6Aug

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 traded lower while the dollar was little changed ahead of the U.S. July job reports due later in the day. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell by $4.0, or 0.33%, to $1,216.10 a troy ounce by 1:40AM ET . The dollar was little changed as traders await the monthly jobs report for more cues. The U.S. Dollar Index, which tracks the greenback against a basket of other currencies, was down 0.01% to 94.99 on Friday.
  • Oil prices were mixed on Friday after strong gains in the previous session on reports that crude supplies fell at a domestic delivery hub at Cushing, Oklahoma. Crude Oil WTI Futures for September delivery climbed 0.15% to $69.06 per barrel at 1:30AM ET , while Brent Oil Futures for October delivery were down 0.08% to $73.39 for one barrel.
  • Metal prices traded mostly lower, pressured by a rising dollar and escalating U.S.-China trade tensions as the White House sought tougher sanctions on Beijing. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $7.10, or 0.58%, to $1,220.50 a troy ounce, just above session lows of $1,228.90. U.S. President Donald Trump proposed a higher 25% tariff on $200 billion worth of Chinese imports, his administration said on Wednesday, raising fears of an escalating trade-war between the world’s two largest economies, which could hurt global growth.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Although July’s nonfarm payrolls fell short of consensus, the data continue to paint a picture of a solid labor market poised for strong job creation that will likely keep the Federal Reserve on track for two more rate hikes this year as part of its plan to “gradually” tighten monetary policy. “The U.S. economy’s powerful job creation engine continues as revisions to prior months, together with 157,000 new jobs in July, take the three-month average to over 220,000 and unemployment falls to 3.9%,” Allianz Chief Economic Adviser Mohamed El-Erian commented after the release.
  • China on Friday announced retaliatory tariffs on $60 billion worth of U.S. goods ranging from liquefied natural gas (LNG) to some aircraft and warned of further measures, signaling that it won’t back down in a protracted trade war with Washington. China’s finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States, ranging from 5 to 25 percent. Timing will depend on the actions of the United States, the Chinese Commerce Ministry said in a separate statement.
  • A selloff in big U.S. tech shares wasn’t enough to pull money away from the sector, Bank of America Merrill Lynch (NYSE:BAC) strategists said on Friday, but U.S. large-cap stocks suffered outflows as investors grew more cautious about an aging bull market. Overall investors shed risky assets this week, pulling $2 billion from equity funds and plowing $2.2 billion into bond funds, the strategists said, citing flows data from EPFR.

COMEX GOLD SIGNAL

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6Aug
forex-Tradinghugyh

Forex Market Report

INTERNATIONAL CURRENCY BUZZ

Forex – Dollar Strengthens as Trade Tensions Pressure Chinese Yuan

Forex – GBP/USD sticks to modest gains, above 1.30 handle post-NFP

Forex – EUR/USD around 1.1600 post-Payrolls

EUR/USD

After a brief test of levels above the 1.1600 handle on PBoC headlines, EUR/USD manages to keep the buying interest around the 1.1600/10 area in the wake of US Non-farm Payrolls. Spot keeps the familiar range post-PBoC spike after the US economy created 157K jobs during July, coming in below estimates at 193K and down from June’s 248K (revised from 213K). Further data showed the unemployment rate slipped to 3.9%, matching prior surveys. In addition, Average Hourly Earnings – a proxy for wage inflation – expanded at a monthly 0.3% and 2.7% over the last twelve months, in line with previous estimates Later in the session, the key ISM Non manufacturing during July is due along with Markit’s Services PMI for the same period. At the moment, the pair is up 0.06% at 1.1592 facing immediate contention at 1.1562 followed by 1.1527 and then 1.1508 . On the upside, a breakout of 1.1680 would aim for 1.1749 and finally 1.1792 (high Jul.9)

