Lead Prices Take Off, Don’t Wait To Hedge

from Metals Analysis http://ift.tt/2dxkkVF
via IFTTT

Book Review: 50 Slides For Gold Bulls

from Metals Analysis http://ift.tt/2dBGg5K
via IFTTT

Copper up on China data, gold gains on Deutsche concerns

Copper futures pushed modestly higher on Friday amid data indicating that China’s manufacturing sector has steadied in recent months.

Copper for December delivery on the Comex division of the New York Mercantile Exchange was last up 0.7 cents at $2.197 per ounce. Trade has ranged from $2.1805 to $2.20.

“Copper’s correction appears to have run its course and buying has returned in recent weeks. Given the short-selling of late, there may be room for short-covering as well as bargain hunting now that the summer lull has passed,” William Adams, FastMarkets head of research, noted.

In data, China’s Caixin manufacturing PMI for September at 50.1 was as expected and close to August’s reading of 50. A reading above 50 reading signifies expansion.

“The readings for the manufacturing PMI over the past three months seem to indicate that the economy has begun to stabilize,” Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, said. “But given that the growth rate of fiscal income has slowed recently, while expenditures have swung, there is insufficient momentum to drive future economic growth, and there is a risk that industrial output may decline.”

Earlier, the EU CPI flash estimate was as expected at 0.4 percent but the core CPI flash estimate undershot at 0.8 percent and the EU unemployment rate at 10.1 percent also disappointed.

The core PCE price index, personal spending, personal income, the Chicago PMI, revised UoM consumer sentiment and revised UoM inflation expectations.

In warehousing data, Shanghai bonded copper stocks hit a seven-month low at 528,000-558,000 tonnes from 560,000-590,000 tonnes a month previously, according to FastMarkets’ survey of multiple warehouse companies.

The brief opening of the arbitrage window between the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE) was the main driver of the month-on-month decrease, several sources said.

Spot premiums in Shanghai have also increased to $55-65 per tonne this week from $40-50 at the end of August, according to FastMarkets historical data.

“With the LME/Shanghai copper arb close to being open and with copper prices and metals prices generally looking more upbeat, along with economic data in China, perhaps the flow of copper will reverse and metal will head back to China,” FastMarkets’ Adams said.

In the wider-markets, the dollar was 0.49 percent stronger at 1.1167 against the euro, while Germany’s DAX and France’s CAC-40 were down 0.70 percent and 1.17 percent respectively, as many big Deutsche Bank clients shifted their assets amid concerns over the banks stability.

As for the precious metals, the December Comex gold was up $1.10 at $1,327.10 per ounce, while the most-active Comex silver was up 18.7 cents at $19.375 per ounce.

“The problems attendant to the Deutsche Bank have to be supportive of gold,” Dennis Gartman, editor of the Gartman Letter, said. “We draw attention firstly to the fact that the barometer of fear in the capital markets – the euro/Swiss franc cross – has moved very sharply in the franc’s favour.”

“Capital is leaving ‘Europe’ and is looking for a home and that first home is either Zurich, or Lugano, or Geneva or Basel et al. The second home almost certainly shall be gold,” he added.

(Additional reporting by Vicky Chen, editing by xx) 

The post Copper up on China data, gold gains on Deutsche concerns appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2cQAriv
via IFTTT

Liked on YouTube: Backlinksindexer.Com Easy Back Links To Your Backlinks With Free Trial

Backlinksindexer.Com Easy Back Links To Your Backlinks With Free Trial
http://ift.tt/2dahyqp Backlinksindexer.Com Easy Back Links To Your Backlinks With Free Trial You can't just build links and stop there The search engines needs to decide if your links are useful or trash.... This is done by ensuring your backlinks get indexed and juiced up! More than Indexing - It's Boosting First Backlinksindexer.com pings each link individually to ensure it is crawled. Next it powers your URLs up using high domain authority blogs, web2.0s, Microblogs, social bookmarking sites, and RSS aggregators. This is how your links become 1000 stronger! Finished No1 in every comparison All have tried and failed to beat Backlinksindexer.com , but it has remained the best rated indexing service in every comparison test run. Higher Indexing, Lasting Indexing, Bigger Boosting, Higher Rankings. Just look at the Improvement|boost} it {got|recieved} after Penguin 3.0 - rewarding it for its high quality service. with free trial If it isn't the best indexing service you've ever used they will give you back a full refund! You have nothing to loose! Click here - http://ift.tt/2dahyqp http://ift.tt/2dK1jCw Backlinksindexer.Com Easy Back Links To Your Backlinks With Free Trial http://youtube.com/watch?v=MFuSqhWaoCM
via YouTube http://youtu.be/trIMX5kEWPk

Liked on YouTube: Backlinksindexer.Com Build Backlinks To Your Back Links 30 Day Money Back Guarantee

Backlinksindexer.Com Build Backlinks To Your Back Links 30 Day Money Back Guarantee
http://ift.tt/2dahyqp Backlinksindexer.Com Build Backlinks To Your Back Links 30 Day Money Back Guarantee You can't just build links and stop there Google needs to decide if your links are useful or trash.... This is done by making sure your backlinks get indexed and powered up! More than Indexing - It's Boosting First Backlinksindexer.com pings each link seperately to ensure it is crawled. Next it juices up your URLs up using high domain authority blogs, web2.0s, Microblogs, social bookmarking sites, and RSS aggregators. This is how your links become 10x stronger! Rated No1 in every comparison All have tried and failed to beat Backlinksindexer.com , but it has remained the best rated indexing service in every comparison test run. Higher Indexing, Longer Indexing, Larger, Higher Rankings. Just look at the Improvement|boost} it {got|recieved} after Penguin 3.0 - rewarding it for its high quality service. 30 Day Money Back Guarantee If it isn't the best indexing service you've ever used they will give you back a full refund! You have nothing to loose! Click here - http://ift.tt/2dahyqp http://ift.tt/2dK1jCw Backlinksindexer.Com Build Backlinks To Your Back Links 30 Day Money Back Guarantee http://youtube.com/watch?v=HvF8rNN842Q
via YouTube http://youtu.be/MFuSqhWaoCM

Liked on YouTube: Backlinksindexer.Com Build Backlinks To Your Back Links With Free Trial

