Gold Up, USD Down, Stocks Rising + Commodities

Gold Up, USD Down, Stocks Rising + Commodities

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

In Asia

Gold: Gold prices climbed Wednesday morning in Asia, despite indications that the Fed might lower interest rates in the next 2 years.

Gold Futures for February delivery hiked 0.18% to $1,250.55 at 11:37p EST (03:37 GMT) on the COMEX, while the US Dollar (.DXY), tracking the Buck against a basket of 6 peer currencies, weakened 0.01% to 97.38. 

We are in a situation where the Fed has signaled they may be very close to Neutrality, meaning a few more interest rate hikes,

Energy: Crude Oil prices rose by more than 1% Wednesday on the back of a broad stock market rebound plus expectations that an OPEC-led output cut for Y 2019 would stabilize the supply/demand balance.

Disruptions to Libyan Crude Oil exports after local militia seized the country’s biggest oil field, El Sharara, were also buoying prices, traders said.

  • ICE Brent Crude Oil futures were at $60.92 bbl at 0454 GMT, +72c, or 1.2% from Monday’s close in London
  • NYMEX WTI Crude Orude futures were at $52.29 bbl, +64 cents, or 1.2% up from Monday’s close in NYC

The higher prices came on an increase in Asian share markets after US President Donald Trump told Reuters that trade talks with China were taking place to defuse the trade dispute between the world’s 2 biggest economies.

Equities: Most Southeast Asian stock markets rose Wednesday as the trade dispute between the United States and China ebbed faded a bit after US President Donald Trump sounded optimistic about a deal with Beijing.

President Trump in an interview with Reuters said talks were taking place with Beijing by phone and that he would not raise tariffs on Chinese imports until he was sure about a deal.

 The MSCI’s broadest index of Asia-Pacific shares outside Japan firmed a modest 0.27%, after hitting a nearly 3-week low in the prior session.

USD: The US Dollar (.DXY), tracking the Buck against a basket of 6 peer currencies, weakened 0.01% to 97.38 on the Fed’s dovishness going into the December FOMC meeting next week.

Commodities: Energy, Metals and Agriculture 

CommodityCurrencyLast TradePrice Change% Price ChangeTrade Time
LIGHT CRUDE CON1  Dec18USD52.29+0.64+1.24%12/12 01:50
NY H ULSD JUN8  Dec18USD1.86+0.02+0.82%12/12 01:49
NATURAL GAS CON1  Dec18USD4.40-0.01-0.25%12/12 01:50
100 OZ GOLD C2  Dec18USD1,245.30+3.40+0.27%12/11 21:42
SILVER 5000 CON1  Dec18USD14.50+0.00+0.00%12/11 10:05
HG COPPER CON1  Dec18USD2.77+0.00+0.07%12/11 21:45
CORN CON1  Dec18USC375.75+0.75+0.20%12/11 21:59
WHEAT CON1  Dec18USC509.75+0.00+0.00%12/11 17:35
SOYBEANS CON1  Jan19USC919.50+4.50+0.49%12/12 01:49
SUGAR 11 CON1  Feb19USC12.83+0.00+0.00%12/11 00:00
SUGAR 16 CON1  Feb19USC25.20+0.00+0.00%12/11 00:00
COFFEE C CON1  Dec18USC97.65+0.00+0.00%12/11 00:00
COCOA CON1  Dec18USD2,066.00+0.00+0.00%12/11 00:00
FROZEN OJ CON1  Jan19USC137.80+0.00+0.00%12/11 13:59
COTTON NO 2 CON1  Mar19USC80.02+0.00+0.00%12/12 01:47
LIVE HOGS CON1  Dec18USC54.45+0.00+0.00%12/11 14:04
LIV CAT FEB8  Dec18USC118.38+0.00+0.00%12/11 17:27

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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