lira crisis is far from over. The country is potentially heading into a balance-of-payments crisis, according to UBS. President Tayyip Erdogan has made multiple speeches showing that he does not understand basic economics. Without a sharp rise in interest rates, which Erdogan opposes, Turkey may have to restrict cash withdrawals from banks or get a bailout from the IMF.

COMEX GOLD SIGNAL

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14Aug

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 traded lower on Monday, with spot prices hitting a 17-month low, as concerns over the crisis in Turkey sent investors flocking to the dollar, dampening demand for the precious metal. At 4:19 AM ET (8:19 GMT), spot gold fell $6.60, or 0.54%, to $1,204.81, just off an intraday low of $1,203.83, its lowest level since March 2017. Meanwhile, gold futures for December delivery on the Comex division of the New York Mercantile Exchange lost $7.00, or 0.57%, to $1,212.00 a troy ounce.
  • A vessel carrying U.S. soybeans was unloading its cargo worth at least $23 million at the Chinese port of Dalian on Monday, becoming one of the first shipments to incur hefty new import duties as the trade row deepens between Beijing and Washington. The docking of the vessel after five weeks anchored off China’s coast ended long-running speculation over the fate of the cargo, which had captured public attention.
  • OPEC on Monday forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production. In a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.05 million barrels per day (bpd) of crude from its 15 members in 2019, down 130,000 bpd from last month’s forecast.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Having sunk to 13-month lows, sterling could fall by up to another 10 percent in the coming months should Britain crash out of the European Union without a deal on future trade ties, luring more speculators to bet against the currency. Sterling lost almost two percent last week just as British holidaymakers were heading off for some overseas sun . The latest move lower was kickstarted by trade minister Liam Fox’s warning that, with Britain less than eight months from its scheduled EU departure date in March, there was a 60 percent chance of leaving without a deal.
  • President Tayyip Erdogan said on Monday he expected attacks on Turkey’s economy to continue but predicted the lira would return to “rational levels” soon, after the Turkish currency hit a record low of more than 7 to the U.S. dollar. Erdogan, who has described the lira’s fall as the consequence of a plot rather than economic fundamentals, also said that spreading false news about the economy was treason and recent U.S. actions were a stab in the back against Ankara.
  • The Kremlin said on Monday that Russia favored bilateral trade with all countries in their national currencies, rather than the dollar, but that the idea needed detailed work before being implemented. Turkish President Tayyip Erdogan said on Saturday Turkey was preparing to conduct trade through national currencies with China, Russia and Ukraine.

GOLD TRADING FORECAST TODAY

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