Gold Up, USD, US Interest Rates Down+ Commodities

Gold Up, USD, US Interest Rates Down+ Commodities

$GLD, $SLV, $USD, $USO, $OIL, $SOY, $CORN, $WEAT

  • US President Trump says Fed “crazy” for raising interest rates
  • Spot gold may extend gains to $1,237 oz
  • Crude Oil falling on overblown supply issues

In Asia

Gold

Gold prices edged lower Friday, but held near a more than 10-wk highs hit Thursday in NY when the precious Yellow metal breached a Key resistance mark, fueling optimism about an uptick in prices.

Spot gold was down 0.3% at $1,219.67 oz, as of 0428 GMT, after it rose about 2.5% Thursday, its sharpest gainer since June 2016, as the pull back in stocks sent investors rushing to safe havens.

US gold futures were down 0.4% at $1,223.20 oz.

With gold prices breaking the psyche resistant at $1,200 and crossing $1,225, it could be a signal that gold market is on the Northside. Especially, given that traditionally during November and December we also see increased physical buying.

Other precious metals

Palladium was up 0.3% at $1,080.25, after hitting its highest marks since 26 January at $1,096.80 Thursday.

Silver was flat to little changed at $14.56.

Platinum was hanging near a more than 2-month high of $843.90 marked Thursday

 

Energy

Crude Oil prices rose 1% Friday, rebounding after 2 days of heavy declines with support from robust Chinese petroleum imports, but Crude Oil is headed for its 1st weekly decliner in 5 weeks.

ICE Brent Crude futures rose 89c, or 1.1%, to $81.15 bbl by 0455 GMT. The contract fell 3.4% Thursday following sharp falls in equity markets and indications that supply concerns have been overblown.

Brent Crude Oil is headed for a 3.6% decliner this week, the biggest fall in 4 months.

NYMEX WTI Crude Oil futures + 75c, or 1.1%, at $71.72 bbl, after a 3% fall Thursday. WTI Crude Oil is on track for a 3.5% decliner this week.

 

USD

US Dollar (.DXY) Index -0.5% at 95.07 +0.52% at 1.1586 +0.14% at 1.3214 +0.14% at 0.9906 -0.09% to 112.16 -0.52% to 6.888

US Treasuries

US Treasuries finishes higher

  • Yield Check
  • 2-yr -1 bpt to 2.85%
  • 5-yr -7 bpts to 2.99%
  • 10-yr -9 bpts to 3.13%
  • 30-yr -9 bpts to 3.31%

Stocks

Asian shares appeared tentative Friday, holding steady after a nine-session losing streak, but sentiment was weak after Wall Street shares declined again Thursday, and expectations of market volatility spiked to an 8ht-month high.

Further declines in stocks will put pressure on gold speculators to square up initially, and since gold speculative money shorts outweigh longs, that implies short-covering.

So, whether gold is really the beneficiary of a flight to safety is hard to say, because it is more likely that large shorts are de-risking their positions and substantial exposure to a price rally, which is not the same as fresh funds flowing in.

Commodities: Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,218.33USD
-5.40
-0.44% Dec 02 2:08AM EDT XAU=X
COMEX 100oz Gold »
1,221.60USD
-1.90
-0.16% Oct 18 12:00AM EDT GCc1
Silver Spot »
14.55USD
-0.01
-0.05% Dec 02 2:08AM EDT XAG=X
Platinum Spot »
839.00USD
+0.00
0.00% Dec 02 2:08AM EDT XPT=X
Palladium Spot »
1,080.47USD
+3.47
+0.32% Dec 02 2:08AM EDT XPD=X
COMEX Copper »
2.80USD
+0.00
0.00% Oct 18 1:51PM EDT

Commodities: Energy

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
71.70 USD
+0.73
+1.02% Oct 18 1:48AM EDT CLc1
ICE Brent Crude »
81.14 USD
+0.88
+1.08% Oct 18 1:50AM EDT LCOc1
NYMEX RBOB Gasoline »
1.97 USD
+0.04
+1.84% Oct 18 1:48AM EDT RBc1
Dubai Crude Spot »
78.94 USD
+0.25
+0.32% Dec 02 1:59AM EDT DUB-1M
ICE Gas Oil »
723.75 USD
+2.25
+0.31% Nov 18 1:46AM EDT LGOc1
NYMEX No2 Heating Oil »
2.35 USD
+0.02
+0.75% Oct 18 1:48AM EDT HOc1
NYMEX Nat Gas »
3.26 USD
+0.04
+1.14% Oct 18 1:49AM EDT NGc1
ICE NBP Nat Gas »
69.13 GBP
+0.00
0.00% Oct 18 11:59AM EDT

Commodities; Agriculture Grains

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
370.25USC
+1.00
+0.27% Dec 18 2:03AM EDT Cc1
CBOT Wheat »
511.00USC
+3.00
+0.59% Dec 18 2:06AM EDT Wc1
KCBT Wheat »
516.25USC
+2.50
+0.48% Dec 18 2:05AM EDT KWc1
MGE Spring Wheat »
591.00USC
+1.50
+0.25% Dec 18 1:42AM EDT 1MWEc1
Euronext Milling Wheat »
203.50EUR
+0.00
0.00% Dec 18 12:29PM EDT BL2c1
CBOT Soybeans »
864.75USC
+6.50
+0.75% Nov 18 2:06AM EDT

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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