Gold Steady on Flat USD, and FOMC Rate Policy Announcement + Commodities

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

In Asia

Gold prices drifting in a narrow range Wednesday as investors awaited cues of the FOMC’s 2-day meeting, where policymakers are expected to raise interest rates for the 3rd time this year.

• Spot gold was up 0.1% at 1,201.64 oz, as of 0337 GMT, having moved in a 3.00 range early Wednesday.
• US gold futures climbed 0.1% to 1,206.0 oz.

People are waiting for cues from the Fed … Shayne and I believe the Fed will stay the course. They could mention that the trade dispute between China and United States could impact growth.

The FOMC will end its two-day policy meeting later Wednesday at which it is expected to raise interest rates for the 8th time since late Y 2015. Investors are also counting on another rate hike before year-end, though the outlook for Y 2019 is less clear.

The Fed policy makers may incite recent softness in housing and auto sales, as well as the mixed Beige Book survey out last week that could conceivably justify moderation in its rate outlook.

We believe USD will weaken post statement, and say this in view of the fact that it has been progressively selling off ahead of the FOMC’s meeting, telling us that investors are likely discounting any dovish wording.

A strong USD makes $-priced gold costlier for non-US investors, while rising US interest rates typically deter investors from buying a non-yielding asset such as gold.

The US Dollar (.DXY) index, which weighs the Buck against a basket of 6 major currencies, was flat at 94.143

US President Donald Trump’s top trade official said Tuesday that changing China’s economic policies to become more market-oriented “is not going to be easy”.

Among other precious metals

• Spot Palladium slipped 0.1% to 1,059.65 oz
• Silver gained 0.6% to 14.50 oz
• Platinum edged 0.1% lower to 821.55 oz.

Commodities Futures

COMMODITY	LAST	CHANGE	% CHANGE	EXP DATE	TIME	2-DAY TREND
NYMEX Crude Oil »	72.31 USD	+0.03	+0.04%	Oct 18	3:16AM EDT
ICE Brent Crude »	82.11 USD	+0.24	+0.29%	Sep 18	3:16AM EDT
NYMEX RBOB Gasoline »	2.07 USD	+0.00	+0.04%	Sep 18	3:14AM EDT
Dubai Crude Spot »	79.70 USD	+0.55	+0.69%	Dec 02	3:26AM EDT
ICE Gas Oil »	714.75 USD	+1.00	+0.14%	Oct 18	3:16AM EDT
NYMEX No2 Heating Oil »	2.31 USD	+0.01	+0.31%	Sep 18	3:13AM EDT
NYMEX Nat Gas »	3.07 USD	-0.01	-0.36%	Sep 18	2:45AM EDT
ICE NBP Nat Gas »	76.25 GBP	-1.43	-1.88%	Sep 18	3:14AM EDT

COMMODITY	LAST	CHANGE	% CHANGE	EXP DATE	TIME	2-DAY TREND
Gold Spot »	1,200.80USD	-0.11	-0.01%	Dec 02	3:28AM EDT
COMEX 100oz Gold »	1,200.00USD	+0.00	0.00%	Sep 18	7:01PM EDT
Silver Spot »	14.48USD	+0.06	+0.44%	Dec 02	3:28AM EDT
Platinum Spot »	825.60USD	+3.00	+0.36%	Dec 02	3:28AM EDT
Palladium Spot »	1,060.50USD	-0.50	-0.05%	Dec 02	3:28AM EDT
COMEX Copper »	2.80USD	+0.00	+0.02%	Sep 18	9:06PM EDT

COMMODITY	LAST	CHANGE	% CHANGE	EXP DATE	TIME	2-DAY TREND
CBOT Corn »	363.75USC	+0.00	0.00%	Dec 18	3:19AM EDT
CBOT Wheat »	522.75USC	+2.00	+0.38%	Dec 18	3:21AM EDT
KCBT Wheat »	524.75USC	+2.75	+0.52%	Dec 18	3:00AM EDT
MGE Spring Wheat »	584.50USC	+3.50	+0.60%	Dec 18	3:18AM EDT
Euronext Milling Wheat »	201.00EUR	+0.00	0.00%	Dec 18	12:29PM EDT
CBOT Soybeans »	850.75USC	+5.00	+0.59%	Nov 18	3:22AM 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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