Gold Higher, USD Down, Stocks Up + Commodities

Gold Higher, USD Down, Stocks Up + Commodities

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

In Asia

Gold: Gold prices rose Friday, having hit a 1-week high earlier in the session, as investors sought safe-haven assets on fears of a chaotic departure for Britain from the EU aka BREXIT.

  • Spot gold was up 0.2% at $1,215.07 oz, as of 0445 GMT.
  • US gold futures were flat at $1,215.3 oz.

Gold should continue to find demand on dips, provided the USD remains in check.

A softer USD notwithstanding the Fed triggering some early warning signals about global growth risk in Y 2019, combined with political tensions are being seen in a positive light for the gold market.

Other precious metals

  • Palladium -0.3% to $1,153.50 per ounce, having hit a record high of $1,178.30 oz in the prior session.
  • Silver little changed at $14.29 oz. The Devil’s metal rose about 1% on the week so far
  • Platinum +0.1% at $842.30 oz is down about 1% on the week so far.

Energy: NYMEX WTI Crude Oil futures were at $56.84 bbl at 0353 GMT, +38c, or 0.7 %, from their settlement Thursday.

ICE Brent Crude Oil futures were + 48c, or 0.7%, at $67.10 bbl.

Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (OPEC) would start withholding supply soon, fearing a renewed rout such as in Y 2014 when prices crashed under the weight of oversupply.

OPEC’s de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4-M BPD, around 1.5% of global supply.

But, due to the structural oversupply that has emerged in the market from record production by many countries OPEC cuts are inherently temporary because all they can do is shift production from 1 frame to another.

While OPEC considers withholding supply, US Crude Oil production reached another record last week, at 11.7-M BPD, according to US Energy Information Administration (EIA) data published Thursday.

USD: The US Dollar (.DXY ) Index measures the Buck Vs a basket of 6 peer currencies, was at 97 just off a 16-month high at 97.69 marked at the beginning of this week.

Stocks: MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS were up 0.3%, helped by gainers in China .CSI300 . European bourses also looked set to start firmer according to spread-betters.

Commodities

Energy

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
56.98 USD
+0.52
+0.91% Nov 18 1:45AM EST CLc1
ICE Brent Crude »
67.30 USD
+0.68
+1.01% Nov 18 7:00PM EST LCOc1
NYMEX RBOB Gasoline »
1.57 USD
+0.01
+0.64% Nov 18 1:44AM EST RBc1
Dubai Crude Spot »
65.67 USD
+0.52
+0.79% Dec 02 1:54AM EST DUB-1M
ICE Gas Oil »
639.50 USD
+1.75
+0.27% Dec 18 7:00PM EST LGOc1
NYMEX No2 Heating Oil »
2.09 USD
+0.02
+0.84% Nov 18 1:24AM EST HOc1
NYMEX Nat Gas »
4.08 USD
+0.04
+0.96% Nov 18 1:43AM EST NGc1
ICE NBP Nat Gas »
74.60 GBP
+0.00
0.00% Nov 18 7:00PM EST

Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,215.53USD
+2.62
+0.22% Dec 02 7:00PM EST XAU=X
COMEX 100oz Gold »
1,212.80USD
+0.00
0.00% Nov 18 7:01PM EST GCc1
Silver Spot »
14.31USD
+0.03
+0.17% Dec 02 7:00PM EST XAG=X
Platinum Spot »
842.90USD
+1.80
+0.21% Dec 02 7:00PM EST XPT=X
Palladium Spot »
1,151.70USD
-5.00
-0.43% Dec 02 7:00PM EST XPD=X
COMEX Copper »
2.75USD
+0.00
0.00% Nov 18 7:01PM EST

Agriculture Grains

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
368.25USC
+0.75
+0.20% Dec 18 1:44AM EST Cc1
CBOT Wheat »
507.00USC
+1.50
+0.30% Dec 18 1:47AM EST Wc1
KCBT Wheat »
481.75USC
+1.75
+0.36% Dec 18 1:47AM EST KWc1
MGE Spring Wheat »
575.25USC
+0.50
+0.09% Dec 18 1:38AM EST 1MWEc1
Euronext Milling Wheat »
200.75EUR
+0.00
0.00% Dec 18 7:00PM EST BL2c1
CBOT Soybeans »
889.50USC
+0.75
+0.08% Jan 19 1:49AM EST Sc1
CBOT Soybean Oil »
27.67USC
-0.02
-0.07% Dec 18 1:47AM ES

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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