Gold Down, USD Up, Stocks Up + Commodities

Gold Down, USD Up, Stocks Up + Commodities

Gold Down, USD Up, Stocks Up + Commodities

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

  • Gold Prices Down
  • US Dollar Up
  • Crude Oil Higher 
  • Asian Stocks Higher
  • Focus on FOMC Minutes later Thursday

In Asia

Gold prices inched lower Thursday on the back of a stronger USD, as investors digested the US Congressional midterm election results and turned their focus to the Fed’s monetary policy decision due later Thursday.

The FOMC is not expected to raise interest rates until its next meeting in December, market participants are waiting to see whether it offers any clues about possible rate increases in December and into Y 2019.

Higher Us interest rates tend to boost USD, and drive up bond yields, reducing the appeal of non-yielding gold coins and bars.

Technically, Gold has found support around $1,223.

If we see good news from the FOMC, we may see a bounce, for now, I believe the Fed will continue with the monetary policy tightening.

  • Spot gold was -0.2% at $1,223.70 oz, as of 0410 GMT
  • US gold futures -0.3% to $1,224.7 oz.

Holdings in SPDR Gold Trust (GLD), the world’s largest gold-backed ETF, fell 0.19% to 755.23 tonnes Wednesday, marking the 4th straight session of decliners.

In other precious metals

Silver was -0.2% at $14.54 oz

Palladium fell 0.3% to $1,130.60 oz, after touching a 2-week high of $1,139.50 oz in the prior session.

Platinum was 0.7% lower at $866.85 oz, after hitting its highest since June 25 at $877.50 oz Wednesday.

Crude Oil prices were stable Thursday, supported by chatter from OPEC that production curbs may become necessary again to prevent a return of global oversupply.

But, soaring US Crude Oil output, kept a lid on prices.

NYMEX WTI Crude Oil futures were at $61.75 bbl at 0120 GMT, +8c from their last settlement.

Front-month ICE Brent Crude Oil futures (LCOc1) were +6c at $72.13 bbl.

The US Dollar (.DXY), which measures the Buck Vs a basket of 6 peer currencies, traded in a narrow range and was last +0.2%, having touched a more than 2-week low in the prior session.

Asian stocks rose to 1-month highs following a post-election rally on Wall Street.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.5%.

Hong Kong’s Hang Seng .HSI advanced 0.9% and the Shanghai Composite Index .SSEC rose 0.35%.

Australian stocks rose 0.5%, South Korea’s KOSPI .KS11 added 1.4% and Japan’s Nikkei .N225 gained 1.9%.

Commodities

Commodities: Energy

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
61.71 USD
+0.04
+0.06% Nov 18 12:49AM EST CLc1
ICE Brent Crude »
71.99 USD
-0.08
-0.11% Nov 18 7:00PM EST LCOc1
NYMEX RBOB Gasoline »
1.65 USD
+0.00
+0.01% Nov 18 12:39AM EST RBc1
Dubai Crude Spot »
70.65 USD
+0.05
+0.07% Dec 02 12:57AM EST DUB-1M
ICE Gas Oil »
696.75 USD
+4.00
+0.57% Nov 18 7:00PM EST LGOc1
NYMEX No2 Heating Oil »
2.23 USD
-0.01
-0.27% Nov 18 12:45AM EST HOc1
NYMEX Nat Gas »
3.51 USD
-0.04
-1.17% Nov 18 12:48AM EST NGc1
ICE NBP Nat Gas »
67.32 GBP
+0.00
0.00% Nov 18 7:00PM EST

Commodities: Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,224.31USD
-1.39
-0.11% Dec 02 7:00PM EST XAU=X
COMEX 100oz Gold »
1,226.20USD
+0.00
0.00% Nov 18 7:01PM EST GCc1
Silver Spot »
14.51USD
-0.06
-0.40% Dec 02 7:00PM EST XAG=X
Platinum Spot »
867.99USD
-4.61
-0.53% Dec 02 7:00PM EST XPT=X
Palladium Spot »
1,129.10USD
-4.50
-0.40% Dec 02 7:00PM EST XPD=X
COMEX Copper »
2.75USD
+0.00
0.00% Nov 18 7:01PM EST

Commodities: Agriculture Grains

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
371.75USC
-0.50
-0.13% Dec 18 12:52AM EST Cc1
CBOT Wheat »
510.25USC
+0.00
0.00% Dec 18 12:52AM EST Wc1
KCBT Wheat »
502.75USC
+0.50
+0.10% Dec 18 12:48AM EST KWc1
MGE Spring Wheat »
583.00USC
+2.25
+0.39% Dec 18 12:46AM EST 1MWEc1
Euronext Milling Wheat »
201.25EUR
+0.00
0.00% Dec 18 7:00PM EST BL2c1
CBOT Soybeans »
866.50USC
-1.25
-0.14% Nov 18 12:22AM 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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