Backlinksindexer.Com Build Backlinks To Your Back Links With Free Trial
http://ift.tt/2dahyqp Backlinksindexer.Com Build Backlinks To Your Back Links With Free Trial You can't just build links and stop there Google needs to decide if your links are valuable or not.... This is done by making sure your URLs get indexed and juiced up! More than Indexing - It's Boosting First Backlinksindexer.com pings each link individually to make sure it is crawled. Next it juices up your URLs up using high domain authority blogs, web2.0s, Microblogs, social bookmarking sites, and RSS aggregators. This is how your links become 10x stronger! Rated No1 in every competition All have attempted and failed to beat Backlinksindexer.com , but it has remained the best rated indexing service in every comparison test run. Higher Indexing, Lasting Indexing, Bigger Boosting, Higher Rankings. Just look at the Improvement|boost} it {got|recieved} after Penguin 3.0 - rewarding it for its high quality service. with free trial If it isn't the best indexing service you've ever used they will give you back a full refund! You have nothing to loose! Click here - http://ift.tt/2dahyqp http://ift.tt/2dK1jCw Backlinksindexer.Com Build Backlinks To Your Back Links With Free Trial
via YouTube http://youtu.be/HvF8rNN842Q

Liked on YouTube: Front And Rear Bike Lights - Clydesdale Cyclist

Front And Rear Bike Lights - Clydesdale Cyclist
https://www.youtube.com/watch?v=x4x8DqGRrKE Front And Rear Bike Lights - Clydesdale Cyclist You can get them on Amazon . com and also the pricing is pretty affordable for that pack. They are simple and little. I leave them amount to the bicycle all the time just in case I become trapped out biking in low light. Equally LEDS attach just using a silicone strap and connect therefore they couldn’t be easier to put on and get off. You merely extend the strap and connect the strap to itself, rotate the side gaps so light can get away towards the sides improving visibility, and push the centre to change them on and off. These cycling lights are for other people (vehicles) to see you, not so that you can see with. Plenty bright enough for other road users to see you, even though they don’t really light up the road ahead. Blinking setting is suggested (both front and rear) since it definitely increases the chance of becoming found. If you ride on dark roads where you need a better view of the surface in front of you, you’ll need a stronger head lamp, but keep these lights on blinking mode to assist safety. Within the identical casings are two popular button electric batteries which are designed to provide 150 hours running on blinking, which will last most commuters an entire winter. There are tiny o-ring seals therefore they should survive in poor weather conditions. I like how these bicycle lamps appear on my bicycle. The anodized and machined Light weight aluminum looks great. Even Cateye lamps are plastic-type material and look bulky on your seatpost or handlebars. I think these would good on any bike, and if they come out with red, I might have to get another set..... http://youtube.com/watch?v=9OQ9KNtjBhg
via YouTube http://youtu.be/3bHJGS--ObU

Copper Pauses At Key Technical Level

from Metals Analysis http://ift.tt/2cGbJxX
via IFTTT

Gold price edges higher but stronger dollar caps gains

 Gold was trading higher on Friday morning in London but gains are being capped by a stronger dollar.

– The spot gold price was last at $1,325.85/1,326.15 per ounce, up $4 on Thursday’s close. Trade has ranged from $1,321.05 to $1,327.05 so far.

– The dollar index was last at a higher 95.73 and has been on an upward trend since bottoming out in May, Joshua Mahoney, a market analyst at IG, said. “Despite a slowdown in this resurgence, we have not yet seen anything to say this rally is over. As long as we do not see an hourly close below 94.11, there is reason to believe the dollar will continue to perform over the coming months,” he said.

 – In the other precious metals, silver was last at $19.255/19.275, up 15 cents. Platinum at $1,030/1,035 was $7 higher and palladium at $714/723 was up $3.50.

– “Stronger oil prices gave gold some lift yesterday but not much. Prices are for the most part moving sideways; while they do so, the risk of stale long liquidation remains,” William Adams, FastMarkets head of research, said. “Silver is following gold’s lead, albeit in a more volatile manner, platinum is staying in the low ground and palladium is bucking the trend – prices looking set to challenge the July highs of $747.50, with the highest close then at $725.”

(Editing by Mark Shaw)

 

 

 

 

The post Gold price edges higher but stronger dollar caps gains appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2dbKy1i
via IFTTT

Liked on YouTube: High Quality Bike Light Set - Clydesdale Cyclist

High Quality Bike Light Set - Clydesdale Cyclist
http://ift.tt/2dwkAUw High Quality Bike Light Set - Clydesdale Cyclist You can find them on Amazon and also the pricing is quite sensible for that pack. They are simple and small. I leave them amount to the bike all the time in case I become stuck out biking in reduced light. Both LED lights attach just through a rubber band and connect so that they couldn’t be less difficult to use and get off. You just expand the straps and connect the straps to itself, rotate the side gaps so light can get away for the sides increasing awareness, and push the centre to switch them off and on. These cycling LEDs for other people (cars) to find you, not so that you can see with. They don’t really light up the road ahead, but plenty bright enough for other road users to see you. Blinking setting is recommended (both front and back) since it truly boosts the chance of becoming noticed. You’ll need a stronger head lamp, but keep these lights on flashing mode to assist safety, if you ride on dark roads where you need a better view of the surface in front of you. Inside of the identical housings are two popular circular electric batteries which are meant to give 150 hrs life on flashing, which ought to last most riders an entire winter. There are small o-ring seals so that they ought to survive in poor conditions. I really like how these bike lights look on my bike. The machined and anodized Aluminium appears great. Even Cateye lights are plastic-type material and appear cumbersome on your seatpost or handle bars. If they come out with red, I might have to get another set.... http://youtube.com/watch?v=Sfa8AfNrFYA
via YouTube http://youtu.be/ENLo8mt-Wkk

Liked on YouTube: Best Bike Lights - Clydesdale Cyclist

Best Bike Lights - Clydesdale Cyclist
http://ift.tt/2dwkAUw Best Bike Lights - Clydesdale Cyclist You can get them on Amazon and also the pricing is rather sensible for the set. small and simple. I keep them amount to the bike all the time in the event I get trapped out cycling in reduced lighting. Each LEDS attach just by way of a rubber band and catch therefore they couldn’t be easier to put on and remove. You only expand the band and catch the band to itself, rotate the side gaps so lighting can get away to the sides increasing awareness, and press the middle to switch them on and off. These cycling lights are for other people (vehicles) to view you, not for you to see with. They don’t really light up the road ahead, but plenty bright enough for other road users to see you. Blinking mode is suggested (both front and rear) because it truly increases the chance of simply being noticed. You’ll need a stronger head lamp, but keep these lights on flashing setting to assist safety, if you ride on dark roads where you need a better view of the surface in front of you. Inside of the identical casings are two typical button electric batteries which are designed to offer 150 hrs running on flashing, which ought to last most riders a full wintertime. There are little o-ring seals therefore they ought to survive in bad weather conditions. I like how these bike lamps appear on my own bike. The machined and anodized Light weight aluminum looks cool. Even Cateye lamps are plastic-type material and look large on your handle bars or seat post. I think these would good on any bike, and if they come out with red, I might have to get another set.....
via YouTube http://youtu.be/6TStBfTtoog