GBP/USD

The GBP/USD pair held on to its modest daily gains, above the key 1.30 psychological mark, albeit struggled to gain any follow-through traction post- US monthly jobs report. With investors looking past today’s disappointing UK services PMI, the pair enjoyed a brief rally and spiked to a session high level of 1.3043 on the back of a modest US Dollar retracement, triggered by the headlines that PBoC raises reserve requirement on FX forwards trading to 20%. The uptick remained supported after the headline NFP print fell short of consensus estimates and showed that the US economy added 157K new jobs during the month of July, lower than 190K expected and worse than previous month’s upwardly revised reading of 248K. Additional details showed that the unemployment rate ticked lower to 3.9%, on expected lines. Meanwhile, average hourly earnings growth, coming in at 0.3% m/m and 2.7% y/y, partly offset the negative headline print and helped limit any deeper losses for the greenback, eventually capped gains for the major.

6

2Aug

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 were down on Wednesday as traders wait for a policy decision from the Federal Reserve. Comex gold futures for August delivery fell 0.44% to $1,218.30 a troy ounce as of 10:30 AM ET (14:30 GMT). Gold has fallen in recent months as a stronger dollar and rising interest weights weighed on the metal. The Fed Is not expected to raise interest rates later in the day, but a decision and policy statement are released at 2:00 PM ET (18:00 GMT).
  • Oil slipped below $74 a barrel on Wednesday pressured by an industry report that U.S. stockpiles of crude rose unexpectedly and by higher OPEC production, adding to indications of more ample supply. On Tuesday, the American Petroleum Institute said crude inventories rose by 5.6 million barrels last week. Analysts had expected a decrease of 2.8 million. The U.S. government’s supply report is due on Wednesday.
  • EU soybean imports from the United States almost quadrupled early in the new marketing year, the European Union said, a week after it struck a deal with U.S. President Donald Trump to avert a trade row, as buyers responded to a sharp drop in prices. The EU said in a statement that the collation of new bi-monthly import data showing the rise was “the first concrete follow-up to the EU-U.S. joint statement agreed in Washington between Commission President Juncker and U.S. President Trump”.

2august4

ECONOMY NEWS

  • The U.S. Treasury said on Wednesday it will introduce a new benchmark 2-month bill starting in October 2018 and also increase the size of its debt auctions in the coming months. The measures are to deal with a rising budget deficit and fill gaps left by the Federal Reserve continuing to reduce its massive bond portfolio. Rising federal borrowing, while not entirely a surprise, rekindled some concerns about its effect on the bond market, lifting the 10-year Treasury yield (US10YT=RR) to 3 percent for the first time since mid-June.
  • The Federal Reserve is considering a key milestone in its public communication about the path of interest rates. Wall Street economists think a language change is coming that will signal monetary policy is no longer loose, meaning interest rates are no longer seen as particularly low. This week’s meeting may be too soon; it’s more likely such a shift will come in September, when the Fed is next expected to raise interest rates.
  • Iranian lawmakers have given President Hassan Rouhani one month to appear before parliament to answer questions on his government’s handling of Iran’s economic struggles, state media reported on Wednesday. It is the first time parliament has summoned Rouhani, who is under pressure from hardline rivals to change his cabinet following a deterioration in relations with the United States and Iran’s growing economic difficulties. Lawmakers want to question Rouhani on topics including the rial’s decline, which has lost more than half its value since April, weak economic growth and rising unemployment, according to semi-official ISNA news agency.

