Gold Steady, USD Down, Stocks Up + Commodities

Gold Steady, USD Down, Stocks Up + Commodities

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

  • Gold Prices Steady
  • US Dollar Down
  • Crude Oil Lower 
  • Asian Stocks Higher
  • Traders eye US Midterm Congressional Elections

In Asia

Gold prices were steady early Tuesday ahead of US Congressional  midterm elections that may fuel interest in the precious Yellow metal as a hedge against risk if the result sparks volatility in wider financial markets.

  • Spot gold was Unchanged at $1,230.77 oz, as of 0111 GMT.
  • US gold futures (GCcv1) were flat to Unchanged at $1,232.1 oz.

SPDR Gold Trust (GLD) , the world’s largest gold-backed ETF  said its holdings fell 0.23% to 757.29 tonnes Monday from 759.06 tonnes Friday.

If all goes according to plan, Barrick Gold (NYSE:ABX) will have fewer mines and workers 1 year after acquiring Africa-focused Randgold Resources (LO:RRS) , the Canadian miner’s executive chairman said Monday, as its investors approved the deal.

India raised gold holdings by 6.53 tonnes to 586.46 tonnes in September 2018, according to IMF data.

Energy

The United States Monday restored sanctions targeting Iran’s Crude Oil, banking and transportation sectors and threatened more action to stop its “outlaw” policies, steps the Islamic Republic called economic warfare and vowed to defy.

  • NYMEX WTI Crude Oil futures (CLc1) were at $62.95 bbl at 0355 GMT, down 15c, or 0.2%, from their last settlement.
  • ICE Brent Crude Oil futures (LCOc1) were down 28c, or 0.4%, at $72.89 bbl.
  • The price pressure on Crude Oil has scared off financial traders.

Analysts said expectations of an economic slowdown in coming months were weighing on the fuel demand outlook, while concerns eased on the supply-side after Washington granted 8 importers of Iranian Crude Oil sanctions waivers that will allow them to continue purchases.

Washington gave 180-day exemptions to 8 importers: China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey. These are Iran’s biggest buyers, meaning Iran will be allowed to still export some Crude Oil for now.

Stocks

Asian shares ticked up early Tuesday, supported by Wall Street gainers Monday, although sentiment was tempered ahead of the US Congressional midterm elections, the 1st major electoral test of President Donald Trump’s big tax cuts and hostile trade policies.

USD

The US Dollar (.DXY) Index was down Monday by 0.3% at 96.28 in NYC after surrendering a slim overnight gain. .DXY started the new week on the back foot, but an early-morning rally lifted the Index past its high from Friday. That advance was short-lived, as the Index reversed in early-morning trade. .DXY attempted a rebound after the morning downdraft, but recent selling interest pressured the Buck to a fresh session lows.

Commodities

Commodities: Energy

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
62.86 USD
-0.24
-0.38% Nov 18 1:30AM EST CLc1
ICE Brent Crude »
72.72 USD
-0.45
-0.62% Nov 18 7:00PM EST LCOc1
NYMEX RBOB Gasoline »
1.68 USD
-0.01
-0.65% Nov 18 1:30AM EST RBc1
Dubai Crude Spot »
71.16 USD
-0.04
-0.06% Dec 02 1:40AM EST DUB-1M
ICE Gas Oil »
677.50 USD
-4.50
-0.66% Nov 18 7:00PM EST LGOc1
NYMEX No2 Heating Oil »
2.19 USD
-0.01
-0.48% Nov 18 1:29AM EST HOc1
NYMEX Nat Gas »
3.54 USD
-0.03
-0.88% Nov 18 1:29AM EST NGc1
ICE NBP Nat Gas »
65.83 GBP
+0.00
0.00% Nov 18 7:00PM EST

Commodities: Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,230.61USD
-0.30
-0.02% Dec 02 7:00PM EST XAU=X
COMEX 100oz Gold »
1,230.70USD
+0.90
+0.07% Nov 18 8:26PM EST GCc1
Silver Spot »
14.68USD
+0.05
+0.34% Dec 02 7:00PM EST XAG=X
Platinum Spot »
863.24USD
-0.56
-0.06% Dec 02 7:00PM EST XPT=X
Palladium Spot »
1,131.22USD
-1.27
-0.11% Dec 02 7:00PM EST XPD=X
COMEX Copper »
2.76USD
+0.00
+0.18% Nov 18 12:39AM EST

Commodities: Agricultural Grains

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
373.75USC
-0.25
-0.07% Dec 18 1:39AM EST Cc1
CBOT Wheat »
507.50USC
+0.25
+0.05% Dec 18 1:41AM EST Wc1
KCBT Wheat »
505.25USC
+0.50
+0.10% Dec 18 1:33AM EST KWc1
MGE Spring Wheat »
581.25USC
-0.25
-0.04% Dec 18 1:20AM EST 1MWEc1
Euronext Milling Wheat »
200.25EUR
+0.00
0.00% Dec 18 7:00PM EST BL2c1
CBOT Soybeans »
872.75USC
-0.25
-0.03% Nov 18 8:10PM EST

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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