Liked on YouTube: Best Bike Lights Review From Night King Pro

Best Bike Lights Review From Night King Pro
https://www.youtube.com/watch?v=x4x8DqGRrKE Best Bike Lights Review From Night King Pro You can get them on Amazon . com and the pricing is pretty reasonable for that front and rear set. These are simple and little. I keep them on the bicycle constantly in the event I become trapped out riding in reduced light. Equally LED lights attach just by way of a silicone band and catch therefore they couldn’t be less difficult to use and remove. You simply extend the strap and catch the strap to itself, adjust the cut outs so light can get away to the sides improving visibility, and press the center to change them on and off. These bicycle lights are road users (cars) to find you, not for you to see with. They don’t really light up the road ahead, but plenty bright enough for other road users to see you. Blinking function is recommended (both front and back) as it really boosts the chance of being seen. You’ll need a brighter head lamp, but keep these lights on blinking mode to assist safety, if you ride on dark roads where you need a better view of the surface in front of you. Inside of the same housings are two common circular electric batteries which are designed to provide 150 hrs life on blinking, which ought to last most commuters a whole wintertime. There are actually small o-ring seals therefore they ought to survive in poor weather conditions. I like how these bicycle lamps look on my bicycle. The anodized and machined Light weight aluminum appears amazing. Even Cateye lights are plastic-type material and appear large on your handle bars or seat post. I think these would good on any bike, and if they come out with red, I might have to get another set.....
via YouTube http://youtu.be/iVljC8HPc8I

Liked on YouTube: Best Bike Lights On Amazon - Clydesdale Cyclist

Best Bike Lights On Amazon - Clydesdale Cyclist
http://ift.tt/2dwkAUw Best Bike Lights On Amazon - Clydesdale Cyclist You can get them on Amazon and the prices are fairly acceptable for the set. They are little and simple. I keep them amount to the bicycle constantly in the event I get trapped out riding in low lighting. Equally LEDS attach just via a silicone strap and connect so that they couldn’t be less difficult to use and remove. You simply stretch out the straps and connect the straps to itself, rotate the side gaps so lighting can escape for the sides increasing awareness, and press the middle to switch them off and on. These bike LEDs road users (vehicles) to discover you, not for you to see with. They don’t really light up the road ahead, but plenty bright enough for other road users to see you. Flashing function is recommended (both front and back) as it really improves the possibility of simply being seen. You’ll need a brighter head lamp, but keep these lights on blinking mode to assist safety, if you ride on dark roads where you need a better view of the surface in front of you. Inside of the identical housings are two common circular batteries which are supposed to give 150 hours life on blinking, that ought to last most riders a full winter. You will find very little o-ring seals so that they should survive in poor weather. I like how these bicycle lamps appear on my own bicycle. The anodized and machined Light weight aluminum looks amazing. Even Cateye lamps are plastic-type material and look large on your handle bars or seatpost. I think these would good on any bike, and if they come out with red, I might have to get another set..... http://youtube.com/watch?v=iVljC8HPc8I
via YouTube http://youtu.be/jrkvy2Sp-bU

Complex Correction Suggest Higher Prices On Gold

from Metals Analysis http://ift.tt/2diu6ff
via IFTTT

Metals consolidate recent gains ahead of a day of data

• China’s Caixin Manufacturing PMI – Actual 50.1, Expected 50.1, Previous 50.0

Metals were diverse yesterday with nickel prices slipping 2.7 percent to $10,410, while lead continued its rally with a three percent rise to $2,065, zinc was up 0.9 percent, aluminium was up 0.5 percent, with tin 0.4 percent higher and copper was off 0.1 percent at $4,825. Precious metals were mixed yesterday with gold prices unchanged at $1,322, silver was off 0.5 percent, platinum was off 0.1 percent, but palladium remained firm, rising 0.8 percent to $715.

This morning, the base metals remain mixed, zinc and aluminium are off 0.4 percent, lead and copper are off 0.1 percent with copper at $4,821, nickel is up 0.3 percent at $10,445 and tin is up 0.2 percent at $20,030 – setting a fresh high for the year.

In Shanghai most of the metals are weaker this morning, the exception is lead that is up 1.9 percent and tin that is up slightly, but the rest are down between 0.1 percent for zinc and 1.9 percent for nickel, while copper is down 0.4 percent at Rmb 37,610. Spot copper in Changjiang is off 0.5 percent at Rmb 37,800-37,920, the spread has widened to an equivalent of $46 per tonne back and the LME/Shanghai copper arb ratio is at 7.80. The SHFE will be closed next week and will reopen on Monday October 10.

In other metals in China, iron ore prices in Dalian dropped three percent, which may well be profit-taking ahead of the week long holiday, steel rebar is off 2.3 percent, while gold and silver prices are off 0.1 percent.

Equities – the Euro Stoxx 50 closed little changed yesterday, but the Dow ended the day down 1.1 percent as some good data increased the likelihood of the Fed raising rates this year. Asia this morning is generally weaker, the Nikkei is down 1.4 percent, the Hang Seng is off 1.3 percent, the ASX 200 is down 0.4 percent, the Kospi is off one percent while the CSI 300 is up 0.4 percent. Profit-taking for quarter-end seems to be one of the dampeners, along with some weak Japanese data and concerns about Deutsche Bank.

In FX,  the dollar index is flat at 95.53, as are the euro at 1.1218, sterling at 1.2973, the yen at 101.15, while the aussie is slightly weaker at 0.7631. The yuan is last at 6.6697, the rupiah is weakening after recent strength and other emerging market currencies are on a back footing, although the rouble is looking firmer at 63.04.

The economic diary is busy today, Japan’s industrial production climbed 1.5 percent, which was better than expected, but there was a host of other data out that looked weak – see table below. China’s Caixin PMI came out slightly better than expected, it was originally scheduled to come out tomorrow – the official PMI data is still scheduled to come out tomorrow. Data out later includes: German retail sales, UK house prices, French CPI and consumer spending, Italian unemployment rate, UK GDP, current account, EU and Italian CPI, EU unemployment rate, with US data including personal spending, income and PCE prices, Chicago PMI and University of Michigan consumer sentiment and inflation expectations.