2august5

1Aug

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 down on Tuesday, but remained on track for a fourth-straight month of losses. Comex gold futures for August delivery fell 0.11% to $1,219.90 a troy ounce as of 10:26 AM ET (14:26 GMT). Gold has fallen in recent months as a stronger dollar and rising interest rates weighed on the metal. The Federal Reserve makes a policy decision Wednesday afternoon, but no rate hike is expected.
  • Kuwait Foreign Petroleum Exploration Co. is borrowing $1.1 billion to spend on oil and natural gas projects as the company plans to expand its shale operations, Chief Executive Officer Sheikh Nawaf Saud Al-Sabah said. Sumitomo Mitsui Banking Corp. and Societe Generale (PA:SOGN) SA were the joint lead arrangers of the five-year loan for Kufpec, a unit of state-run Kuwait Petroleum Corp., Al-Sabah said at a news conference in Kuwait City
  • U.S. President Donald Trump’s proposed tariffs on another $200 billion of Chinese goods threaten a niche trade in minor metals and rare earths used in everything from stomach remedies and jet engines to consumer electronics. More than 6,000 items have been earmarked for a 10 percent import tariff, including – in some form – 32 of the 35 minerals the United States in May designated as “critical” to its economic and national security.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • The Federal Reserve is expected to keep interest rates unchanged on Wednesday, but solid economic growth combined with rising inflation are likely to keep it on track for another two hikes this year even as President Donald Trump has ramped up criticism of its push to raise rates. The U.S. central bank so far this year has increased borrowing costs in March and June, and investors see additional moves in September and December. Policymakers have raised rates seven times since December 2015.
  • Mexican tycoon Carlos Slim said on Tuesday that the best wall between Mexico and the United States was investment and job opportunities, referring to the U.S. President Donald Trump’s promise to build a border fence between the two countries. “The best wall is investment and creating opportunities in Mexico,” Slim said during an strategy conference for the Spanish builder FCC (MC:FCC), of which he is the main shareholder, in Madrid.
  • China will keep its economic growth within a reasonable range by making policies more flexible and effective, the state -run Xinhua news agency said on Tuesday. The authorities will stabilize China’s employment, financial sector, foreign trade and investment, it said, citing a statement released after a meeting of the Politburo, a top decision-making body of the ruling Communist Party. China will better balance its financial risk prevention and support for the real economy, maintaining its deleveraging drive but paying attention to its pace and intensity, it added.

1august5

31Jul

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 were flat on Monday as investors wait for a flurry of central bank policy decisions this week. Comex gold futures for August delivery rose 0.02% to $1,223.20 a troy ounce as of 11:07 AM ET (15:07 GMT). The Federal Open Market Committee (FOMC) meets on Tuesday and Wednesday, with a policy decision scheduled for Wednesday afternoon. Investors do not expect the Fed to increase interest rates this week, but there is an 87.8% chance the central bank will hike rates in September.
  • Saudi Arabia announced last week it was suspending oil shipments through the Red Sea’s Bab al-Mandeb strait after Yemen’s Iran-aligned Houthis attacked two ships in the waterway. To date, no other exporters have followed suit. A full blockage of the strategic waterway would virtually halt shipment to Europe and the United States of about 4.8 million barrels per day of crude oil and refined petroleum products.
  • Oil prices traded higher on Monday, bouncing back after their fourth-straight weekly loss last week amid emerging evidence of oversupply, as some traders moved in at lower prices amid a confluence of bullish factors. New Yorktraded West Texas Intermediate crude futures gained $1.39, or 2.02%, to $70.08 a barrel by 11:04 AM ET (15:04 GMT).

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The United States has eased export controls for high technology product sales to India, granting it the same access as NATO allies, Australia, Japan and South Korea, U.S. Commerce Secretary Wilbur Ross said on Monday. Ross, speaking at U.S. Chamber of Commerce event, said the move to grant Strategic Trade Authorization status STA1 to India reflects its efforts to improve its own export control regime, its adherence to multilateral export rules and its growing status as a U.S. defense partner.
  • Ukraine lost the bulk of a legal dispute against Russia on Monday, when a World Trade Organization dispute panel struck out many of its arguments about Russia refusing to use Ukrainian railway equipment, a major export for Kiev. Ukraine complained to the WTO in 2015 about Russia’s rejection of Ukrainian rolling stock, railroad switches and other railroad equipment, but the WTO ruled that the security situation was such that Russian inspectors sent to check that Ukraine’s exports complied with Russian standards would have been risking their lives, and Russia was therefore justified.
  • Building on President Donald Trump’s “Indo-Pacific” strategy, U.S. Secretary of State Mike Pompeo on Monday announced $113 million in new regional investments focused on technology, energy and infrastructure. The announcement comes at a time when trade frictions with China have given U.S. trade diplomacy a sharper edge.

