|Day's range||1,309.50 - 1,321.80|
Alt coins suffered during the week as both Bitcoin and Ethereum softened up yet again. Because of this, we cannot pick up the necessary momentum to go higher, and these minor markets will of course continue to be influenced by what goes on in the major ones.
Gold prices moved lower sliding through support levels, as a stronger dollar eroded the value of the yellow metal. This comes despite a softer than expected housing starts report, which weighed on U.S. yields. Softer than forecast inflation data reported in the Eurozone on Friday, paved the way for lower gold prices. Gold prices edged through an upward sloping trend line which is now seen as short-term resistance near 1,316.
Gold settled at its lowest level in just over two weeks on Friday, losing roughly 0.9% for the week. Dollar-denominated prices for the metal traded inversely with the dollar ahead of Wednesday's Federal ...
Considering its recent bounce off the $1313.50-$1312.50 horizontal-region, the Gold prices are likely heading towards a month-old descending trend-line resistance of $1326. Should the yellow metal clears the TL barrier of $1326, it can quickly rise to $1330 and then to the $1332, which if broken may help buyers to aim for $1340-41 resistance-zone. On the contrary, break of $1312.50 can reignite the importance of $1307 & $1302 ahead of highlighting the $1300 round-figure on the chart. ...
Of late, the most crucial factors affecting gold prices are the US dollar and the potential change in the US interest rate. Precious metals are highly sensitive to movements in Treasury rates, as gold and Treasuries are competitors as haven assets. As investors await the Federal Reserve’s meeting in a few days, there’s a high chance that the interest rate will rise.
Mining stocks’ correlations with gold are crucial because gold is the big brother of precious metals. The movements in the remaining three precious metals—silver, platinum, and palladium—mostly depend on gold’s movements. For our correlation analysis, we’ll look at First Majestic Silver (AG), B2Gold (BTG), Royal Gold (RGLD), and Goldcorp (GG). Mining-based funds also have high correlations with precious metals.
All four precious metals witnessed a slump in their prices on March 15, 2018. The US dollar has been instrumental in pulling these precious metals lower. A country with a high interest rate should expect its currency to appreciate.
MUMBAI/BENGALURU (Reuters) - Weaker demand in India prompted gold dealers to offer discounts for a second week straight, as a drop in local prices to 2-week lows and a festival failed to lure buyers. Dealers in India were offering a discount of up to $3 an ounce over official domestic prices, unchanged from last week. The domestic price includes a 10 percent import tax.
Investing.com - Crude oil prices held steady on Friday, as ongoing concerns over global output overshadowed upbeat demand predictions.
The major theme this week has been the potential for rising supply to overwhelm the expected gains in crude demand for 2018.
Alt coins continue to be noisy, but during the trading session on Thursday we had a bullish run after initially dropping. I think that we ended up forming a nice fractal that the market may pay attention to but paying attention to the major currencies is going to be the way to go.
The Vancouver, British Columbia-based company said it had a loss of 3 cents per share. The gold mining company posted revenue of $59.6 million in the period. For the year, the company reported net income ...
One way to assess a company’s liquidity is to calculate its current ratio. Newmont Mining (NEM) and Kinross Gold (KGC) are doing the best among senior miners on this front with ratios of 3.6x and 3.9x, respectively. Goldcorp (GG) and Yamana Gold (AUY), on the other hand, have the lowest current ratios of 0.9x and 1.0x, respectively.
There are indications that the 'more hawkish' Mike Pompeo might lead U.S. exit from the Iran nuclear deal. This has injected uncertainty into the oil market and can potentially send prices higher.
As metals prices started weakening, investors shifted their focus from high-leverage miners (GDX) (GDXJ) to low-leverage miners with sound growth plans, leading miners to trim their balance sheets. After reducing its debt by $1.3 billion in 2016, Newmont Mining (NEM) reduced its net debt by ~$1.0 billion in 2017. It ended 4Q17 with net debt of $0.8 billion.
Investing.com - Crude oil prices moved lower on Thursday, amid ongoing concerns over rising global supply levels following news U.S. stockpiles increased far more than expected last week.
Investing.com – Gold prices inched up on Thursday, as weaker-than-expected U.S. retail sales figure and concerns over trade tensions weighed on equity markets.
Ethereum markets fell during the trading session on Wednesday, as crypto currencies continue to struggle in general. Now that Google has also said that they are not willing to accept ads from crypto currency related products anymore, this puts more bearish pressure on the space.
Gold prices attempted to move higher but were unable to pierce through trend line resistance. Wednesday Producer price report was in line with expectations and followed a relatively tame CPI which was released on Tuesday. The softer than expected U.S. Retail Sales weighed on U.S. yields, capping the dollar and helping to buoy gold prices.Technicals