Gold Lower, USD Higher, Stocks Higher  + Commodities

Gold Lower, USD Higher, Stocks Higher  + Commodities

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

  • Gold Coming Off of 3 Month Highs
  • US Dollar (.DXY) Index Higher
  • Crude Oils Prices Up
  • Asian Stocks Higher
  • Traders eye US Economic Data
  • Traders eye US Earnings Data

In Asia

Gold prices fell to a more than 2-week low Wednesday as Asian stocks gained and the USD touched multi-month highs on upbeat US economic data.

The precious Yellow metal on track to end a 6-month losing streak, the longest since a frame that finished in early Y 1997.

Spot gold was 0.4% lower at $1,217.26 oz at 0419 GMT, having touched its lowest since 12 October at $1,215.35 earlier in the session. It has risen about 2.4% so far in October, the biggest monthly gainer since January.

US gold futures (GCcv1) fell 0.5% to $1,219.3 oz.

USD: A stronger USD and a recovery in equities are putting pressure on gold today. The USD hangs near 16-month highs Vs a basket of 6 peers after gaining overnight as traders bet on the relative outperformance of the US economy and continued rate increases by the Fed.

Gold prices have slipped about 11% from their April highs as investors turned to USD as a safe-haven as the trade disputes unfolded against a backdrop of higher US interest rates.

A stronger Buck makes USD-denominated bullion more expensive for users of other currencies while higher interest rates reduce the attraction of non-yielding gold.

Other precious metals

Silver was down 0.4% at $14.40 per ounce after touching more than 2-week low at $14.31.

Platinum rose 0.1% to $833.10 oz, while Palladium rose 0.4% to $1,076.99 oz.

Energy:  Crude Oil prices climbed for the 1st time in 3 days Wednesday, but rising supply and fears over the outlook for demand amid the US-China trade dispute keeping pressure on the market.

ICE Brent Crude Oil futures gained 47c, or 0.6%, to $76.38 bbll by 0441 GMT.

NYMEX WTI Crude Oil futures +16c, or 0.2%, to $66.34 bbl Wednesday.

Both Crude Oil benchmarks have fallen about $10 bbl from 4-year highs reached in the 1st week of October, and are on track to post their worst monthly performance since July 2016.

In a Bearish signal, the American Petroleum Institute (API) reported US Crude Oil inventories rose 5.7-M bbls last week, more than analyst forecasts for a 4.1-M-bbl build.

Investors will look to official government data on US inventories due Wednesday.

Stocks: Asian stocks pulled away from 20-month lows Wednesday, thanks to the rally on Wall Street, although investors remain cautious.

Commodities

Commodities: Energy

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
66.35 USD
+0.17
+0.26% Nov 18 12:44AM EDT CLc1
ICE Brent Crude »
76.38 USD
+0.47
+0.62% Oct 18 8:00PM EDT LCOc1
NYMEX RBOB Gasoline »
1.82 USD
+0.01
+0.64% Oct 18 9:15PM EDT RBc1
Dubai Crude Spot »
74.79 USD
-0.09
-0.12% Dec 02 12:53AM EDT DUB-1M
ICE Gas Oil »
703.50 USD
+1.75
+0.25% Nov 18 8:00PM EDT LGOc1
NYMEX No2 Heating Oil »
2.27 USD
+0.01
+0.34% Oct 18 10:47PM EDT HOc1
NYMEX Nat Gas »
3.23 USD
+0.05
+1.48% Nov 18 12:44AM EDT NGc1
ICE NBP Nat Gas »
68.67 GBP
+0.00
0.00% Nov 18 8:00PM EDT NGLNMc1

Commodities: Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,217.91USD
-4.68
-0.38% Dec 02 8:00PM EDT XAU=X
COMEX 100oz Gold »
1,216.00USD
-6.60
-0.54% Nov 18 1:08AM EDT GCc1
Silver Spot »
14.41USD
-0.03
-0.19% Dec 02 8:00PM EDT XAG=X
Platinum Spot »
831.24USD
-1.26
-0.15% Dec 02 8:00PM EDT XPT=X
Palladium Spot »
1,079.80USD
+6.80
+0.63% Dec 02 8:00PM EDT XPD=X
COMEX Copper »
2.66USD
+0.00
+0.08% Nov 18 12:32AM EDT

Commodities: Agriculture Grains

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
364.50USC
-0.25
-0.07% Dec 18 1:31AM EDT Cc1
CBOT Wheat »
499.25USC
-0.50
-0.10% Dec 18 1:39AM EDT Wc1
KCBT Wheat »
494.50USC
-0.25
-0.05% Dec 18 1:00AM EDT KWc1
MGE Spring Wheat »
571.00USC
-0.50
-0.09% Dec 18 1:00AM EDT 1MWEc1
Euronext Milling Wheat »
198.75EUR
+0.00
0.00% Dec 18 8:00PM EDT BL2c1
CBOT Soybean »
835.75USC
+2.25
+0.27% Nov 18 12:59AM 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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