Gold Prices Slip Despite Slightly Weaker Dollar-SapForex24

Gold prices slipped on Tuesday while the U.S. dollar was also slightly weakened against the yen ahead of a monetary policy decision from the Bank of Japan.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $0.80, or 0.07%, to $1,220.50 a troy ounce.

Meanwhile, the U.S. Dollar Index, which tracks the greenback against a basket of other currencies, fell 0.01% to 94.13 on Tuesday, off a one-year high of 95.656 touched on July 19. 

The Bank of Japan is expected to trim its inflation forecasts later in the day and consider changes to its stimulus program, earlier reports suggested.

Dollar-denominated commodities such as gold are sensitive to moves in the dollar. A fall in the dollar makes the yellow metal cheaper for holders of foreign currency, raising demand. 

Looking ahead, the U.S. Federal Reserve begins its two-day monetary policy meeting later on Tuesday. The central bank is largely expected to stand pat on monetary policy.

The U.S. central bank has raised benchmark lending rates twice this year and markets expected two more hikes by the end of 2018.

Higher U.S. rates tend to push the dollar higher, making greenback-denominated gold more expensive for holders of other currencies.

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Oil Prices Trade Lower Despite Spare Capacity Warning, U.S. Shale Output in Focus-SapForex24

Oil prices headed lower in European morning trade on Friday as concerns about a China-U.S. trade war and the return of Libyan oil to the market offset a warning about a shortage in global crude supplies despite increases in production from the Organization of Petroleum Exporting Countries.

New York-traded West Texas Intermediate crude futures fell 16 cents or 0.23% to $70.17 a barrel.Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down 73 cents or 0.98%, to $73.72.

In other energy trading, gasoline futures fell 0.79% $2.0572 .while heating oil lost 0.81% to $2.1060 a gallon.

Lastly, natural gas futures dipped 0.04% to $2.796 per million British thermal units.

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Dollar loses further ground on the day, EUR/USD pushes past 1.1600-SapForex24

This time it is the dollar weakening across the board. GBP/USD has also posted a high of 1.3292, USD/CHF has fallen to a low of 0.9955 while AUD/USD has pared gains for the day to now close in on session highs at 0.7477.

The dollar index is now at session lows down 0.2% on the day. Even the kiwi and loonie are paring back some losses against the dollar now.

There aren't any headlines crossing the wires to have brought about the change but selling as the dollar index touched above 95.00 again is one of the things that you can point to. Apart from that, there's the trade rhetoric still as reports say that the White House is to issue a second list of tariffs against China. That has also brought US equity futures lower on the day. S&P 500 futures are now trading 0.4% lower.

As for EUR/USD, as long as price sticks near the 1.1600 handle this could still be a level of interest as there are large expiries on the day here. So, let's see how things develop.

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Gold Prices Reverse Gains, Near 2018 Lows-SapForex24

Gold prices reversed early gains on Thursday, falling back towards the lowest levels since December as a stronger dollar and rising U.S. government bond yields continued to weigh on demand for bullion.

Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were down $3.50 or 0.27% to $1,288.00 a troy ounce, off an overnight high of $1,293.70.

The precious metal plumbed a low of $1,285.70 on Wednesday, the weakest level since December 27.

Gold has slumped as expectations of higher U.S. interest rates have pushed up bond yields and the dollar.

Higher Treasury yields can spell weakness for Gold which, like other commodities, offers no yield, while a stronger U.S. currency makes dollar denominated gold more expensive for overseas buyers.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was last at 93.21, within close reach of Wednesday’s five month peaks of 93.52. The index is up around 0.93% so far this week.

The yield on 10-year U.S. Treasury notes rose as high as 3.117% overnight, the highest level since 2011. Bond yields move inversely to prices.

Yields have climbing higher since the Federal Reserve said at its May meeting that inflation is moving closer to its 2% target.