GOLD TRADING FORECAST TODAY

 

30Jul

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

 COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

 

INTERNATIONAL COMEX NEWS

  • Metal prices traded mixed benefiting from a weaker dollar despite a preliminary reading of second-quarter U.S. economic growth showing the economy grew at its fastest pace in nearly four years. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $1.60, or 0.13%, to $1,224.10 a troy ounce, but remained well above an intraday low of $1,216.70.
  • An agreement by the European Union to increase soy imports from the United States will not harm EU farmers, German Agriculture Minister Julia Kloeckner said in an interview published on Saturday. European Commission President Jean-Claude Juncker agreed to increase soy imports in a deal reached with U.S. President Donald Trump, under which Washington will suspend the imposition of new tariffs on the EU.
  • Venezuela’s highly subsidized gasoline, cheaper than anywhere in the world, could be more expensive starting next month. Why? The smallest coin that will be available in the market will be enough to fill 100 SUV tanks. The bizarre situation is the result of a rapidly depreciating currency, hyperinflation and ridiculously low prices for fuel. President Nicolas Maduro’s plan to redenominate the bolivar on Aug. 20 by lopping off five zeroes means that 50-cent coins for the new “sovereign” bolivar will be worth 50,000 of the old (and poorly named) “strong” bolivar.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Top BlackRock Inc (N:BLK) bond investor Rick Rieder halved exposure in recent months to a once-major bet in his portfolios on emerging markets on concerns including that the dollar could move higher, he told Reuters on Friday. “I still would argue volatility is going to be higher, the dollar could potentially continue to grind higher,” said Rieder, BlackRock’s chief investment officer of global fixed income. “It’s just prudent to run a smaller exposure.”
  • Mexican Economy Secretary Ildefonso Guajardo said on Friday that the negotiating teams for the North American Free Trade Agreement (NAFTA) are ready to kick off talks again after they stalled last month. NAFTA talks between the United States, Mexico and Canada had stalled since June when the United States imposed tariffs on Mexican and Canadian steel and aluminum. Both countries responded with levies on products including U.S. pork, ketchup and Kentucky bourbon.
  • President Sebastian Pinera wanted to make one thing perfectly clear about Moody’s Investors Service’s decision to downgrade Chile’s credit rating: It’s not my fault. “The reaction of the rating agency is due to things that happened in previous years,” Pinera, who took office March 11, told reporters Friday. “As you well know, our government is correcting those reasons.” Moody’s reduced Chile’s senior unsecured debt ratings to A1 from Aa3, citing a gradual and broadbased deterioration in the country’s credit profile.

