GOLD TRADING FORECAST TODAY
INTERNATIONAL COMEX NEWS
- Gold's
target for $1,300 remains intact, but gold bugs seem in no hurry to get
there, awaiting equity markets to sink for the next big gold move
higher. COMEX gold futures hit new six-month highs on Friday, reaching
$1,284.55 per troy ounce. But instead of settling at those peaks in a
push toward $1,300, the market gave back some, to finish up $1.45, or
0.1%, at $1,280.65.
- The U.S.-China trade war resulted in
billions of dollars of losses for both sides in 2018, hitting industries
including autos, technology - and above all, agriculture. Broad pain
from trade tariffs outlined by several economists shows that, while
specialized industries including U.S. soybean crushing benefited from
the dispute, it had an overall detrimental impact on both of the world's
two largest economies.
- The Trump administration on Friday said
limits on mercury emissions from coal-fired power plants were
unnecessary as they were too costly, sparking an outcry from
environmentalists who feared the next step would be looser rules
favoring the coal industry at the expense of public health. Under the
Mercury and Air Toxic Standards, or MATS, enacted under former President
Barack Obama, coal-burning power plants were required to install
expensive equipment to cut output of mercury, which can harm pregnant
women and put infants and children at risk of developmental problems.
ECONOMY NEWS
- China
will restrict imports of scrap steel and aluminum from July 1, the
environment ministry said on Saturday. Scrap steel and aluminum would be
moved from an unrestricted import list of solid waste products usable
as raw materials to a restricted import list, the Ministry of Ecology
and Environment said in a statement. Relevant departments were
researching the formulation of standards for recycled copper and
aluminum, it said.
- The Federal Emergency Management Agency
(FEMA) said on Friday it will resume issuing new flood insurance
policies during the partial U.S. government shutdown, reversing a
decision announced two days ago. FEMA, which oversees the National Flood
Insurance Program, said it was rescinding guidance issued on Wednesday
that it would not be able to sell new policies during the shutdown
unless Congress passes legislation reauthorizing the program.
- President
Donald Trump threatened on Friday to close the southern U.S. border
with Mexico unless he gets the money he wants for a wall, raising the
stakes in a standoff that will present an immediate test next week for
the new U.S. Congress. When Nancy Pelosi and the Democrats take control
of the U.S. House of Representatives on Thursday, they plan to quickly
approve a spending measure meant to end a partial government shutdown
that began on Dec. 22, triggered by Trump's demand for $5 billion in
funding for his proposed wall.
Nymex reformulated gasoline blendstock for May RBK5, +1.96% — the benchmark gasoline contract — rose 215 points to $1.7828 a gallon, while May diesel traded at $1.7017, 192 points higher.
ICE gasoil for April changed hands at $523.25 a metric ton, up $9.25 from Friday’s settlement.
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Crude-oil futures rebounded in Asian trade Monday as investors assessed the impact of last week’s disappointing U.S. jobs data and Iranian nuclear deal.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in May CLK5, +2.32% traded at $50.05 a barrel, up $0.92, or 1.9%, in the Globex electronic session. May Brent crude LCOK5, +1.87% on London’s ICE Futures exchange rose $0.69, or $1.26, to $55.61 a barrel.
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INTERNATIONAL COMMODITY NEWS :
Crude oil prices rose in Asia on Friday even as the prospect of more oil from Iran hitting the market appeared likely after Western powers negotiated a tentative nuclear deal with Tehran. On the New York Mercantile Exchange, crude oil for May delivery rose 0.24% to trade at $49.53 a barrel. Trade was thin on holidays in many markets, including the U.S., but non-farm payroll data will be released.
TRADING STRATEGY :
BUY GOLD ABOVE 1220 TARGET 1225 1231 SL 1214
SELL GOLD BELOW 1213 TARGET 1208 1202 SL 1219
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May silver SIK5, +2.27% added 37 cents, or 2.2%, to $17.07 an ounce.
May copper HGK5, +0.75% added 2 cents to $2.75 a pound.
July platinum PLN5, +1.67% surged $20.90, or 1.8%, to $1,175.10 an ounce,
June palladium PAM5, +1.21% tacked on $11.70, or 1.6% to $758 an ounce.
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Gold prices shot higher on Monday, feeling the stiff tailwind of a jobs report last week that has investors jumping ship on equities.
At last check, June gold GCM5, +1.36% was up $16.40, or 1.4%, to $1,217 an ounce.
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May copper US:HGK5 lost 1.5 cents, or 0.5%, to $2.734 a pound.
July platinum US:PLN5 fell $11.50, or 1%, to $1,154.50 an ounce.
June palladium US:PAM5 lost $2.55, or 0.3% to $746.30 an ounce.
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May silver US:SIK5 shed 35.8 cents, or 2.1%, for the session to end at $16.701 an ounce, after jumping 2.8% a day earlier. It is down more than 2% from last Friday.
