![]() ![]() ![]() A six-week-old downtrend on the daily bar chart has been negated this week. The gold futures bears still have the overall near-term technical advantage, but the bulls have momentum and it appears a near-term market bottom is in place. Technically, December gold futures prices hit a three-week high again today. The August report showed a non-farm jobs rise of 315,000. The key non-farm jobs number is expected to come in at up 275,000. data point of the week, if not the month, is Friday’s employment situation report for September from the Labor Department. Last week the yield on the 10-year pushed very close to 4.0%. Treasury note is falling and presently fetching 3.6%. Traders are awaiting an OPEC meeting on Wednesday that is expected to see the cartel cut its collective oil production by at least 1 million barrels a day, reports said. Nymex crude oil prices are higher and trading around $84.70 a barrel. dollar index solidly lower on follow-through pressure from Monday’s losses. The key outside markets today see the U.S. Global central banks increase reserves by 20 tonnes in August - World Gold Council However, excluding energy, the zone’s August PPI was still up 14.5% from last year. In a reminder of the global inflation problem, the Euro zone today reported its producer price index in August was up 43.3%, year-on-year, mainly due to soaring energy costs. Australia’s central bank on Tuesday raised its main interest rate by only 0.25%, following its last hike of 0.5%. Risk appetite has at least temporarily up-ticked early this week, after weaker purchasing managers indexes (PMIs) from major economies, including the U.S., on Monday led to notions (probably premature) that the major central banks will start to decelerate their monetary policy tightening paces. stock indexes are solidly higher at midday, on follow-through strength from the solid gains posted Monday. Markets in China and Hong Kong were closed for a holiday Tuesday. Global stock markets were mostly firmer overnight. The near-term chart postures have also markedly improved for gold and silver. ![]() Treasury yields and safe-haven demand-a fully fundamental bullish cocktail for the two precious metals. dollar index, rallying crude oil prices, falling U.S. Trading so far this week sees a sharply lower U.S. Bulls showed important follow-through buying strength Tuesday, after Monday’s solid gains, to suggest still more upside for both metals in the near term. trading Tuesday, with gold scoring a three-week high and silver a three-month high. ( Kitco News) - Gold and silver prices are sharply higher in midday U.S. Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. ![]()
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