|Day's range||1,779.20 - 1,799.00|
US stock markets rallied significantly on Monday, perhaps following the Chinese lead overnight or perhaps moving based upon the ISM Nonmanufacturing numbers.
The silver markets rallied a bit on Monday to kick off the week, reaching towards the $19 level. We still have the same resistance to deal with.
The crude oil markets rallied a bit against the backdrop of a positive Monday but find quite a bit of noise just above that they need to deal with.
Gold markets went back and forth on Monday, reaching towards the $1800 level but it looks like we still have the same resistance in that region.
Gold topped $1800 per ounce for the first time since 2011, having gained nearly 17% in the quarter. This marks the biggest quarterly gain since 2016
Silver is moving up quite shortly today, which sounds bullish, until one realizes that silver tends to be strong right before the precious metals market tops.
Silver managed to settle above $18.00 and is ready to test the nearest resistance below $18.50.
The direction of the September E-mini S&P; 500 Index the rest of the session on Monday is likely to be determined by trader reaction to 3129.00.
British pound rallied a bit on Monday. This was helped by Chinese equities kicking off with the bank, bringing up the amount of risk appetite around the world.
S&P; 500 futures are pointing to a higher open amid global market optimism.
“Avangrid has above-average EPS growth potential from utility and renewables opportunities, along with upside options not yet priced in,” wrote Morgan Stanley.
The direction of the August Comex gold futures contract on Monday will likely be determined by the pair of 50% levels at $1787.00 and $1780.90.
Add the U.S. presidential election to the growing list of volatility drivers as the bitcoin market enters the second half of 2020.
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In order to sustain the rally, inventories are going to have to continue to drop and people are going to have to continue to work, plain and simple.
In order to get gold moving to the upside in dramatic fashion, the rise in COVID-19 cases is going to have to derail the economic recovery.
Daily forecast and trading signals of forex majors, commodities, cryptocurrencies and indices.
As far as the AUD/USD and NZD/USD are concerned, the price action is disconnected from central bank activity.
If the Fed’s balance sheet has been a key driver of risk sentiment, will this dynamic start to weigh on risk? It seems unlikely to cause too great a stir as we know the Fed have the capacity to turn the taps on any time. Also, put China CN50 on the radar as this index is on fire right now, where we saw sizeable inflows into Chinese A-shares on Friday.
GBP/USD stays near 1.2500 and continues its attempts to gain more upside momentum.
U.S. gold futures were up 0.2% at $1,793.00 per ounce. "Investors are doubtful that this recovery is going to remain as resilient because we're all expecting that snapback... and we might have a longer recovery, and that should be supportive for gold prices," said Edward Moya, senior market analyst at broker OANDA. In the first four days of July alone, 15 U.S. states have reported record increases in new cases of COVID-19, while cases continued to soar in countries including India, Australia and Mexico.
Growing scrutiny by mineral-rich Australia and Canada may cut short a deal frenzy led by China's state miners and limit Beijing's role in gold sector consolidation, bankers and analysts said. Shandong Gold Mining Co and Zijin Mining Group Co Ltd have driven a wave of acquisitions from the Canadian Arctic to South America to West Africa this year. Canada and Australia have recently tightened restrictions on investment by state-backed firms, fearing economic dislocation caused by the coronavirus pandemic will make it easier to buy strategic assets.