Lead and tin continue to push higher with lead seeming to be playing catch-up, copper, aluminium and zinc are consolidating recent gains and are pausing ahead of former resistance levels, while nickel has run into some selling ahead of its August peak. With China closed next week trading is likely to quieten down, although thinner trading conditions could increase price volatility. China’s official PMI, out tomorrow, may well set the next direction, we continue to favour the upside.

Gold prices got some lift on the stronger oil prices yesterday, but not much, prices are for the most part moving sideways and while they do so the risk of stale long liquidation remains. Silver is following gold’s lead, albeit in a more volatile manner, platinum is staying in low ground, while palladium is bucking the trend with prices looking set to challenge the July highs that were at $747.50, with the highest close then at $725. 

 

Overnight Performance
BST	06:01	+/-	+/- %	Lots
Cu	4821	-4	-0.1%	975
Al	1661.5	-7	-0.4%	875
Ni	10445	35	0.3%	832
Zn	2345.5	-9.5	-0.4%	812
Pb	2062	-3	-0.1%	339
Sn	20030	30	0.2%	9
	Average		-0.1%	3,842
Gold	1323.53	1.53	0.1%
Silver	19.105	-0.005	0.0%
Platinum	1029.2	4.2	0.4%
Palladium	718	3	0.4%
	Average PM		0.2%

 

SHFE Prices 06:01 BST	RMB	Change	% Change
Cu	37610	-140	-0.4%
AL	12460	-100	-0.8%
Zn	18170	-10	-0.1%
Pb	15245	285	1.9%
Ni	81070	-1560	-1.9%
Sn	128570	40	0.0%
Average change (base metals)	0		-0.2%
Rebar	2254	-52	-2.3%
Au	284.9	-0.3	-0.1%
Ag	4269	-3	-0.1%

 

Economic Agenda
BST	Country	Data	Actual	Expected	Previous
12:01am	UK	GfK Consumer Confidence	-1	-5	-7
12:30am	Japan	Household Spending y/y	-4.6%	-2.1%	-0.5%
12:30am	Japan	Tokyo Core CPI y/y	-0.5%	-0.4%	-0.4%
12:30am	Japan	National Core CPI y/y	-0.5%	-0.4%	-0.5%
12:30am	Japan	Unemployment Rate	3.1%	3.0%	3.0%
12:50am	Japan	BOJ Summary of Opinions
12:50am	Japan	Prelim Industrial Production m/m	1.5%	0.5%	-0.4%
1:00am	Japan	BOJ Gov Kuroda Speaks
2:45am	China	Caixin Manufacturing PMI	50.1	50.1	50
6:00am	Japan	BOJ Core CPI y/y	0.4%	0.6%	0.5%
6:00am	Japan	Housing Starts y/y	2.5%	7.3%	8.9%
7:00am	Germany	German Retail Sales m/m		-0.2%	1.7%
7:00am	UK	Nationwide HPI m/m		0.3%	0.6%
7:45am	France	French Consumer Spending m/m		0.4%	-0.2%
7:45am	France	French Prelim CPI m/m		-0.3%	0.3%
9:00am	Italy	Italian Monthly Unemployment Rate		11.4%	11.4%
9:30am	UK	Current Account		-30.5B	-32.6B
9:30am	UK	Final GDP q/q		0.6%	0.6%
9:30am	UK	Index of Services 3m/3m		0.3%	0.5%
9:30am	UK	Revised Business Investment q/q		0.5%	0.5%
10:00am	EU	CPI Flash Estimate y/y		0.4%	0.2%
10:00am	EU	Core CPI Flash Estimate y/y		0.9%	0.8%
10:00am	Italy	Italian Prelim CPI m/m		-0.3%	0.2%
10:00am	EU	Unemployment Rate		10.0%	10.1%
1:30pm	US	Core PCE Price Index m/m		0.2%	0.1%
1:30pm	US	Personal Spending m/m		0.2%	0.3%
1:30pm	US	Personal Income m/m		0.2%	0.4%
2:45pm	US	Chicago PMI		52.1	51.5
3:00pm	US	Revised UoM Consumer Sentiment		90.1	89.8
3:00pm	US	Revised UoM Inflation Expectations			2.3%

The post Metals consolidate recent gains ahead of a day of data appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2dEeYbg
via IFTTT

Elliott Wave Analysis: Gold Intraday View

from Metals Analysis http://ift.tt/2daFgD3
via IFTTT

Gold supported by safe haven buying but capped by stronger US dollar

The spot gold price drifted during Asian trading hours on Friday supported by safe haven buying but capped by a stronger US dollar.

Spot gold was last at $1,322.35-1,322.75 per ounce, up just $0.55 from Thursday’s close. Trading ranged at $1,321.05-1,324.80 so far.

“Further ongoing uncertainty surrounding the US presidential elections and more recently, the Deutsche Bank issue, should province an underlying bid for the metal,” MKS Group said on Friday morning.

Some Deutsche Bank clients, among them several big hedge funds, have withdrawn securities or cash from the German lender amid concerns about its stability and their exposure, the Wall Street Journal reported on Thursday.

Safe haven asset buying was heightened in global markets due to anxiety over Deutsche Bank’s finances, ANZ Research said Friday morning.

In currencies, the US dollar index rose 0.1 percent to 95.61 so far on Friday.

“Since bottoming out in May, the dollar index has been in its ascendancy. Despite a slowdown in this resurgence, we have not yet seen anything to say this rally is over,” Joshua Mahoney, a market analyst at IG.

“As long as we do not see an hourly close below 94.11, there is reason to believe the dollar will continue to perform over the coming months,” he said.

In data, China’s Caixin manufacturing PMI for September came in 50.1, within expectations and close to August’s reading of 50.0. An above 50 reading signifies expansion, and below, contraction.

Having stagnated in August, Chinese manufacturers signalled little-change to overall operating conditions during September, Caixin Insight Group said.

On a positive note, output and total new orders continued to expand, albeit marginally, while firms raised their purchasing activity for the third month in a row, it added.

“The readings for the manufacturing PMI over the past three months seem to indicate that the economy has begun to stabilise, Zhong Zhengsheng, director of macroeconomic analysts at CEBM Group, said.

“But given that the growth rate of fiscal income has slowed recently while expenditures have swung, there is insufficient momentum to drive future economic growth, and there is a risk that industrial output may decline,” he cautioned.

On Saturday, China will release its official manufacturing PMI and non-manufacturing PMI for September. A figure of 50.5, close to August’s 50.4, is called for.

The official PMI is more focused on large state-owned firms, while the independently surveyed Caixin PMI is closely watched for conditions among the country’s private sector.

In other commodities, crude oil prices remained supported by the initial production cut deal agreed among OPEC producers in Algiers, Algeria on Wednesday. The deal could possibly be formalised in November.

