Gold has traded between $1,245 and $1,257 so far today…as of 9:30 am Pacific, the yellow metal is down $8 an ounce at $1,249…chart support exists at $1,250 while the $1,230’s features strong Fib. support and that’s a logical area for bullion to test…Silver has slipped another 27 cents to $16.54…Copper has tumbled 9 cents to $2.51…Nickel is 12 cents lower at $4.17…Crude Oil off slightly at $47.59 while the U.S. Dollar Index has climbed one-fifth of a point to 99.07…
Markets are bracing for a monetary policy announcement from the Federal Reserve…the U.S. central bank is scheduled to release its latest policy decision at 11:00 am Pacific (2:00 pm EST) but most investors aren’t expecting higher interest rates today (CME Group’s FedWatch tool puts those odds at just 4.8%)…however, odds increase dramatically for a rate hike next month when the meeting will also include updated economic projections and a Ma Yellen news conference…
In French elections, the Presidential rivals go head-to-head tonight in a televised debate in the last encounter before Sunday’s run-off in which opinion polls predict a win by centrist Emmanuel Macron over Marine Le Pen…one always has to be skeptical regarding polls, but the polls for the first round of the French elections were accurate and current numbers give Macron a commanding lead with just days to go…it would be a monumental upset for Le Pen to win – she’d have to deliver a huge knockout blow in tonight’s debate…the left is too engrained in France and given a choice between Macron and La Pen, most of the “snowflakes” in that country are sure to embrace Macron who is also Obama’s preferred candidate (need we say more)…
Gold Trading Expands
The Dubai Gold and Commodities Exchange (DGCX) says the recently listed DGCX Shanghai Gold Futures Contract (DSGC) had an impressive “knock-on effect” on other Gold products in April…
“The DSGC, which uniquely allows access to the Chinese Gold market, traded a total of 2,946 contracts since its listing on March 10th. DGCX’s Spot Gold contract saw impressive 6-fold growth year-on-year, while also recording a 74% increase in deliveries through the DMCC Tradeflow platform,” DGCX said on Monday…the deal to list the Shanghai Gold Futures Contract was made in October 2016 between the DGCX and the Shanghai Gold Exchange (SGE)…the agreement allowed for “the first-ever usage of the Shanghai Gold Benchmark Price in international markets,” said the CEO of the DGCX, Gaurang Desai…
Oil Update
U.S. government data released by the Energy Information Administration (EIA) this morning showed a smaller-than-expected fall in the country’s Crude stockpiles as refinery activity slowed down from the previous week…Crude inventories fell by 930,000 barrels in the week to April 28, compared with analysts’ consensus estimate of a decrease of 2.3 million barrels…data from the American Petroleum Institute (API) released yesterday had indicated that the closely watched inventories had fallen last week by 4.2 million barrels…on a more bullish note, refined fuel stockpile levels were better than anticipated and that’s bringing in some price support for WTI today…
In Today’s Morning Musings….
1. The Venture’s similarities to mid-2010…
2. CSR makes important breakthrough with Re-2OX…
3. Updates on JAX, ECR, VTT and ATC…
4. Daniel’s Den – Mega Trend alert – automated food processing!…
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Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere? Last year’s BMR Top 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017. BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends. BMR is daily information that puts you ahead of the crowd!
We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee. If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!
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John, your 7 year monthly chart for JAX makes me think the same chart period for CSR would be interesting. Thanks if possible.
Comment by DINGO — May 3, 2017 @ 11:31 am