Metals Futures Prices
- E Mini S&P 500 September 2019
Highly Accurate Multiple Time Frame Technical Analysis
- The Trend Trader For Futures Trading on Monday, August 26, 2019
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- I Remain Bullish Silver Prices
No reason to sell
- Powell at the Bat - Blue Line Morning Express
ES, NQ, Crude, Gold. Actionable research out early each morning to brokerage clients with full technicals.
Futures Market News and Commentary
Dec Comex gold (GCZ19) on Friday closed is up +29.1 (+1.93%), and Sep silver (SIU19) closed up +0.373 (+2.19%). Metals prices rallied to 1-1/2 week highs Friday on a flight-to-safety after stocks and the dollar slumped on escalation of U.S./China trade tensions. U.S./China trade tensions worsened after China's Ministry of Commerce on Friday said it will impose additional tariffs on $75 billion of U.S. goods in retaliation for U.S. tariffs on Chinese goods with some of the tariffs starting Sep 1 and the rest on Dec 15. Escalation of the trade war undercut the yuan which fell to a new 11-1/4 year low against the dollar Friday of 7.1017 yuan/USD. Dovish Fed comments also gave gold prices a lift Friday. Fed Chair Powell on Friday said the U.S. economy faces "significant risks" and "we will act as appropriate to sustain the expansion," which bolstered speculation the Fed will continue to cut interest rates. Also, St. Louis Fed President Bullard said Friday that "we are willing to take all actions we need to continue the expansion" and that he expects a "robust debate" on a 50 bp rate cut by the Fed next month. The heightened trade tensions between the U.S. and China also knocked the dollar index down to a 1-week low Friday, which boosted metals prices. Ongoing trade and geopolitical tensions, along with dovish central bank expectations, have sparked fund buying of precious metals as long gold positions in ETFs rose to a 6-1/4 year high Wednesday and long silver positions in ETFs rose to a new record high Wednesday. Big Picture Gold-Silver Market Factors: Bullish factors include (1) the action by the world's central banks to continue cutting interest rates as trade tensions take a toll on global growth, (2) low global inflation that is dovish for central bank policies, and (3) safe-haven demand due to trade tensions, Brexit, and global geopolitical risks involving Iran, North Korea, and Venezuela. Bearish factors include (1) the Fed's go-slow approach to cutting interest rates, (2) the recent rally in the S&P 500 to an all-time high, which reduced safe-haven demand for gold, and (3) concern that a slowdown in the global economy will crimp demand for industrial metals, including silver.