The Brent crude oil spot price hit another fresh three-week high of $49.80 per barrel on Friday – it was last at $49.41, down 0.37 percent from Thursday’s close. The Texas light sweet crude oil spot price was recently at $47.53, down 0.48 percent on Friday after touching a five-week high of $48.28 a day ago.

In US data released on Thursday, second quarter final GDP growth came in at 1.4 percent quarter-on-quarter, slightly better than expectations of 1.3 percent. Weekly unemployment claims for last week was also better than expected at 254,000, against a forecast of 260,000.

Pending home sales for August, however, fell 2.4 percent month-on-month – a 0.1 percent decline was called for.

Other US data due later on Friday includes the Core PCE price index, personal spending, personal income, Chicago PMI, revised UoM consumer sentiment and revised UoM inflation expectations.

In equities, the Shanghai Composite rose 0.14 percent to 3,002.81 recently on Friday.

In other precious metals, silver was last at $19.08/19.10, down $0.025. Platinum rose $2 to $1,024/1,031, and palladium increased $2 to $713/721 recently on Friday.

On the Shanghai Futures Exchange, gold for December delivery was last unchanged at 287.50 yuan per gram, and the December silver was flat at 4,275 yuan per kilogram.

The post Gold supported by safe haven buying but capped by stronger US dollar appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2dqZR3P
via IFTTT

Copper rally capped by stocks rise in New Orleans; gold steady

Copper futures in the US made a small gain on Thursday morning but an increase in warehouse inventories in New Orleans could indicate that physical demand might be lacklustre.

Copper for December delivery on the Comex division of the New York Mercantile Exchange was last up 0.45 cents at $2.1920 per pound. Trade has ranged from $2.1815 to $2.2055.

“We remain cautious [on copper] over the next three-six months because we feel the current buying pressure might not enough to tighten the global supply/demand balance sufficiently, especially because of stronger global supply,” FastMarkets analyst Boris Mikanikrezai noted.

But in some copper-supportive news, BHP was forced to suspend operations at its Olympic Dam copper-gold mine in Australia due to a power outage. It is not yet certain when production can restart.

But a climb in London Metal Exchange copper stocks took the steam out of any perspective rally. Inventories increased a net 10,100 tonnes to 379,175 tonnes – a move centred on New Orleans, where inventories climbed 7,075 tonnes to 46,675 tonnes. Still, Asia stocks also rose – up 2,775 tonnes and 2,025 tonnes respectively in listed warehouses in Busan and Port Klang.

“The third quarter was particularly weak [in the US] – there just aren’t many buyers on the consumer side at the moment. I wouldn’t be surprised to see move deliveries [into exchange warehouses],” a US trader recently told FastMarkets.

In wider markets, the dollar was 0.11 percent stronger at 1.1206 against the euro while Germany’s DAX and France’s CAC-40 were up 0.4 percent and 0.7 percent respectively.

On the data calendar, US initial jobless claims inched up 3,000 to 254,000 but this was better than the 260,000 expected and the 82nd consecutive week below 300,000.

As for the precious metals this morning, Comex gold for December delivery was last down $1.30 or 0.1 percent at $1,321.90 per ounce while the most active Comex silver contract was at $19.095, down 4.1 cents or 0.21 percent.

“To turn gold higher and to change the psychology of the market we shall soon need to see spot gold trading upward through $1,350 and presently there is very little to suggest a fundamental turn of events that shall precipitate that strength,” Dennis Gartman, editor of the Gartman Letter, said.

“We shall remain long of gold but shall be wholly unwilling to be longer of it than we are presently. After several years of holding the same position we need real strength to lift us from our stupor,” he added.

(Editing by Mark Shaw)

The post Copper rally capped by stocks rise in New Orleans; gold steady appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2dClnnH
via IFTTT

Gold Is Close To Completing Descending Triangle

from Metals Analysis http://ift.tt/2cDKEvi
via IFTTT

2017: Gold And Silver's Year Of 'Public Recognition'

from Metals Analysis http://ift.tt/2d9fEd1's-year-of-"public-recognition"-200156104
via IFTTT

Gold consolidates, OPEC deal may aid prices

Gold was consolidating on Thursday morning in London, rebounding off Wednesday’s weekly low below $1,320.

– The spot gold price was last at $1,321.65/1,322.05 per ounce, little changed from the previous close. Trade has ranged from $1,320.35 to $1,325.88 so far.

– “Gold is consolidating because of a reduced safe-haven bid in a risk-on environment and Fed hawkishness, which is pushing the dollar and US real rates higher,” FastMarkets analyst Boris Mikanikrezai said. “At the same time, the technical picture remains healthy, with prices above the 100 and 200 DMAs. So we are willing to keep our constructive view intact. But a sudden break below the 100 DMA and, more importantly, $1,300 would force us to reassess.”

– As well, stronger oil prices are providing support. Crude oil prices surged to three-week highs following reports that OPEC members have reached an initial deal to cut oil output – spot Brent crude  price reached $49.07 per barrel.

– “Oil and gold tend to be positively correlated and while the two generally move in sync the relationship is stronger at some times than at others,” HSBC’s James Steel said. “The early reports of an OPEC agreement to limit oil output, if it drives oil up further in the coming days, may have a more marked impact on gold.”

– Last night, Federal Reserve chair Janet Yellen’s remarks on monetary policy outlook during her testimony at the Committee on Financial Services were in line with the Federal Open Market Committee’s message in September.

– While the Fed has not given a fixed timetable for rate rises, most FOMC members expect a move this year, ANZ Research said. “The market will not move to seriously price that possibility in until the US election [on November 8] is out of the way,” the bank said.

– In the other precious metals, silver was little changed at $19.120/19.140 per ounce. Platinum at $1,023/1,033 was up $2 and palladium edged $1.50 higher to $708/713.

(Editing by Mark Shaw)

The post Gold consolidates, OPEC deal may aid prices appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2dnJp49
via IFTTT

OPEC Decision Lifts Equities, Commodity Currencies

from Metals Analysis http://ift.tt/2cMYsHk
via IFTTT

Supply And Demand Concerns Could See Silver Falter

from Metals Analysis http://ift.tt/2dFoeyT
via IFTTT

Gold: Holding Below 1st Resistance At 1325/26

from Metals Analysis http://ift.tt/2cXDaUX
via IFTTT

Metals looking more bullish, oil deal helping

The industrial metals are looking bullish, a last minute agreement to cut oil prices by OPEC has given commodities a boost. Yesterday, the base metals climbed an average of one percent led by a 2.3 percent run up in lead to $2,004 – a new high for the year, zinc was up 1.3 percent, copper was up 0.7 percent, while nickel was little changed at $10,700. Precious metals were weak initially but got some lift on the back of the oil agreement, they closed up an average of 0.4 percent, led by a 1.7 percent rise in palladium to $709, platinum and silver closed up 0.1 and 0.2 percent respectively and gold closed off 0.4 percent at $1,322.20, having been as low as $1,308.40.

