|Day's range||1,498.80 - 1,505.00|
Monero’s XRM follows on from Tuesday’s slide with a bearish start to the day. Pressure comes from the broader markets as the bears fight back.
(Bloomberg) -- Swiss gold exports to the U.K. rose to the highest in six years, driven by a surge in demand for exchange-traded funds.Switzerland shipped 90.7 tons of bullion to the U.K. in July, the most since September 2012, according to data on the website of Swiss Federal Customs Administration. That compares with just 7.4 tons in June.Gold is heading to London because the city is a global center for precious metal storage and boasts a vast network of vaults within the M25 motorway that surrounds the metropolitan area. Rising gold prices are driving demand for investment products and the bullion that underlies those funds.“The vast majority of ETFs have their vaults in London,” said Adrian Ash, research director at BullionVault Ltd.Gold prices have surged to a six-year high, surpassing $1,500 an ounce, because of worries about weakening global economic growth and the fallout from the U.S.-China trade war. Holdings in bullion-backed ETFs now stand at the highest since March 2013.To contact the reporter on this story: Rupert Rowling in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Thomasson at email@example.com, Dylan GriffithsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Gold is reclaiming the 1,500 level as the metal is moving 0.60% positive at 1,504. However, technical studies are suggesting that the downside is alive and healthy. Watch out the MACD indicator that is about to cross lines in the daily chart.
Driving the two-side price action is a forecast calling for heat and high humidity until mid-week then a cooling off period into August 30. The odds are in favor of a downside bias because of cooler-trending long-range outlooks and rising production, however, the bulls are being stubborn after picking up support from higher spot prices.
The bulls once again supported Bitcoin without letting it drop below $9,700. At the beginning of the week, Bitcoin got a new impetus for growth due to the news from Bakkt, which received permission to launch delivery futures.
The lower demand numbers are real so traders are paying close attention to the warning from OPEC. On the other hand, the rally we saw on Monday was fueled by hope and optimism. Usually, real wins the battle, but there is always the chance that hope and optimism will turn into reality. Unfortunately, this is not likely to occur over the near-term.
The financial markets continue their neat recovery, following renewed optimism around the progress of U.S.-China trade negotiations. There is also hope that stimulus from the world’s largest governments will spur economic growth.
Based on the early price action, the direction of the December Comex gold futures contract early Monday is likely to be determined by trader reaction to the minor pivot at $1517.50.
Investing.com - Gold prices were down on Tuesday in Asia as traders awaited the upcoming Jackson Hole Symposium in Wyoming and a speech by Federal Reserve Chairman Jerome Powell.
The RBA minutes should offer nothing new for investors and should take on a somewhat dovish tone. However, the primary focus for investors this week will be speeches by Governor Lowe and Fed Chair Jerome Powell at the Jackson Hole Symposium.
With gold confirming a new bull market, it’s time to step back and look at the big picture. Using technical analysis, I’ll provide potential price objectives for the next decade.
Silver markets fell significantly during the trading session on Monday to kick off the week but have found buyers underneath the turn things around and show signs of life again at a large, round, psychologically significant figure.
Crude oil markets rallied a bit during the day on Monday, but quite frankly they are heading towards significant resistance above that should continue to come into play. With that in mind I’m looking for Shorty opportunities given enough time.