Gold Holding at 12 Wk Highs+ Commodities

Gold Holding at 12 Wk Highs+ Commodities

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

  • Gold stays near 2.5 month high as risk aversion lends support

In Asia

Gold prices held steady Tuesday near last session’s 2.5 -month high as risk-averse investors sought refuge in the precious Yellow metal amid rising political tensions and economic uncertainty.

  • Spot gold was little-changed at $1,226.11 oz at 0353 GMT.
  • US gold futures were flat at $1,229.90 oz

If gold breaks the $1,230 mark, a Key resistance mark for a long time, with short positions being still quite large, there is a good possibility of buyback of short positions which could push prices to $1,250 in the near term.

Gold seen as a safe store of value during political and economic uncertainty, remains down nearly 10% from its April highs after investors preferred USDs, as the US-China trade dispute unfolded against a background of higher US interest rates.

Holdings in SPDR Gold Trust (GLD), the world’s largest gold-backed ETF, rose 0.55% to 748.76 tonnes Monday.

In other precious metals

Platinum was flat at $838.49 oz; Palladium was little-changed at $1,083.25; Silver gained about 0.2% at $14.67.

Energy

Crude Oil prices rose Tuesday on signs Iranian petroleum exports this month have fallen from September ahead of US sanctions against Tehran that are set to start on 4 November.

ICE Brent Crude Oil for December delivery rose 27c , or 0.33%, to $81.05 bbl by 0325 GMT.

NYMEX WTI Crude for November delivery was up 12c at $71.90 bbl.

US Crude Oil stockpiles were forecast to have risen for the fourth straight week by about 1.1-M bbl in the week ended 12 October, according to a Reuters poll ahead of reports from the American Petroleum Institute (API) and the US Department of Energy’s Energy Information Administration (EIA).

Key Currency Pairs

  • EUR/USD: +0.2% at 1.1579
  • USD/JPY: -0.3% to 111.85
  • USD/CNH: +0.2% at 6.922

Commodities: Energy

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
71.49 USD
-0.29
-0.41% Oct 18 3:07AM EDT CLc1
ICE Brent Crude »
80.55 USD
-0.23
-0.29% Oct 18 3:07AM EDT LCOc1
NYMEX RBOB Gasoline »
1.94 USD
-0.00
-0.24% Oct 18 3:07AM EDT RBc1
Dubai Crude Spot »
78.52 USD
-0.10
-0.13% Dec 02 3:17AM EDT DUB-1M
ICE Gas Oil »
714.50 USD
-1.25
-0.17% Nov 18 3:06AM EDT LGOc1
NYMEX No2 Heating Oil »
2.32 USD
-0.00
-0.18% Oct 18 3:06AM EDT HOc1
NYMEX Nat Gas »
3.29 USD
+0.05
+1.37% Oct 18 3:06AM EDT NGc1
ICE NBP Nat Gas »
71.80 GBP
-0.48
-0.67% Oct 18 3:02AM EDT

Commodities: Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,226.51USD
-0.03
-0.00% Dec 02 3:18AM EDT XAU=X
COMEX 100oz Gold »
1,227.10USD
+0.70
+0.06% Oct 18 12:00AM EDT GCc1
Silver Spot »
14.62USD
-0.03
-0.19% Dec 02 3:18AM EDT XAG=X
Platinum Spot »
842.80USD
+4.06
+0.48% Dec 02 3:18AM EDT XPT=X
Palladium Spot »
1,081.22USD
-2.28
-0.21% Dec 02 3:18AM EDT XPD=X
COMEX Copper »
2.78USD
+0.00
0.00% Oct 18 7:01PM EDT

Commodities: Agriculture Grains

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
376.50USC
-1.75
-0.46% Dec 18 3:14AM EDT Cc1
CBOT Wheat »
526.50USC
+1.50
+0.28% Dec 18 3:16AM EDT Wc1
KCBT Wheat »
533.25USC
+1.50
+0.28% Dec 18 3:07AM EDT KWc1
MGE Spring Wheat »
600.50USC
+0.00
0.00% Dec 18 3:10AM EDT 1MWEc1
Euronext Milling Wheat »
204.50EUR
+0.00
0.00% Dec 18 12:29PM EDT BL2c1
CBOT Soybeans »
887.00USC
-4.50
-0.51% Nov 18 3:16AM EDT Sc1
CBOT Soybean Oil »
29.65USC
-0.11
-0.37% Dec 18 3:15AM EDT

Stay tuned…

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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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