Gold Lower, USD Steady, Stocks Up + Commodities

Gold Lower, USD Steady, Stocks Up + Commodities

Gold Lower, USD Steady, Stocks Up + Commodities

  • $GLD,$SLV,$USD,$USO,$OIL,$SOY,$CORN,$WEAT
  • Gold Prices Lower
  • US Dollar Steady
  • Crude Oil Flat
  • Asian Stocks Up

In Asia

Gold: Gold prices are Tuesday as USD steadied on fears of a slowdown in global economic growth and come caution about the resolution US-China trade dispute ahead of the G-20 meeting in Argentina.

  • Spot gold was down 0.1% at $1,220.81 oz at 0126 GMT
  • U S gold futures (GCcv1) were flat at $1,222.2 oz

Hedge funds and money managers cut their net Short positions in COMEX gold and silver contracts in the week to 20 November, the US Commodity Futures Trading Commission (CFTC) said Monday. China’s net gold imports in October via main conduit Hong Kong more than 2X’d from a more than 7-year low touched the prior month as lower prices revived demand in the world’s Top consumer of bullion.

Energy: Crude Oil declined Tuesday, pushed down by record Saudi Arabian production even as OPEC’s top producer pushes for supply cuts ahead of the group’s meeting in Austria next week.

  • ICE Brent Crude Oil futures dipped below $60 bbl before rising back to $60.33 at 0520 GMT, -15c, or 0.3% from their last close
  • WTI Crude Oil futures were at $51.33 bbl, – 30c, or 0.6%.

Saudi Arabia raised Crude Oil production to an all-time high in November pumping 11.1 to 11.3-M BPD during the month.

Crude Oil prices are down almost 33% of their value since early October, weighed down by an emerging supply overhang.

Traders said they are awaiting the outcome of the G-20 meeting in Buenos Aires and the result of a meeting of the Organization of the Petroleum Exporting Countries (OPEC).

My work shows that failure by OPEC, Russia and the US to significantly cut supply would mean Crude Oil prices will fall further perhaps to $50 bbl for Brent and $40 bbl for WTI or less.

USD:  The US Dollar (.DXY) Index , which measures the Buck Vs a basket of 6 peer currencies, was steady at 97.05

Stocks: Asian shares extended the global rebound Tuesday

Commodities

Energy

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
NYMEX Crude Oil »
51.39 USD
-0.24
-0.47% Dec 18 12:37AM EST CLc1
ICE Brent Crude »
60.36 USD
-0.12
-0.20% Nov 18 7:00PM EST LCOc1
NYMEX RBOB Gasoline »
1.44 USD
-0.01
-0.39% Nov 18 12:32AM EST RBc1
Dubai Crude Spot »
59.14 USD
-0.05
-0.08% Dec 02 12:47AM EST DUB-1M
ICE Gas Oil »
581.00 USD
-4.75
-0.82% Dec 18 7:00PM EST LGOc1
NYMEX No2 Heating Oil »
1.89 USD
-0.01
-0.30% Nov 18 12:36AM EST HOc1
NYMEX Nat Gas »
4.16 USD
-0.09
-2.16% Nov 18 12:35AM EST NGc1
ICE NBP Nat Gas »
66.07 GBP
+0.00
0.00% Nov 18 7:00PM EST

Metals

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
Gold Spot »
1,221.81USD
-0.47
-0.04% Dec 02 7:00PM EST XAU=X
COMEX 100oz Gold »
1,222.00USD
+1.80
+0.15% Nov 18 10:49PM EST GCc1
Silver Spot »
14.18USD
-0.05
-0.34% Dec 02 7:00PM EST XAG=X
Platinum Spot »
841.00USD
+1.26
+0.15% Dec 02 7:00PM EST XPT=X
Palladium Spot »
1,144.50USD
+3.51
+0.31% Dec 02 7:00PM EST XPD=X
COMEX Copper »
2.76USD
+0.00
0.00% Nov 18 12:41PM EST

Agriculture Grains

COMMODITY LAST CHANGE % CHANGE EXP DATE TIME 2-DAY TREND
CBOT Corn »
356.25USC
+0.25
+0.07% Dec 18 12:33AM EST Cc1
CBOT Wheat »
507.50USC
+0.00
0.00% Dec 18 12:31AM EST Wc1
KCBT Wheat »
466.00USC
+1.50
+0.32% Dec 18 11:56PM EST KWc1
MGE Spring Wheat »
576.00USC
-1.00
-0.17% Dec 18 12:00AM EST 1MWEc1
Euronext Milling Wheat »
199.50EUR
+0.00
0.00% Dec 18 7:00PM EST BL2c1
CBOT Soybeans »
863.25USC
+1.00
+0.12% Jan 19 12:38AM 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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