GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Oil isn’t the only commodity getting hammered these days. Gold’s key support of $1,200 could also be under attack, with investors seeing little upside for the yellow metal amid the string of U.S. rate hikes forecast. U.S. producer price index (PPI) data for October, released on Friday, showed an increase of 0.6% vs expectations for 0.2%. That was an endorsement of sorts for the Federal Reserve to raise rates again in December, the fourth time it would be doing so this year.
- The oil bears vs. OPEC showdown is coming down to the wire. And across crude markets the question almost everyone seems to be asking is: can oil prices go any lower? On Friday, the world’s leading crude benchmarks fell below key support levels they’ve held for the past seven months at least. U.S. West Texas Intermediate fell under the $60 per barrel support it had maintained since March and and U.K. Brent fell below the $70 level it had latched on to since April.
- China National Aviation Fuel Group on Saturday launched the country’s first aviation fuel consumption index aimed at providing a fresh gauge for the regional and national economic health of the world’s second-largest economy. After stellar growth for decades, China, the world’s second largest consumer after the United States, is seeing its aviation fuel demand growth slipping in the last few years as the economy expands less rapidly and more people travel by high speed rail.
- China’s premier said loans to small firms should not be “willfully withdrawn,” and China should help small firms tackle their liquidity difficulties, the official Xinhua news agency reported late on Friday. His comments are the latest from China’s leadership about efforts to prop up small and medium enterprises (SMEs), which are flailing in the face of a wider clampdown on riskier credit, a slowdown in economic growth and the escalating trade war between the United States and China.
- White House adviser Peter Navarro on Friday lashed out at efforts by current and former Wall Street executives to urge the United States and China to end their trade dispute, calling them “unregistered foreign agents” who were trying to pressure President Donald Trump into a deal. “When these unpaid foreign agents engage in this kind of diplomacy, socalled diplomacy, all they do is weaken this president and his negotiating position,” Navarro said at the Center for Strategic and International Studies in Washington.
- “As part of a Chinese government influence operation, these globalist billionaires are putting a full-court press on the White House in advance of the G-20 in Argentina,” Navarro said in a speech at the Center for Strategic and International Studies in Washington on Friday. Their mission is to “pressure this president into some kind of deal” but instead they’re weakening his negotiating position and “no good can come of this.”
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