This morning the base metals are up an average of 0.6 percent with most up between 0.5 percent for zinc and 0.8 percent for aluminium and nickel. Copper is up 0.6 percent at $4,858, while tin lags with a one percent gain to $19,950, which is, however, the highest prices have been all year. Volume has been stronger with 7,147 lots traded, with good volume seen in copper, aluminium nickel and zinc, see table below for more details.

Precious metals are up 0.5 percent on average this morning, led by palladium that is up one percent to $716.10, platinum is up 0.5 percent and silver and gold prices are up 0.2 percent with gold at $1,324.90.

In Shanghai, the base metals are all in positive territory, up an average of 1.6 percent, led by a 2.4 percent rise in lead, followed by a two percent rise in tin, while the rest are up between 1.1 for zinc and 1.5 percent for aluminium. Copper is up 1.2 percent at Rmb 37,880. Spot copper in Changjiang is up 1.1 percent at Rmb 37,900-38,100, the spread is at an equivalent of $33 per tonne and the LME/Shanghai copper arb ratio is at 7.80, which getting closer to reopening the arb window.

In other metals in China, iron ore prices are up 3.6 percent in Dalian, steel rebar is up 2.2 percent, silver is up 0.4 percent and gold prices are off 0.1 percent. In international markets, after oil’s five percent rally yesterday Brent crude is last at $48.67.

Equities recovered yesterday with the Euro Stoxx 50 up 0.7 percent and the Dow closed up 0.6 percent. Asia has followed suit with the Nikkei up 1.5 percent, the ASX 200 is up 1.1 percent, the Kospi is up 0.9 percent, the CSI 300 is up 0.6 percent and the Hang Seng is up 0.4 percent.

In FX, the dollar index is flat at 95.46 as are the euro at 1.1227, sterling at 1.3018, the yen is weaker at 101.55 and the aussie is firm at 0.7685. The yuan is flat at 6.6700, the rouble is firmer at 63.01, as is the ringgit, while the rest are relatively flat.

The economic agenda is busy, Japan’s retail sales disappointed by falling 2.1 percent, later data is out on German and Spanish CPI, German unemployment change, UK M4 money supply and lending and a barrage of US data including final GDP, GDP prices, initial jobless claims, goods trade balance, pending home sales and natural gas storage. There are also a host of central bankers speaking today including Bank of Japan’s Haruhiko Kuroda, FOMC members Esther George, Jerome Powell, Fed Chair Janet Yellen and UK’s MPC member Kristin Forbes – see table below for more details.

The base metals are running higher with copper prices gapping higher this morning, which is a particular sign of strength. With lead and tin setting fresh highs and the others running up to challenge resistance levels the market is looking bullish and we would not be surprised to see the run continue. The next focal point is likely to be on Saturday’s release of Chinese manufacturing PMI – any sign that demand may be improving could add fuel to the rally.

Palladium prices have broken above resistance in recent days and now seem to have set off on another up leg, platinum is struggling to follow as it seems more in tune with gold and silver that have got some lift of yesterday’s lows but look far from bullish. Indeed with other metals looking stronger it may be demand for safe havens eases off for a while that could lead to further long liquidation. That said, if funds start buying oil, then there may be a move back into commodity baskets, which could give gold a lift.

Overnight Performance
BST	06:04	+/-	+/- %	Lots
Cu	4858	27.5	0.6%	2624
Al	1673	13	0.8%	1839
Ni	10790	90	0.8%	1157
Zn	2346	11	0.5%	1035
Pb	2017	13	0.6%	451
Sn	19950	25	0.1%	41
	Average		0.6%	7,147
Gold	1324.88	2.68	0.2%
Silver	19.238	0.033	0.2%
Platinum	1031.5	5.5	0.5%
Palladium	716.1	7.1	1.0%
	Average PM		0.5%

 

SHFE Prices 06:04 BST	RMB	Change	% Change
Cu	37880	450	1.2%
AL	12620	190	1.5%
Zn	18220	200	1.1%
Pb	15030	350	2.4%
Ni	83090	1000	1.2%
Sn	129470	2530	2.0%
Average change (base metals)	0		1.6%
Rebar	2322	50	2.2%
Au	285.7	-0.35	-0.1%
Ag	4296	19	0.4%

 

Economic Agenda
BST	Country	Data	Actual	Expected	Previous
12:50am	Japan	Retail Sales y/y	-2.1%	-1.7%	-0.2%
1:00am	US	FOMC Member George Speaks
All Day	Germany	German Prelim CPI m/m		0.0%	0.0%
7:35am	Japan	BOJ Gov Kuroda Speaks
8:00am	Spain	Spanish Flash CPI y/y		0.1%	-0.1%
8:55am	Germany	German Unemployment Change		-5K	-7K
9:30am	UK	Net Lending to Individuals m/m		4.0B	3.8B
9:30am	UK	M4 Money Supply m/m		0.8%	1.2%
9:30am	UK	Mortgage Approvals		60K	61K
Tentative	Italy	Italian 10-y Bond Auction			1.14|1.4
1:30pm	US	Final GDP q/q		1.3%	1.1%
1:30pm	US	Unemployment Claims		260K	252K
1:30pm	US	Final GDP Price Index q/q		2.3%	2.3%
1:30pm	US	Goods Trade Balance		-62.6B	-58.8B
2:00pm	UK	MPC Member Forbes Speaks
3:00pm	US	FOMC Member Powell Speaks
3:00pm	US	Pending Home Sales m/m		-0.1%	1.3%
3:30pm	US	Natural Gas Storage		57B	52B
9:00pm	US	Fed Chair Yellen Speaks

The post Metals looking more bullish, oil deal helping appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2cMKG7L
via IFTTT

Gold Quarterly Blues: Weak Technicals Bearish Near-Term

from Metals Analysis http://ift.tt/2dBhGhH
via IFTTT

Gold supported by oil price rise

The spot gold price inched higher during Asian trading hours on Thursday supported by positive sentiment among commodities after crude oil prices jumped early morning.

Spot gold was last at $1,324.60-1,325.00 per ounce, up $2.60 from Wednesday’s close. Trading ranged at $1,322.30-1,325.88 so far.

