Gold Up, USD Down, Stocks Falling + Commodities

Gold Up, USD Down, Stocks Falling + Commodities

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

In Asia

Gold: Gold prices up Tuesday in Asia as the USD fell.

Gold futures for February delivery on the COMEX division of the New York Merc traded 0.3% higher at $1,252.70 oz by 1:24 AM EST (05:24 GMT). 

The precious Yellow metal marked its biggest weekly gainer since August last week.

Technically, the break of $1,250 will be very significant, as $1,250 is a very Key point and on the bottom it’ is $1,240.

A 4th rate hike for this year is expected next week, but the road from there is dovish. While Fed policymakers have pointed to 3 increases in Y 2019, the market is only anticipating none or 1.

Lower interest rates can give gold a lift as it decreases the relative cost of holding on to the metal, which does not offer investors any similar guaranteed payout.

Energy: Crude Oil prices up Tuesday after Libya’s National Oil Company declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group.

Despite that, overall sentiment on Crude Oil prices is still weak on worries over global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.

ICE Brent Crude Oil futures were at $60.19 bbl at 0336 GMT, +19c, or 0.3%, from Monday’s close.

NYMEX WTI Crude OIL futures were at $51.16 bbl, +16c, or 0.3%.

Crude futures have lost 33% of their value since early October on the equities market slump and an emerging supply overhang.

In a show of no confidence, money managers cut their Bullish bets on Crude Oil to the lowest in more than 2 years in the week ending 4 December, the US Commodity Futures Trading Commission (CFTC) said Monday.

The financial speculator group cut its combined futures and options position in New York and London by 25,619 contracts to 144,775 during the frame. That is the lowest mark since 20 September 2016.

USD: The US Dollar (.DXY) Index that tracks the Buck against a basket of 6 peer currencies traded 0.1% lower to 97.058. 

The USD received some support earlier in the day, reportedly due to BBREXIT uncertainty. UK PM Theresa May called off Tuesday’s vote on her BREXIT deal so she could go back to Brussels and ask for changes to it.

The news was said to be supportive for the safe-haven USD, as the market judged the risk of ‘no-deal’ BEXIT has increased.

Equities:

Stock-Market Summary

  • Japan’s Topix index down 0.8%; Nikkei 225 down 0.3%
  • Hong Kong’s Hang Seng Index down 0.1%; Hang Seng China Enterprises down 0.5%; Shanghai Composite up 0.3%
  • Taiwan’s Taiex index up 0.6%
  • South Korea’s Kospi index little changed; Kospi 200 down 0.2%
  • Australia’s S&P/ASX 200 little changed; New Zealand’s S&P/NZX 50 up 0.1%
  • India’s S&P BSE Sensex Index down 0.9%; NSE Nifty 50 down 0.9%
  • Singapore’s Straits Times Index down 0.4%; Malaysia’s KLCI down 0.4%; Philippine Stock Exchange up 0.7%; Jakarta Composite down 0.5%; Thailand’s SET down 0.5%; Vietnam’s VN Index down 0.3%

Commodities: Energy, Metals, and Agriculture Grains

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
MCX Crude Oil »3,678.00INR-88.00-2.39%Dec 1811:58AM IST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
MCX Gold »32,028.00INR+433.00+1.35%Dec 0212:00AM IST
MCX Silver »38,149.00INR-220.00-0.58%Mar 1911:55AM IST
MCX Copper »439.00INR-1.55-0.35%Feb 1911:57AM IST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
MCX Cotton »22,130.00INR-50.00-0.23%Dec 1811:44AM IST
MCX Soybean »3,307.00INR+30.00+0.91%Dec 0212:00AM IST
MCX Rapeseed »4,089.00INR+70.00+1.71%Dec 0212:00AM IST

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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