Gold Technical Outlook Ahead Of Today U.S. NFP

Gold was little changed on Friday as investors awaited U.S. nonfarm payrolls data for further cues on the economic impact of the coronavirus while a stronger dollar capped the gains.Spot gold rose 0.1% to $1613.32 per ounce after a near 1.5% jump on Thursday as record high U.S. jobless claims intensified fears about economic damage due to the virus and drove investors towards the safehaven metal.Gold could not build a rally because of the stronger dollar USD was little changed against the major but hovered close to a oneweek high hit as investors worried about [read more]

Oil Fall Back Below $25, Futures Drop 7% After Surging 25% On Trump Tweet

Oil slid back below $25 a barrel following a record surge as doubts crept in over U.S. President Donald Trumps claim he had brokered a deal that would see deep supply cuts from Saudi Arabia and Russia.Futures dropped as much as 7.1% after surging almost 25% in New York on Thursday after Trump tweeted that he expected the two leading producers to slash output by 10 million barrels or more. However the Kremlin later said that President Vladimir Putin had not spoken to his Saudi counterpart and hasnt agreed to reduce production. Oil has [read more]

What To Expect From Today U.S. March Non-Farm Payroll

The U.S. economy likely loss jobs for the first time in nearly a decade in March as the coronavirus pandemic began to affect domestic economic activity.The Department of Labor is set to release its monthly jobs report at 830 a.m. ET (2030 hksg) Friday. Here are the main metrics expected from the report compared to consensus data compiled by Bloomberg as of Thursday afternoonChange in nonfarm payrolls March 100000 vs. 273000 in FebruaryUnemployment rate March 3.8% vs. 3.5% in FebruaryAverage hourly earnings month on month 0.2% vs. 0.3% in February [read more]

The US Dollar Rise Thursday Ahead Of Initial Jobless Claim Data

The dollar held gains on Thursday as investors rushed to the security of the worlds most liquid currency as the coronavirus pandemic caused massive disruptions to global trade.The dollar index against a basket of major six currencies gained 0.53% overnight as the U.S. currency advanced against most of its major peers except for the safehaven yen.In early Thursday trade the euro was little changed at $1.0959 after 0.69% fall on Wednesday. Sterling fetched $1.2382 having lost 0.40% on Wednesday.The Australian dollar changed hands [read more]

Trump To Meet U.S. Oil Producers Friday On Tariffs On Oil Import

US President Donald Trump will meet with U.S. oil executives to discuss possible financial assistance for the industry and tariffs on oil imports from Saudi Arabia according to the Wall Street Journal.Saudi Arabia is currently bent on flooding the already saturated oil markets with even more oil after the production cut talks with OPEC and Russia fell through. Saudi Arabia is now producing more than 12 million barrels per day according to Reuters sources even though oil demand has dropped off a cliff in recent weeks. [read more]

A Major Rebound In Gold Is Just Around The Corner

A major rebound in gold is just around the corner as prices look ready to surge on massive global monetary policy stimulus and unprecedented fiscal policies UOB said in its latest commodities strategy report. Our forecast is for gold to rebound significantly in the quarters ahead to USD $1650 in 2Q20 $1700 in 3Q20 $1750 in 4Q20 and $1800 in 1Q21 said United Overseas Bank (UOB) head of markets strategy Heng Koon. March was a very volatile month for all assets including gold according to the Singapore [read more]

Gold Price Will Pass Copper, Oil And Equities To New High, Bloomberg Intelligence

Gold remains the commodity to own and investors should expect to see prices hit new alltime highs driven by unprecedented monetary stimulus and deficit spending according to one market analyst.In a report Tuesday Mike McGlone senior market analyst at Bloomberg Intelligence said that the price action in the gold market continues to resemble what happened during the 2008 financial crisis. Although gold prices suffered from a more than 20% decline in the midst of the crisis prices quickly recovered and within three years reached an alltime high at $1900 an ounce. [read more]

Wall Street Biggest Decline Since 1987, Only Microsoft & Amazon Closed In Positive Territory

US stocks closed in the worst quarter for the Dow Jones Industrial Average since 1987.  DJIA fell 410 points (or 1.8%) to close at 21917.16. The index was down 23.2% for the first quarter the biggest decline since the fourth quarter of 1987 when Black Monday (Oct. 19) occurred.The only Dow stock that rose during the first quarter was Microsoft (MSFT) which closed at $157.71 on March 31 up a penny from $157.70 on Dec. 31. The S&P 500 Index SPX dropped 1.6% on Tuesday for a firstquarter decline of 20%The Nasdaq Composite Index COMP [read more]

Oil Price Rise As Trump Manage To Get Putin To Meet MBS

SEOUL (Reuters) Oil recovered some ground on Tuesday as U.S. President Donald Trump and Russian President Vladimir Putin agreed to discuss stabilizing energy markets but prices remain near 18year lows as the coronavirus shutdown destroys demand.Brent crude was up by 19 cents or 0.8% at $22.95 a barrel after closing at $22.76 in the previous session the lowest close since November 2002.U.S. crude was up by 59 cents or 2.9% at $20.68 a barrel after settling down at $20.09 the lowest close since February 2002.Oil markets [read more]

Gold Price Set To Consolidate Before A Bullish Break Out.

Gold prices moved lower for a second consecutive trading session and continue to form a bullish pendant pattern which is a consolidation pattern that eventually refreshes higher.This follows a large surge in prices last week. Stock markets on Monday recapturing the losses seen on Friday. US yields moved higher across the interest rate curve as the dollar gained traction. This follows a sharp downdraft on the dollar last week that saw the greenback fall 3.4%. The U.S. rescue package passed by lawmakers should begin to provide some [read more]