The Fed raised rates in March and projected two more rate hikes this year, although many investors see three hikes as possible.

In other metals trading, July silver futures were almost unchanged at $16.37 a troy ounce, while July platinum futures were trading at $889.20, little changed for the day. July copper futures were up 0.24% at $3.078 a pound.

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Forex - Dollar Steady near 3-1/2 Month Highs-SapForxe24

The dollar was holding steady near three-and-a-half month highs against a basket of the other major currencies on Thursday, supported by higher Treasury yields as the U.S. 10-year bond yield held above the 3% level.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was trading at 91.02 , within close reach of Wednesday’s highs of 91.04, the most since January 12.

Demand for the dollar continued to be underpinned by rising U.S. yields and the prospect of a faster pace of rate hikes by the Federal Reserve this year.

Expectations of higher interest rates make the dollar more attractive to investors seeking yield. The yield on 10-year U.S. Treasury notes rose above 3% for the first time since 2014 this week, a sign of confidence in the outlook for the U.S. economy.

The dollar eased against the yen, with USD/JPY dipping 0.11% to 109.31 after setting a fresh two-and-a-half month high of 109.46 overnight.

The euro was little changed against the dollar, with EUR/USD last at 1.2167, not far from Wednesday’s two-month trough of 1.2158.

Investors were looking ahead to the European Central Bank’s monetary-policy meeting later Thursday to gauge whether officials are growing more confident on the inflation outlook.

The ECB was expected to keep monetary policy unchanged and indicate that it is still on track to wind up its bond purchasing stimulus program by the end of the year.

The pound was trading at five-week lows, with GBP/USD last at 1.3923, almost unchanged for the day.

The Australian dollar was holding above the previous sessions four month trough, with AUD/USD last at 0.7561.

The New Zealand dollar plumbed fresh four month lows, with NZD/USD sliding 0.14% to 0.7058.

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Forex- U.S. Dollar Rises as Bond Yields Jump-SapForex24

The dollar was higher on Friday as the yield on U.S. Treasury notes rose to February levels and interest rate expectations offset trade war worries.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.27% to 89.88.

EUR/USD falling 0.30% to 1.2308 as investors worry that the euro zone’s economy is rebounding and the European Central Bank could wait to tighten monetary policy.

Elsewhere, the Australian dollar was lower, with AUD/USD down 0.44% to 0.7694 while NZD/USD decreased 0.69% to 0.7221.

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Oil Prices Rise on Hints of OPEC Extending Production Cuts-SapForex24

Crude Oil WTI Futures gained 0.58% to $64.67 a barrel by 5:37 AM ET (9:37 GMT). Brent crude futures, the benchmark for oil prices outside the U.S., rose 22 cents, or 0.32%, to $69.13 a barrel.

In other energy trading, gasoline futures rose 0.40% at $2.0165 a gallon, while heating oil increased 0.30% to $1.9954 a gallon. Natural gas futures slipped 0.27% to $2.613 per million British thermal units.

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Crude Oil Prices Move Lower as Optimism Fades-SapForex24

The U.S. West Texas Intermediate crude April contract was down 20 cents or about 0.32% at $61.84 a barrel

Brent oil for May delivery on the ICE Futures Exchange in London declined 32 cents or about 0.49% to $65.17 a barrel.

Gasoline futures dropped 0.53% to $1.890 a gallon, while natural gas futures were up 0.11% to $2.735 per million British thermal units.

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Gold Prices Edge Higher With All Eyes on U.S. Tariffs-SapForex24

Gold prices edged higher on Thursday, as investors remained cautious ahead of an expected clarification by U.S. President Donald Trump on his proposed tariffs.

Comex gold futures were up 0.11% at $1,329.0 a troy ounce by 0205.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 89.60, just off Wednesday\'s two-week lows of 89.36.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

Elsewhere on the Comex, silver futures gained 0.34% to $16.56 a troy ounce.

