In Asia: Gold Up, USD Down, Stocks Off + Commodities

In Asia: Gold Up, USD Down, Stocks Off + Commodities

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

Notes: The Federal Open Market Committee (FOMC) will announce its interest rate stance at 2:00p EST Wednesday, the market is focused.

In Asia

Gold: Gold prices moved to 5-month highs Wednesday as a softer USD supported the coin and bar buyers, while investors awaited cues on the rate hike trajectory of the FOMC from its 2-day policy meeting later in the day Wednesday

  • Spot gold was up 0.1% at $1,250.20 oz, as of 0405 GMT, after hitting its highest mark since 11 July at $1,251.06 earlier in the session.
  • US gold futures were up 0.1% at $1,254.60 oz.

If the Fed comes off dovish then gold prices should consolidate and hold at $1,256 and if it breaks that we might see prices going North to $1,265+.

Holdings in SPDR Gold Trust (GLD), the world’s largest gold-backed ETF (exchange-traded fund), rose 1.08% to 771.79 tonnes Tuesday.

Energy:  Crude Oil prices rebounded Wednesday after falling for the past 3 sessions with worries about oversupply and a slowing global economy keeping markets under pressure though sentiment may be shifting as falling equity markets seemed to stabilize.

  • NYMEX WTI Crude Oil up 4c, or 0.09%, to $46.28 bbl by 0443 GMT
  • ICE Brent Crude Oil futures rose 0.4%, or 23c, at $56.49 bbl.

My work shows that there is no Bullish sentiment ahead.

Equities: The S&P 500 finished up Tuesday ending its losing streak. 
MSCI’s world stock index fell 0.3%. The index is down 10% YTD, and is set for its worst year in 10.

A speech by Chinese President Xi, which investors had hoped could lift morale, had little impact after he offered no specific support measures for the economy. Chinese shares fell over 1%. Japan’s Nikkei lost 1.8%.

Currencies: The US Dollar (.DXY) measures the Buck against a basket of 6 peer currencies, and was down 0.3% after marking a 1-week low in the prior session.

Commodities: Energy, Metals, and Agriculture Grains

COMMODITY


LASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »46.48 USD+0.24+0.52%Dec 181:11AM EST
ICE Brent Crude »56.70 USD+0.44+0.78%Dec 187:00PM EST
NYMEX RBOB Gasoline »1.36 USD+0.01+0.76%Dec 1812:59AM EST
Dubai Crude Spot »54.72 USD+0.30+0.55%Dec 021:31AM EST
ICE Gas Oil »528.25 USD-2.00-0.38%Jan 197:00PM EST
NYMEX No2 Heating Oil »1.77 USD+0.02+0.92%Dec 181:18AM EST
NYMEX Nat Gas »3.84 USD+0.00+0.05%Dec 181:21AM EST
ICE NBP Nat Gas »65.53 GBP+0.000.00%Dec 187:00PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,250.11USD+0.82+0.07%Dec 027:00PM EST
COMEX 100oz Gold »1,249.20USD+0.000.00%Dec 183:50PM EST
Silver Spot »14.69USD+0.05+0.33%Dec 027:00PM EST
Platinum Spot »787.60USD+0.61+0.08%Dec 027:00PM EST
Palladium Spot »1,252.73USD+8.99+0.72%Dec 027:00PM EST
COMEX Copper »2.68USD+0.01+0.32%Dec 1812:14AM 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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