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May natural gas NGK15, +3.61% rose 10.8 cents, or 4.2%, to $2.713 per million British thermal units.
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May gasoline RBK5, -3.25% fell 7 cents, or 3.8%, to end at $1.7613 a gallon.
May heating oil HOK5, -3.30% gave up 6.4 cents, or 3.7%, to $1.683 a gallon.
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Gold futures on Thursday gave up some of the prior session’s sizable advance as a better-than-expected reading on jobless claims dented haven demand for the precious metal and other safety investments.
June gold US:GCM5 fell $7.30, or 0.6%, to settle $1,200.90 an ounce on Comex. Prices ended little changed from last Friday, when the April gold contract settled at $1,199.80.
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Oil futures settled sharply lower on Thursday with traders betting that a preliminary deal on Iran’s nuclear program will only add to excess supplies that have been weighing on prices.
Ahead of Friday’s holiday for the energy markets, May crude CLK5, -1.12% fell 95 cents, or 1.9%, to settle at $49.14 a barrel on the New York Mercantile Exchange. Prices, which tapped an intraday low of $48.11 on Thursday, settled about 0.6% higher than last Friday’s close.
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INTERNATIONAL COMMODITY NEWS :
Crude oil prices fell in Asia on Wednesday despite U.S. industry data on oil inventories that showed solid draw downs in refined products and a better than expected manufacturing survey from HSBC (LONDON:HSBA) on China. U.S. crude oil stocks rose by 5.2 million barrels last week, according to data from the American Petroleum Institute, while distillate supplies fell 18,000 barrels and gasoline inventories dipped 4.1 million barrels. The data is a guide to more closely watched figures for the same period due from the U.S. Department of Energy later Wednesday.
TRADING STRATEGY :
BUY GOLD ABOVE 1192 TARGET 1197 1203 SL 1186
SELL GOLD BELOW 1178 TARGET 1173 1167 SL 1184
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May copper HGK5, +0.60% shed 4.2 cents, or 1.5%, to $2.74 a pound, trading around 1.8% higher for the month.
The most-active July platinum contract PLN5, -0.20% added $26, or 2.3%, to $1,143.40 an ounce, trading over 3.5% lower for the month.
June palladium PAM5, +0.20% tacked on $6.30, or 0.9%, at $735.30 an ounce, losing more than 10% for the month.
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May natural gas NGK15, +0.30% ended at $2.64 per million British thermal units, down less than a half cent for the day. Prices lost 3.4% on the month.
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April gasoline RBJ5, -1.59% settled at $1.78 a gallon, down 2.1 cents, or 1.1%.
April heating oil HOJ5, -1.33% fell 1.3 cents, or 0.7% to $1.718 a gallon.
Based on the front months, gasoline prices rose 0.7% and heating oil prices sank 25% for the month.
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Gold futures settled lower on Tuesday, marking a second straight monthly loss, with prices pressured by overall strength in the U.S. dollar.
Gold for June delivery GCM5, +0.32% which is the most-active futures contract, fell by $2.10, or 0.2%, to settle at $1,183.20 an ounce on Comex. For the month, prices lost around 2.5% and for the month and fell roughly 0.1% for the quarter, based on the most-active contracts.
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Oil prices settled lower on Tuesday as traders awaited outcome of the Iranian nuclear talks, which could pave the way for more Iranian crude oil adding to a persistent global oil glut.
crude for delivery in May CLK5, -0.50% settled at $47.60 a barrel, down $1.08, or 2.2% from Monday’s settlement. Based on the front-month contracts, prices lost 4.3% for the month and were down 10.6% for the quarter.
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INTERNATIONAL COMMODITY NEWS :
Crude oil prices eased in early Asia on Tuesday with investors focused on U.S. industry supply data later in the day as well as the progress of talks between Western powers and Iran over its nuclear program. The American Petroleum Institute will release estimates of crude, gasoline and distillate stocks last week later Tuesday, which come ahead of more closely-watched data on the same from the Department of energy on Wednesday. On the New York Mercantile Exchange, WTI crude for May delivery fell 0.79% to $48.26 a barrel. Overnight, crude oil prices slid on Monday as a deadline for a deal regarding Iran’s nuclear program neared, exacerbating concerns that a relaxation of sanctions on Iranian oil exports could add significantly to the glut in global oil supply.
TRADING STRATEGY :
BUY GOLD ABOVE 1188 TARGET 1193 1199 SL 1182
SELL GOLD BELOW 1178.5 TARGET 1173.5 1167.5 SL 1184.5
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May silver SIK5, -1.01% lost 39.5 cents, or 2.3%, to $16.674 an ounce.
May copper HGK5, -0.38% added 1.4 cents, or 0.5%, to end at $2.782 a pound.
April platinum PLJ5, +0.27% fell $26.70, or 2.3%, to $1,116.90 an ounce.
June palladium PAM5, +0.56% settled lower by $12, or 1.6%, at $729 an ounce.
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