Asia: Gold, USD, Crude Oil, Stocks & Commodities

Asia: Gold, USD, Crude Oil, Stocks & Commodities


In Asia

Notes: Spot gold is about to exit a Neutral range of $1,285-$1,299, and either rise to $1,311 or drop towards $1,268.

The Federal Open Markets Committee (FOMC) will hold the next policy-setting meeting on 29-30 January.

Gold: Gold has gained for 5 weeks running, but prices have been hanging in and around a $20 range for the past 2 weeks unable to break through a the strong psych resistance at $1,300.

  • Spot gold was steady at $1,292.55 oz
  • US gold futures dipped 0.1% to $1,292.20 oz

A firmer USD kept a cap on gold. The USD is quite strong and acting as a resistance for a breakout in gold.

Energy: Crude Oil prices dipped Thursday as US production quickly approached an unprecedented 12-M BPD just as worries about weakening demand emerged.

  • NYMEX WTI Crude Oil futures were at $52 bbl at 0140 GMT, -31c, or 0.6% from Wednesday’s settlement.
  • ICE Brent Crude Oil futures were off 34c, or 0.6%, at $60.98 bbl.

American Crude Oil production reached a record 11.9-M BPD in the week ended 11 January the Energy Information Administration (EIA) said Wednesday, up from 11.7-M BPD last week, which was the highest national output in the world.

Equities: Asian stocks higher Thursday after see-sawing through a subdued session on concerns over China’s economic outlook, while an anti-climactic end to the latest chapter in the BREXIT saga offered the GBP a moment’s peace.

Fresh news was thin Thursday

MSCI’s broadest index of Asia-Pacific shares outside Japan, up 0.2%. Japan’s Nikkei was flat.

Spreadbetters pointed to a softer start for the major European exchanges, while E-Mini futures for the S&P 500 drifted down 0.26%.

China’s blue chip index recouped early losses and gained 0.4%. I

Currencies: The USD paused to refresh Thursday following its recent strong gainers against Key rivals, while GBP steadied after British Prime Minister Theresa May’s government won a no-confidence vote in Parliament.

.DXY was a bit higher at 96.133 after gaining about 1% over the prior 5 sessions.

On 10 January .DXY almost fell below its 200-D Ma as the index touched a 3-month low of 95.029. But then it, and stayed above that mark.

The Buck held onto its gains Vs EUR, as persistent worries about the Eurozone economy weighed on the single currency.

Data this week showed Germany barely avoided slipping into recession in 2-H of Y 2018, and ECB chief Mario Draghi warned Tuesday that economic developments in the currency bloc have been weaker than expected.

USD was trading flat against EUR at $1.1388 after rising 5 straight sessions Vs the single currency, during which it gained about 1.5%.

Commodities: Energy, Metals, and Agriculture Grains

NYMEX Crude Oil »52.00 USD-0.31-0.60%Jan 192:16AM EST
ICE Brent Crude »61.06 USD-0.26-0.43%Jan 197:00PM EST
NYMEX RBOB Gasoline »1.41 USD-0.01-0.62%Jan 192:14AM EST
Dubai Crude Spot »60.02 USD-0.22-0.37%Dec 022:26AM EST
ICE Gas Oil »567.75 USD-0.50-0.09%Feb 197:00PM EST
NYMEX No2 Heating Oil »1.89 USD-0.01-0.48%Jan 192:05AM EST
NYMEX Nat Gas »3.46 USD+0.08+2.22%Jan 192:15AM EST
ICE NBP Nat Gas »61.90 GBP+1.75+2.83%Jan 197:00PM EST
Gold Spot »1,291.81USD-1.63-0.13%Dec 027:00PM EST
COMEX 100oz Gold »1,291.60USD+0.000.00%Jan 197:01PM EST
Silver Spot »15.55USD-0.04-0.27%Dec 027:00PM EST
Platinum Spot »797.50USD-7.00-0.88%Dec 027:00PM EST
Palladium Spot »1,361.50USD+2.50+0.18%Dec 027:00PM EST
COMEX Copper »2.69USD+0.000.00%Jan 197:01PM EST
CBOT Corn »374.25USC+0.25+0.07%Mar 192:24AM EST
CBOT Wheat »510.25USC-2.25-0.44%Mar 192:23AM EST
KCBT Wheat »494.50USC-1.00-0.20%Mar 192:22AM EST
MGE Spring Wheat »565.25USC+0.25+0.04%Mar 192:20AM EST
Euronext Milling Wheat »203.00EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean »895.25USC+0.75+0.08%Mar 192:24AM 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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