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

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

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

FLASH: Gold Unch, USD Firm, Crude Oil Up, Stocks Lower

Headlines

  • Asian shares at 6-week lows on trade worry
  • Gold prices hold steady ahead of Fed’s rate announcement
  • Crude Oil gains for a 5th day running after US stockpile drop 
  • .DXY held firm Wednesday, as a wait-and-see mood prevailed.

Gold: Gold prices little changed Wednesday, as investors wait the outcome of the Fed’s meeting later in the day when policymakers are expected to cut interest rates for the 1st time since the Y 2008 financial crisis.

  • Spot gold was mostly unchanged at $1,431.07 oz, as of 0549 GMT,
  • US gold futures +0.1% higher to $1,442.90 oz.

Most of the people are staying on the sidelines due to the Fed meeting. If the Fed does reduce rates, gold may come down a little, as a 25 bpt cut is already priced-in, they are also looking at whether there will be further rate cuts. Over the longer term we are Bullish on gold.

On the technical front, our Bullish target at $1,452 oz has been established for spot gold, as it has pierced above resistance at $1,427

Energy: Crude Oil prices rose for a 5th day running Wednesday, on a bigger-than-expected drop in US inventories.

  • ICE Brent Crude Oil was +44c, or 0.7%, at $65.16 bbl by 0324 GMT,
  • NYMEX WTI Crude Crude gained 41c, or 0.7%, to $58.46 bbl.

The market is optimistic leading into what the Fed is going to do on interest rates and as a result of that we will see more demand,

Equities: Asian shares fell Wednesday to a 6-week lows, shaken by trade concerns following threats from President Trump to Beijing.

MSCI’s broadest index of Asia-Pacific shares sans Japan .MIAPJ0000PUS pared losses to trade down 0.5%, and earlier fell to the lowest marks since 19 June, while Japan’s Nikkei .N225 declined by 0.7%.

China’s blue-chip CSI300 index .CSI300 fell 0.7%, with a slide in shares of property developers leading a retreat in the broader market.

SKorean stocks .KS11 fell to the lowest since early January on trade issues, but pared losses to trade down 0.2%

In early European trade, the pan-region Euro Stoxx 50 futures STXEc1 rose 0.1%, German DAX futures FDXc1 were up 0.1% and Britain’s FTSE futures FFIc1 were little changed.

Major Wall Street stock averages ended flat Tuesday, with the S&P 500 .SPX losing 0.26%, after President Trump warned China against waiting out his current Presidential term before finalizing a trade deal.

In Asia, S&P 500 mini futures ESc1 rose 0.3%.

The S&P 500 index has risen 2.4% MTD, on expectations for the Fed’s easing.

Currencies: USD held firm Wednesday on a wait-and-see mood, with traders looking ahead to the outcome of the Fed’s meeting later in the day when policymakers are expected to cut interest rates for the first time since 2008.

Commodities (quotes): Metals, Energy, and Agriculture Grains

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,431.71USD+1.11+0.08%Dec 022:59AM EDT
COMEX 100oz Gold »1,432.50USD+2.80+0.20%Aug 192:53AM EDT
Silver Spot »16.48USD-0.09-0.58%Dec 022:59AM EDT
Platinum Spot »877.27USD+11.42+1.30%Dec 022:59AM EDT
Palladium Spot »1,528.97USD+14.47+0.95%Dec 022:59AM EDT
COMEX Copper »2.67USD+0.000.00%Aug 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »58.41 USD+0.36+0.62%Aug 192:51AM EDT
ICE Brent Crude »65.19 USD+0.47+0.72%Jul 192:40AM EDT
NYMEX RBOB Gasoline »1.90 USD+0.00+0.16%Jul 1912:00AM EDT
Dubai Crude Spot »64.22 USD+0.25+0.39%Dec 023:01AM EDT
ICE Gas Oil »601.75 USD+9.50+1.58%Aug 192:50AM EDT
NYMEX No2 Heating Oil »1.95 USD+0.01+0.27%Jul 1912:00AM EDT
NYMEX Nat Gas »2.14 USD+0.00+0.05%Aug 192:50AM EDT
ICE NBP Nat Gas »29.30 GBP+0.37+1.26%Aug 192:46AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »412.75USC+1.50+0.36%Sep 192:51AM EDT
CBOT Wheat »499.25USC+2.00+0.40%Sep 192:53AM EDT
KCBT Wheat »433.00USC-0.50-0.12%Sep 192:53AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »177.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »881.00USC+2.25+0.26%Aug 192:39AM 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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