Crude oil prices surged to three-week highs during early morning Thursday in Asian time zones following reports that OPEC members have reached an initial deal to cut oil output – the Brent crude oil spot price reached $49.07 per barrel and the Texas light sweet crude touched $47.41.

OPEC has agreed on Wednesday to reduce its oil production to 32.5 million barrels per day from the current production of 33.24 million barrels per day, Reuters reported. The deal is expected to be formalised in November.

The Brent was last at $48.59, down 0.56 percent, while the WTI was recently at $47.07, down 0.08 percent on Thursday.

Strong support for gold continues to lie around the 100-DMA of $1,310 with initial resistance around $1,330, MKS Group said Thursday morning.

With China’s upcoming week-long national day holidays, the metal will likely continue to consolidate between $1,300-1,350 barring any unexpected market moving news, the broker said.

Overnight, Federal Reserve chairwoman Janet Yellen’s remarks on monetary policy outlook during her testimony at the Committee on Financial Services in Washington DC were in line with the Federal Open Market Committee’s message in September.

The US jobless rate is close to inferring full employment and should fall further, though productivity and overall growth has been disappointing and inflation lacked upward pressure, she said.

While the Feds have not given a fixed timetable to raise rates, a majority of FOMC members see a rate rise this year, ANZ Research said on Thursday morning.

“The market will not move to seriously price that possibility in until the US election [on November 8] is out of the way,” the bank said.

“But even then, they’ll keep a wary eye on the data and event calendar – throughout 2016 mixed data and wobbly markets have conspired to keep the Fed on hold despite repeated assertions that their fingers remain on the trigger, so it would not be unreasonable to conclude that this pattern may well continue.”

In US data released Wednesday, core durable goods orders fell 0.4 percent month-on-month in August, close to forecast of a 0.5-percent drop. Growth for durable goods orders were flat month-on-month in August but better than consensus of a 1-percent decline.

US weekly crude oil inventories fell 1.9 million barrels last week, against expectations of a 2.4-million-barrel rise.

US data due later today includes second quarter final GDP, unemployment claims, final GDP price index, goods trade balance and pending home sales.

In currencies, the US dollar index rose 0.03 percent to 95.44 so far on Thursday.

In equities, the Shanghai Composite rose 0.52 percent to 3,003.53 recently on Thursday.

In other precious metals, silver was last at $19.245/19.27, up $0.052. Platinum rose $10.50 to $1,033/1,040, and palladium increased $9.50 to $714/723 recently on Thursday.

Silver is expected to perform well in September and October because the macro environment for precious metals may remain supportive thanks to a dovish Fed, Boris Mikanikrezai, a metals analyst at FastMarkets, said.

“But we do not think silver’s rally will be sustainable in the fourth quarter because we think the US economy will continue to perform well, so extreme bullishness among speculators and investors may reverse once the Fed starts preparing the markets for a possible rate increase in December.”

On the Shanghai Futures Exchange, gold for December delivery was last unchanged at 285.60 yuan per gram, and the December silver was flat at 4,293 yuan per kilogram.

The post Gold supported by oil price rise appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2cXeI6h
via IFTTT

Will Housing And Manufacturing Move Gold?

from Metals Analysis http://ift.tt/2dru3ku
via IFTTT

Gold: Support And Breakout Resistance

from Metals Analysis http://ift.tt/2d9DoKb
via IFTTT

Gold drifts gently amid technical selling

Gold bullion prices settled back slightly during moderate European trading, with the market seeing some sub-$1,330 technical selling and liquidation.

– Traders said the market otherwise lacked inspiration, with the dollar doing little and investment interest low-key.

“In the short term, with physical demand for gold weak in India and China, all the buying is being left to investors,” FastMarkets’ William Adams said. “Now that prices have stopped rising – they have been trading sideways since July – there is a risk that investors move to the sidelines.”

– Spot gold was indicated at $1,324.15/1,324.55 per ounce, a $3.00 loss from the previous close, with prices comfortable near $1,325.

– In others, spot silver likewise drifted – it was six cents lower at $19.10/19.12 per ounce. But the PGMs were stable – platinum was up $1 at $1,022/1,027 while palladium gained $2 to $699/707.

 (Editing by Mark Shaw)

The post Gold drifts gently amid technical selling appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2d66ZrL
via IFTTT

Gold: Long At 1328.00

from Metals Analysis http://ift.tt/2d8UEAD
via IFTTT

Gold Trapped Inside Trading Range

from Metals Analysis http://ift.tt/2cASkP9
via IFTTT

API Had Draws Across The Board In The Oil Market

from Metals Analysis http://ift.tt/2dqENzB
via IFTTT

SILVER TODAY – Selling pressure is back

Short Term: Medium Term: Long Term: Resistances: R1 19.33 20 DMA R2 19.51 50 DMA R3 20.00 Key level R4 21.13 2016 high (July) R5 22.18 2014 high (February) Support: 50 19.51 200 17.00 20 19.33 100 18.68 Support: S1 18.68 100 DMA S2 16.76 200 DMA S3 15.82 May low S4 13.64 2015 low Stochastics: Legend: DMA = Daily moving average. DMAs often correspond to support or resistance levels. Their slope is also important because it shows if the market can be supported on the upside (rising) or pressured on the downside (falling). MMA = Monthly moving average. UTL = Uptrend line The momentum index allows us to determine whether momentum is positive or negative. We use a parameter equal to 10, corresponding to momentum over the past 10 days. Above 0, momentum is positive; below 0, momentum is negative. ADX – average directional index. This allows us to gauge the strength of the current trend (above 20, the trend is strong; below 20, the trend is weak). The combination of momentum and ADX allows us to determine the current trend (up or down) and its strength (strong or weak). Technical Comment Momentum is around 0, suggesting the absence of any clear trend. ADX remains below 20, suggesting a potentially weak trend. Time for caution. Analysis Silver has broken again below its 50 DMA and 20 DMA after facing strong resistance at $20. Still, the precious metal could find some support at its 100 DMA, which has proven reliable since the downtrend from the 2016 peak. Over the longer term, as long as the 200 DMA is not breached, the technical outlook remains healthy. On the upside, silver needs to move above its 20 DMA and, more importantly, $20 to make sure that the downtrend has ended. On the downside, the break below the 20 DMA could result in additional selling pressure first toward the 100 DMA and then the 200 DMA. Macro drivers Silver is under selling pressure this week after rallying roughly four percent last week amid a broad-based rebound in precious metals thanks to a dovish Fed. A stronger dollar and higher US real rates, exacerbated by broad-based selling pressure in the complex have weighed on the metal since Monday this week, perhaps partly in response to the first of the three TV debates between US presidential candidates Hillary Clinton and Donald Trump Monday perhaps Trump’s strong performance has unsettled investors.  The macro environment has been quite volatile since the Fed meeting last week, reflecting investor nervousness. This should continue for the rest of the week while data/news flow remains elevated and ECB president Mario Draghi and Fed chair Janet Yellen are due to speak today and tomorrow respectively. So volatility in silver may remain elevated. On the supply side, mine production may tighten this year because production cuts and closures at zinc and lead mines may hit by-product output of silver. The latest INEGI figures show mine production in Mexico was down 4.8 percent year-on-year in the first six months. Speculative & investment flows: Speculators lifted their net long position a third time in the past four weeks as of September 20. As we wrote in our latest COT report, speculative buying may continue in the coming weeks due to a patient Fed and its flattening impact on the yield curve. Still, this may not last too long because the dollar and US real rates might rebound at some point in the fourth quarter. ETF demand for silver remains solid – ETF investors have bought about 210 tonnes this month after 347 tonnes in August. ETF holdings are at an all-time high, suggesting that investor interest remains bright. Conclusion Despite the current selling pressure in silver, we are not inclined to change our very near-term (around one month) constructive view as long as the 100 DMA is not breached. We continue to believe that last week’s Fed-driven rally has further to run for precious metals.   All trades or trading strategies mentioned in the report are hypothetical, for illustration only and do not constitute trading recommendations.