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International Market Update by SapForex24: 19-Jan-2018

Gold:1332.50

Silver:17.050

Crude Oil:63.09

Copper:3.212

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Gold Prices Back Off 4-Month Highs as Dollar Rebounds-SapForex24

Comex Gold futures were at $1,335.50 a troy ounce by 3:25AM ET (0825GMT), down around $2.00, or 0.1%, from the last session's closing price. It hit the best level since Sept. 8 at $1,345.00 a day earlier.
silver futures were little changed at $17.19 a troy ounce. It reached a three-month high of $17.42 on Monday.

The dollar index, which gauges the U.S. currency against a basket of six major rivals, inched up from a more than three-year low. It was last at 90.38, after dropping as low as 89.98 on Tuesday, its deepest nadir since December 2014.

palladium prices tacked on 0.7% to $1,096.60 an ounce. It marked a record-high of $1,133 on Monday thanks to soaring demand for the auto industry.

Sister metal platinum meanwhile inched up 0.2% to $1,006.40 an ounce, after touching its strongest since Sept. 8 at $1,012.50 in overnight trade.

March copper dipped 0.6% to $3.201 a pound.

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Oil Prices Hold Near 3-Year Highs; U.S. Drilling, OPEC Cuts in Focus - SapForex24

U.S. West Texas Intermediate (WTI) crude futures tacked on 8 cents to $64.38 a barrel.It rose to its highest since Dec. 2014 at $64.77 last Thursday.

In other energy trading, gasoline futures held steady at $1.847 a gallon, while heating oil was little changed at $2.084 a gallon.

Natural gas futures declined 4.6 cents, or 1.5%, to $3.154 per million British thermal units. It soared nearly 15% last week, after data showed the largest withdrawal on record in U.S. supplies in storage.

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Forex - Dollar Dips after Fed Minutes, Upbeat U.S. Data-SapForex24

The dollar dipped on Thursday after ending the previous session higher as upbeat U.S. data and the minutes of the Federal Reserve’s latest policy meeting helped it recover from recent losses.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, edged down 0.07% to 91.83 by 02:58 AM ET (07:58 AM GMT).

On Tuesday, the index had fallen to three-and-a-half month lows of 91.47.
The euro moved higher, with EUR/USD rising 0.17% to 1.2035 after losing around 0.4% on Wednesday. The single currency had hit a four-month high of 1.2080 on Tuesday, putting it within striking distance of a September peak of 1.2092, its strongest level since early 2015.

The dollar was little changed against the yen, with USD/JPY at 112.54, having pulled up from Tuesday’s two-and-a-half week lows of 112.04.

The pound was steady, with GBP/USD at 1.3520 after sliding 0.57% the previous day to pull back from a three-and-a-half month high of 1.3612.

Meanwhile, the Australian and New Zealand dollars were higher, with AUD/USD rising 0.22% to 0.7852 and NZD/USD adding 0.47% to trade at 0.7123.

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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 28, 2017-SapForex24

EUR/USD

The pair rallied significantly during the yesterday’s trading session testing the 1.19 level. If the pair manages to break above the 1.1925 level, then it will be an extremely positive sign for the market and also would break the top of the weekly bullish flag. Going forward, the 1.18 level is going to be the important support of this market. The softening of USD in general due to thin liquidity is pushing the market higher.

GBP/USD

The market continued to be very noisy during the Wednesday’s trading session. Initially, the pair went higher reaching the 1.3430 level but got significant resistance and rolled over a bit. Moving forward, the pair is expected to get enough support at the 1.3375 level and will attract buyers into the market. The 1.35 level above will be a bit difficult for this market to cross.

AUD/USD

The AUD moved higher during the day on Wednesday reaching towards the 0.7775 level. Going forward, the 0.78 level is going to be massively resistive extending up to the 0.80 level. The 0.80 level essentially the fair value in the longer term and breaking above will be very bullish sign for the market.

