|Day's range||1,725.30 - 1,736.40|
We’re going to be watching trader reaction and order flow at $1728.70 into the close. This should tell us if the selling is getting stronger.
The silver markets rallied a bit during the trading session on Thursday, reaching towards the $18 level.
The direction of the July WTI futures contract the rest of the session on Thursday is likely to be determined by trader reaction to $32.77.
Crude oil markets pulled back just a bit during the early hours, but then turned around to show signs of strength yet again.
Natural gas markets have gone back and forth during the trading session on Thursday, as we continue to hug the 50 day EMA.
Gold markets rally significantly during the trading session on Thursday again, as we continue to see more of an upward tilt.
The direction of the June E-mini S&P; 500 Index the rest of the session on Thursday is likely to be determined by trader reaction to 3035.50.
Gold trading banks are preparing to significantly reduce their positions on CME Group's Comex exchange in New York, nine people familiar with the plans said, shifting more trading to London and raising costs for thousands of investors. The divergence wiped hundreds of millions of dollars off the value of trading books, according to industry sources, with HSBC reporting a $200 million paper loss in a single day.
Silver found support close to $17.00 and is heading towards the test of the next resistance level at $17.50.
The Euro rallied again during the trading session, breaking above the 200 day EMA at one point and continues to threaten that level with a potential break out.
Gold traders appear to be reacting to two narratives today: Hong Kong and fresh stimulus.
Spot gold was up 0.7% at $1,720.25 per ounce by 1206 GMT, recovering from a two-week low of $1,693.22 the previous session. U.S. gold futures rose 0.6% to $1,737.10. China's parliament approved national security legislation for Hong Kong on Thursday, fuelling fears it could jeopardise its special autonomy and freedoms.
Venezuelan President Nicolas Maduro on Wednesday pledged to begin charging citizens for gasoline, as the fourth cargo of a five-tanker flotilla bringing fuel from Iran approached the South American nation's exclusive economic zone. Iran is providing the country with up to 1.53 million barrels of gasoline and components to help it ease an acute scarcity that has forced Venezuelans to wait in hours-long lines at service stations or pay steep prices on the black market. With the arrival of the gasoline, Maduro said he would end the policy of providing fuel effectively for free after more than two decades of frozen pump prices.
European stock markets are set to edge higher Thursday as the region continues to reopen for business, but gains will be limited amid rising tensions between the U.S. and China over Hong Kong. At 2 AM ET (0600 GMT), the DAX futures contract in Germany traded 0.5% higher. France's CAC 40 futures were up 1%, while the FTSE 100 futures contract in the U.K. rose 1.2%.
A bad report will sent prices lower. The upside momentum seems to be slowing so we could see a substantial near-term correction.
Goldman Sachs held an investor call Wednesday to discuss current policies for bitcoin, gold and inflation. The stalwart investment bank is still no fan of bitcoin or other cryptocurrencies.
We have turned around to show signs of life again, and therefore I think gold is likely to continue going higher.
Buying sentiment towards the Euro jumped on Wednesday after the European Commission unveiled a coronavirus recovery package worth a whooping 750 billion euros.
Silver failed to settle above the key resistance at $17.50 and declined below the nearest support level.
Gold is 0.7% lower today, as it trading close to $1,700 mark. Financial markets are in risk-on mode, as stocks extend their uptrend.
The direction of the June E-mini S&P; 500 Index is likely to be determined by trader reaction to yesterday’s close at 2994.50.