The post SILVER TODAY – Selling pressure is back appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2d5UV9W
via IFTTT

How Gold Came To South Korea’s Rescue

from Metals Analysis http://ift.tt/2cBDMna
via IFTTT

Gold prices turned back by resistance again

Precious metals were largely lower yesterday, with gold, silver and platinum off an average of 1.1 percent, while palladium bucked the trend with a one percent rise to $697. Gold prices closed at $1,327.10. Base metals were quite mixed yesterday with copper off one percent at $4,797 and aluminium closed down 0.8 percent at $1,647, while the rest were up between 2.2 percent for nickel at $10,695 and tin that was up 0.1 percent at $19,750. Lead and zinc were up around 0.7 percent.

This morning the base metals remain mixed with aluminium and zinc are up 0.4 percent, nickel is off 0.5 percent at $10,645, lead is up 0.2 percent, while copper and tin are unchanged. Volume remains light at 4,698 lots, with zinc trading 1,638 lots, nickel 1,224 lots and copper 877 lots.

Palladium is up 0.5 percent at $700.2, gold and platinum are off 0.1 percent with gold prices at $1,325.60, while silver is of 0.4 percent at $19.09.

In Shanghai, the metals are mixed with copper and aluminium off 0.4 and 0.2 percent respectively, with copper at Rmb 37,480, zinc is up 0.9 percent and nickel is up 0.6 percent, tin is up 0.2 percent and led is unchanged. Spot copper in Changjiang is down 0.4 percent, the spread is at an equivalent to around $32 per tonne, while the LME/Shanghai arb ratio is at 7.81, meaning the arb window is closed.

In other metals in China, iron ore is up 0.9 percent, steel rebar is off 0.2 percent, silver is down 1.8 percent and gold prices are off one percent.

Equities yesterday saw Europe remain under pressure, the Euro Stoxx 50 dropped 0.2 percent, but the Dow closed up 0.7 percent helped by a pick-up on consumer confidence. Asia, however, is negative this morning with the Nikkei off 1.4 percent, the Hang Seng is off 0.6 percent, the CSI 300 is down 0.1 percent, the Kospi is off 0.5 percent and the ASX 200 is little changed.

In FX, the dollar is edging higher, last at 95.57, the euro is weaker at 1.1206, sterling is last at 1.3010, the yen is firm at 100.57 and the aussie is firmer at 0.7675. The yuan is flat at 6.6687 with most emerging market currencies fairly flat, the exception being the rand that is firmer at 13.4436.

German GfK consumer climate eased to 10 from 10.2, later we get US data on durable goods orders and crude oil inventories. There are, however, numerous central bank speakers today, including UK’s MPC Nemat Shafik, Fed Chair Janet Yellen, FOMC Member James Bullard and ECB President Draghi. There is also an informal OPEC meeting in Algeria, where the mood has turned less bullish about a freeze in output.

Copper prices have had a good rebound since September 12, but light selling has dominated since yesterday’s opening, but this looks like consolidation, while the rest are holding up and look well placed to trend higher – a firmer dollar may act as a headwind.

Gold prices are pulling back from resistance once again, indeed this is the fourth time they have done so since peaking in July. As such, prices are consolidating within a wedge shape. The danger is if stale long liquidation unfolds. Silver has followed gold’s lead, as has platinum, while palladium is holding up well and is doing so above its resistance line – whether it can do it alone remains to be seen.

 

Overnight Performance
BST	06:59	+/-	+/- %	Lots
Cu	4796	-1	0.0%	877
Al	1653.5	6.5	0.4%	617
Ni	10645	-50	-0.5%	1224
Zn	2315	9	0.4%	1638
Pb	1962.5	4.5	0.2%	342
Sn	19750	0	0.0%
	Average		0.1%	4,698
Gold	1325.61	-1.49	-0.1%
Silver	19.087	-0.083	-0.4%
Platinum	1023.8	-1.2	-0.1%
Palladium	700.2	3.2	0.5%
	Average PM		-0.1%

 

SHFE Prices 06:59 BST	RMB	Change	% Change
Cu	37480	-160	-0.4%
AL	12450	-30	-0.2%
Zn	18005	165	0.9%
Pb	14685	5	0.0%
Ni	81890	500	0.6%
Sn	126840	230	0.2%
Average change (base metals)	0		0.2%
Rebar	2278	-4	-0.2%
Au	285.65	-2.85	-1.0%
Ag	4262	-77	-1.8%

 

Economic Agenda
BST	Country	Data	Actual	Expected	Previous
7:00am	Germany	GfK German Consumer Climate	10	10.2	10.2
9:05am	UK	MPC Member Shafik Speaks
1:30pm	US	Core Durable Goods Orders m/m		-0.5%	1.3%
1:30pm	US	Durable Goods Orders m/m		-1.0%	4.4%
3:00pm	US	Fed Chair Yellen Testifies
3:10pm	US	FOMC Member Bullard Speaks
3:30pm	EU	ECB President Draghi Speaks
3:30pm	US	Crude Oil Inventories		2.4M	-6.2M

The post Gold prices turned back by resistance again appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2djddmo
via IFTTT