USD/JPY

The USD went sideways during the Wednesday’s session against the JPY as due to thin volume is limiting any big movements in the market. Any bullish attitude in the stock market will send this market higher. This market continues to offer value in dips and 113 level is going to be the important support level and also the 112 level which is also a strong support area.

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Oil prices near 2015 highs on tight market-SapForex24

Oil prices were stable on Thursday with trading activity drying up ahead of the New Year weekend.
U.S. West Texas Intermediate (WTI) crude futures were at $59.69 a barrel at 0336 GMT, up 5 cents from their last settlement. WTI broke through $60 a barrel earlier this week, the first time since June 2015.

WTI received support from a report by the American Petroleum Institute (API) showing a 6 million barrel drop in crude oil inventories to 432.8 million.

Brent crude futures were at $66.50 a barrel, up 6 cents. Brent broke through $67 earlier this week, the first time since May 2015 this week.
In the North Sea, the 450,000 bpd capacity Forties pipeline system was shut earlier this month due to a crack.

Both pipelines are expected to return to normal operations in January, with Forties already in the start-up process.

A major factor countering efforts by OPEC and Russia efforts to prop up prices is U.S. oil production, which has soared more than 16 percent since mid-2016 and is fast approaching 10 million bpd.

Only OPEC king-pin Saudi Arabia and Russia produce more.

The latest official U.S. production figures are due to be published by the on Thursday.

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Daily Market Forecast, December 27, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD-SapForex24

EUR/USD: Choppy Trading Dominating

The Euro traded sideways on Tuesday as volumes in forex proved to be very light. The European currency is near the 1.1850 level against the U.S Dollar. As more investors return to the market the Euro may look attractive at its current values. However, traders should expect choppy trading to dominate near term.

Gold: Buying Momentum Builds

Gold has continued to see buying momentum and its value as of this morning is close to 1281.00 U.S Dollars an ounce. Trading volumes remain light because many large investors are still on the sideline as they celebrate the holiday season. However, the precious metal has been able to break short-term resistance and traders may be tempted to remain buyers.

Crude Oil: Important Resistance Surpassed

Crude Oil broke above 60.00 U.S Dollars a barrel on Tuesday as speculators continue to be bullish. U.S Crude Oil has been able to surpass important resistance. Traders may be tempted to look for upside value but should be ready for some pushback in the coming days.

GBP/USD: Consolidation May Lose Grip

The Pound starts Wednesday essentially with the same value it had yesterday against the U.S Dollar. The 1.3370 juncture has been strong. As U.K traders return from their Boxing Day holiday the Pound could break out of its consolidation, but the currency will likely continue to range trade.

USD/JPY: Cautious Trading for the Yen

The Yen has seen tight trading like the other major currencies. The Japanese currency is near 113.25 against the U.S Dollar. Trading volumes remain thin on the Nikkei Index and cautious. The Yen remains within its weaker range against the U.S Dollar, but some traders may be tempted to look for a reversal to develop and for the Yen to strengthen.

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Gold Prices Remain Supported on U.S. Dollar Softness-SapForex24

Comex gold futures were up $2.70 or about 0.21% at $1,266.80 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off the previous session's two-week high of $1,268.40.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 93.09.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

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Forex - Sterling Hits Day’s Highs after UK GDP Data-SapForex24

The pound rose to the day’s highs on Wednesday after data showing that UK economic growth picked up the third quarter was seen as raising the chances of an interest rate hike by the Bank of England next month.

GBP/USD was up 0.31% at 1.3176 by 04.50 AM ET (08:50 AM GMT) from around 1.3122 ahead of the report.

The Office for National Statistics reported that gross domestic product grew by 0.4% in the three months to September, up from 0.3% in the previous quarter. Economists had expected grow to remain steady at 0.3%.

The UK economy expanded 1.5% on a year-over-year basis, matching the previous quarter’s growth and above forecasts for an expansion of 1.4%.