COMEX GOLD SIGNAL

27Jul

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 eased on Thursday as immediate global trade tension eased U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work towards eliminating trade barriers. Gold Futures for August delivery on the Comex division of the New York Mercantile Exchangeis was down 0.2% to a trading price of $1,229.90 each troy ounce at 1:30AM ET (05:30 GMT).
  • Natural gas futures rose to the highest levels of the session on Thursday, after data showed that supplies in storage rose much less than forecast last week. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 24 billion cubic feet (bcf) in the week ended July 20, below forecasts for a gain of 36 bcf. That compared with a build of 46 bcf in the preceding week, an increase of 17 bcf a year earlier and a five-year average rise of 46 bcf.
  • U.S. crude oil prices inched down on Thursday while Brent rose after Saudi Arabia said it was suspending oil shipping in the Red Sea. West Texas Crude oil futures fell 0.03% to $69.28 a barrel as of 10:27 AM ET (14:27 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 0.05% to $73.97. Saudi Arabia, the biggest oil exporter in the world, said it was temporarily halting oil shipments through the Red Sea after an attack by Yemen’s Houthi movement.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Chinese and U.S. envoys presented radically differing visions of China’s economic model at the World Trade Organization on Thursday, a choice between “the world’s most protectionist economy” and a growth story that had benefited all countries. U.S. Ambassador Dennis Shea was presenting a paper entitled “China’s trade-disruptive economic model” to the last WTO meeting before a summer break, overshadowed by a nascent multi-billion dollar trade war between the two economic giants.
  • The Bank of England looks set to pass a post-financial crisis milestone next week by finally raising interest rates above their emergency levels set more than nine years ago. But with a potentially messy Brexit nearing, Governor Mark Carney may sound cautious about the pace of further moves away from the BoE’s still-powerful stimulus program. In March 2009, when the financial crisis was raging, the BoE slashed its benchmark rate to 0.5 percent to stave off the risk of a depression.
  • The U.S. economy is growing at a 3.8 percent annualized rate in the second quarter following the latest data on domestic durable goods orders and advance trade balance, the Atlanta Federal Reserve’s GDPNow forecast model showed on Thursday. The latest estimate on gross domestic product growth was slower than the 4.5 percent pace estimated on July 18, the Atlanta Fed said.

27july5

26Jul
shutterstock_331853588

Forex Market Report

INTERNATIONAL CURRENCY BUZZ

Forex – Dollar Slips, Euro Flat Before Trump-Juncker Talks
Forex – EURUSD Trades Must Account for EU-US Trade Talks, Then ECB Decision
Forex – GBP/USD clings to gains near 1-week tops, above mid-1.3100s

EUR/USD

The EUR/USD struggles to set its next short-term direction as it fluctuates in a very narrow 35-pip on Wednesday. After advancing above the 1.17 mark in the early NA session, the pair came under a modest pressure and turned flat on the day near 1.1690. Earlier today, the data released by the European Central Bank showed that new loans issued to consumers and businesses in the private sector rose by 2.9% on a yearly basis in June to come in slightly below the market expectation of 3% but failed to receive a notable reaction from the markets. According to the monthly report released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales decreased from 666K in May to 631K in June to miss the experts’ estimate of 670K. This number represented a 5.3% fall from May to June. Despite the disappointing data, theUS Dollar Index started to pull away from the session low it set at 94.35 and was last seen down 0.15% on the day at 94.50.

GBP/USD

The GBP/USD pair held on to its positive tone through the mid-European session, albeit has retreated few pips from fresh one week tops touched earlier today. The UK PM Theresa May’s announcement on Tuesday, saying that she will personally lead the Brexit negotiations with the European Union assisted the pair to build on its overnight positive momentum. The up-move was further supported by the latest UK CBI realized sales data that showed strong spending trend for the second straight month in July, albeit at a slower pace than in June. This coupled with the prevalent US Dollar selling bias, undermined by weaker US Treasury bond yields, provided an additional boost and lifted the pair to an intraday high level of 1.3170. With investors turning cautious ahead of a crucial trade meeting between the US President
Donald Trump and European Commission President Jean-Claude Juncker, growing concerns over a no-deal/disorderly Brexit might now keep a lid on any strong follow through.

 

26

26Jul

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 for two consecutive days as dollar slightly rose on Wednesday ahead of a meeting between and U.S. and European Commission presidents for trade-related talks. Gold Futures for August delivery on the Comex division of the New York Mercantile Exchangeis was down 0.11% to a trading price of $1,224.10 each troy ounce at 1:00AM ET (05:00 GMT).
  • Qatar is building a sugar refinery in a bid to avoid supply disruptions after neighboring Gulf Arab states severed economic and political ties with Doha more than a year ago, sources say. In normal trading conditions, building a refinery in Qatar would make little commercial sense because of depressed sugar prices, surplus world stocks and the presence of regional refineries that could provide supplies, the sources said.
  • U.S. crude stocks fell last week, while gasoline and distillate inventories also declined, the Energy Information Administration said on Wednesday. Crude inventories fell by 6.1 million barrels in the week to July 20, compared with analysts’ expectations for a decrease of 2.3 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels, EIA said. Refinery crude runs rose by 46,000 barrels per day, EIA data showed.