Service sector output provided the bulk of the growth the ONS said, expanding by 0.4% during the quarter.

The manufacturing sector also returned to growth, with output rising by 1.0%, but construction activity contracted by 0.7% on the quarter.

The pick-up in growth was likely to cement expectations that the BoE will raise interest rates next month, but growth of 0.4% is still well below the UK’s long term growth rate.

The euro fell to the day's lows against the pound following the report, with EUR/GBP down 0.38% to 0.8922 from around 0.8966 earlier.

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Gold Prices Hit 2-Week Low as Dollar Gains -SapForex24

Gold prices hit a more-than-two week low on Monday as dollar strength continued to put pressure on the precious metal.

On the Comex division of the New York Mercantile Exchange, gold for December delivery lost $2.94, or about 0.2%, to $1.277.56 .

That was just off an intraday low of $1,275.58 touched earlier in the session, its lowest level since October 6.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.19% at 93.75.

Gold is sensitive to a stronger dollar as the gains in the greenback made the precious metal more expensive for holders of foreign currency.

The dollar has found support as hopes for U.S. tax reforms were boosted last week after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

The greenback ended last week up 0.69%, its fifth weekly increase in six weeks. Investors expect a fiscal boost to push up inflation, which in turn to add pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

Elsewhere in metals trading, silver dropped 0.50% at $16.993 a troy ounce.

Platinum fell 0.62% at $921.05 a troy ounce, while palladium lost 0.44% to $965.60 a troy ounce as both metals hit one-week lows overnight.

To the upside, copper rose 0.24% to $3.173 a pound after Chinese authorities reaffirmed that the country's economy was on track to achieve the official growth target even as its housing market slows.

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Oil prices lower after strong third quarter as Sept. OPEC output rises-SapForex24

Oil prices fell on Monday, pausing for breath after posting gains of as much as 20 percent in the third quarter, after a survey pointed to a slight increase in OPEC production in September.

U.S. crude was down 14 cents, or 0.3 percent, at $51.53 a barrel at 0637 GMT. The U.S. benchmark on Friday posted its strongest quarterly gain since the second quarter of 2016 and the longest streak of weekly gains since January.

Global benchmark Brent crude for December delivery was down 23 cents, or 0.4 percent, at $56.56 a barrel. On Friday, Brent for November delivery closed 13 cents higher at $57.54 a barrel, notching up a third-quarter gain of around 20 percent, the biggest gain in five quarters. It was the biggest third-quarter increase since 2004.

The contract reached its highest in more than two years early last week, and posted its fifth consecutive weekly gain. It was Brent's longest weekly bull run since June 2016.

The price gains have been supported by anticipated demand from U.S. refiners resuming operations after shutdowns due to Hurricane Harvey, but a quick resumption of shale production could put a dampener on prices.

"U.S. production should be soft over August and September, due to Hurricane-related shut-ins but should rebound" in the fourth quarter, Barclays (LON:BARC) Research said in a note.

Oil output from the Organization of Petroleum Exporting Countries (OPEC) also rose last month, gaining by 50,000 barrels per day (bpd), a Reuters survey found.

Iraqi exports increased and production edged higher in Libya, one of the OPEC producers exempt from a deal to curb output and support prices.

Middle Eastern oil producers are concerned the recent price rise will only stir U.S. shale producers into more drilling and push prices lower again.

U.S. energy companies added oil rigs for the first week in seven after a 14-month drilling recovery stalled in August, energy services firm Baker Hughes said on Friday.

Drillers added six oil rigs in the week to Sept. 29, bringing the total count up to 750.

Hedge funds and other money managers raised their net long positions in U.S. crude futures and options in the week to Sept. 26, the Commodity Futures Trading Commission (CFTC) reported on Friday.

Managed money net long positions rose by 43,496 contracts to 251,788 contracts, the most since the week of Aug. 22, the CFTC said.

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