26july4

ECONOMY NEWS

  • The International Monetary Fund has given its backing to Ukraine’s plans for an anti-corruption court, removing one of the key hurdles needed for the government to get its next $2 billion tranche of aid. The court is being set up as part of Ukraine’s $17.5 billion bailout and has become a symbol of its efforts to stamp out high-level corruption that has blighted the country for decades.
  • U.S. President Donald Trump accused China on Wednesday of targeting American farmers in a “vicious” way and using them as leverage to get concessions on trade. “China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice – until now!” Trump wrote on Twitter.
  • White House economic adviser Larry Kudlow said a plan by the Trump administration to pay as much as $12 billion in relief to U.S. farmers hurt by a burgeoning trade dispute is a stop-gap proposal and doesn’t signal a willingness to make a habit of aid programs. “What we’ve put on the board is what I think is a temporary assistance measure, I don’t think it’s going to get near to $12 billion,” Kudlow said during an interview on “CBS This Morning” on Wednesday. “Nobody’s really thrilled about this. We’re just trying to protect American agriculture from some of the unfair trading practices.”

26july5

 

25Jul

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 were trading slightly lower on Tuesday as the dollar edged up after a sharp decline in the previous session. Gold Futures for August delivery on the Comex division of the New York Mercantile Exchangeis was down 0.47% to a trading price of $1,219.8 each troy ounce at 1:10AM ET (05:10 GMT).
  • Rising oil revenues are greatly improving the outlook for budget and trade balances among Gulf Arab countries but will do very little to boost economic growth, a quarterly Reuters poll of economists showed. The benchmark Brent oil price (LCOc1) has averaged about $71.60 a barrel so far this year, up from $55 last year. Also, Gulf states are set to export more oil this year after global producers agreed last month to boost output, partly to compensate for anticipated losses in production by Iran, which faces U.S. sanctions.
  • U.S. crude oil prices were higher on Tuesday, as Iran threatened to retaliate against the U.S. if the government tries to block its oil exports. West Texas Crude oil futures rose 1.24% to $68.73 a barrel as of 10:32 AM ET (14:32 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 0.79% to $73.64. The U.S. has threatened to block oil trade with Iran after Trump withdrew from the nuclear agreement with Tehran.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The trade is familiar to investors worldwide: in times of turmoil, rush for cover by buying the Japanese yen. This year a global trade row has erupted, Donald Trump has lamented the dollar’s strength – ignoring a custom that U.S. presidents avoid openly interfering in financial markets – and the Chinese yuan has tumbled. And yet the yen has stayed resolutely weak, becoming the weakest of the G10 developed market currencies this month.
  •  The International Monetary Fund said on Tuesday that the U.S. dollar is over-valued, China’s yuan is in line with fundamentals and nearly half of global current account balances are now excessive, adding to growth risks and trade tensions. The IMF, in its annual External Sector Report, which assesses exchange rates and current account surpluses and deficits, also said current account surpluses and deficits are becoming increasingly concentrated in advanced economies.
  • The chief trade negotiator of the incoming Mexican administration, Jesus Seade, said on Tuesday he expected the renegotiation of the North American Free Trade Agreement (NAFTA)to be agreed in the next few months. “What I see … to be a very feasible expectation is that we’ll be concluding the negotiation in the next two months if possible, or in the next few months a bit further down the road,” Seade told Mexican radio.

GOLD TRADING FORECAST TODAY

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