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Gold & Precious Metals

Silver Market Update


Posted by Clive Maund

on Wednesday, 11 October 2017 06:28

The last Silver Market update almost a month ago called the intermediate top within a day, as you may recall, and it has back to the extent predicted in that update.There was more evidence of a turn in silver than gold on Friday, when a more obvious reversal candle appeared on its chart. On the 6-month chart we can see that a long-tailed candle occurred that approximates to a bull hammer where the price closed not far off the day’s highs on the biggest volume for over a month. After its recent reaction this certainly looks like a reversal, especially as the downtrend channel has been converging. The earlier overbought condition has more than fully unwound and the price has dropped back into a zone of support.

silver6month081017

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Energy & Commodities

Oil supported by suggestions of “Extraordinary Measures”


Posted by Lukman Otunuga - FXTM Market Analysts

on Wednesday, 11 October 2017 05:15

wti 1 18

Oil prices edged higher during Tuesday’s trading session, as investors pondered over what “extraordinary measures” OPEC may implement to rebalance oil markets in the medium to long-term.

Although the commodity got off to a rough start last week, after traders questioned the sustainability of the rally, recent comments from OPEC stating that there are clear signs that markets were rebalancing, have supported WTI crude. With OPEC’s Secretary General Mohammed Barkindo almost pleading for U.S. shale oil producers to help reduce the global supply glut, could the tough tug of war between U.S. shale and OPEC be coming to an end?

It has certainly been a tricky year for OPEC, especially when considering how U.S. shale production soared nearly 10%, despite the cartel's valiant efforts to cut supplies to prop up prices. Although Saudi Aramco plans to make “the deepest customer allocation cuts in its history” by cutting 560,000 bpd next month, its impact could be diluted if the U.S. shale producers see this as a Christmas gift.

As we head deeper into the final trading quarter of 2017, investors will continue to scrutinize markets for any fresh details on the “extraordinary measures” and signs of OPEC extending its production cuts beyond March 2018.

From a technical standpoint, WTI crude has staged an impressive rebound from the $49.08 level. A decisive breakout above $51.00 should encourage a further incline towards $52.40. In an alternative scenario, sustained weakness below $49.00, which is also under the 50-day Simple Moving Average, may open a path towards $47.80.

Catalonia independence in focus



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Wealth Building Strategies

Chart: The Trillion Dollar Club of Asset Managers


Posted by Visual Capitalist

on Tuesday, 10 October 2017 07:00

$1T+ CLUB IS DOMINATED BY U.S. BASED ASSET MANAGERS

In the late 1700s, it was the start of the battle of stock exchanges: in 1773, the London Stock Exchange was formed, and the New York Stock Exchange was formed just 19 years later. 

And while London was a preferred destination for international finance at the time, England also had laws that restricted the formation of new joint-stock companies. The law was repealed in 1825, but by then it was already too late.

In the U.S., exchanges in New York City and Philadelphia took full advantage by dealing in stocks early on. Eventually, for this and a variety of other reasons, the NYSE emerged as the most dominant exchange in the world – helping propel New York and Wall Street to the center of finance.

THE CENTER OF FINANCE

Wall Street, and the U.S. in general, is now synonymous with finance – and most of the world’s largest banks, funds, and investors maintain a presence nearby. The biggest asset management companies, which pool investments into securities such as stocks and bonds on behalf of investors, are no exception to this. 

Today’s chart shows all global companies with over $1 trillion in assets under management (AUM).

Not surprisingly, all but 17.1% of assets managed by this $1 Trillion Club are overseen by companies based in the United States.

trillion



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Currency

The US Dollar reserves the right to grow


Posted by RoboForex

on Tuesday, 10 October 2017 06:34

The US Dollar is still interesting and attractive to investors, despite the statistical fluctuations.

The US labor market statistics in September was surprising, but not as impressive as it might have been.

Improvements in the Unemployment Rate and the Average Hourly Earnings will allow the US Federal Reserve to tighten its monetary policy.

The first October week was quite effective for the American Dollar. The main currency pair updated the low at 1.1668 it reached on August 17th and then was corrected bit, but made perfectly clear that there might be more declines. If there is a reason, the “bears” will come quickly.

The US labor market statistics in September is astonishing. The numbers were expected to be quite high, but the market was really surprised by the readings it saw. The Unemployment Rate was 4.2% in September after being 4.4% the month before. This is the lowest value of the indicator since 2001, over 16 years. It’s highly unlikely to be a mistake: the Participation Rate increased up to 63.1% against 62.9% in August. It appears that the labor market is really feeling good.

Another positive thing is the growth of the Average Hourly Earnings. In September, it expanded by 0.5% m/m after adding 0.2% m/m in the previous month and against the expected reading of 0.3% m/m. On YoY, the indicator increased by 2.9%. That’s a very good result.

However, this is where good news ended. The Non-Farm Payrolls decreased by 33K, although it was expected to expand by 82K after adding 169K the month before. The report says that the decline in some industries likely reflected the impact of hurricanes Irma and Harvey, which made the country nervous last month. But if one takes a closer look at the NFP numbers published in July and August, one can see that the indicator was revised downwardly twice. If one adds the September reading to this period of time, the overall picture won’t be very promising. Still, the fact that the US labor market is usually pretty stable makes all above-mentioned numbers look not so horrible. It means that the September decline will be eliminated in October or November, unless there are some serious stresses of course.

The Unemployment Rate and the Average Hourly Earnings data shows that the inflation in the USA is rising. This, in its turn, supports the Federal Reserve in its intentions to tighten the monetary policy. After they published the September reports on the employment, expectations relating to the key rate increase in December 2017 increased up to almost 80%, according to the CME futures. This was the reason why the USD rose.

EURUSDH4

 Click Image For Full Size

The best way to see investors’ attitude to the USD is the EUR/USD pair behavior. Let’s take a look at the H4 chart, which shows the downtrend. The key element of the current movement is the price’s consolidating around the support level, and one of the most possible scenarios implies that it may return to the upside border of the descending channel. One of the targets close to the resistance level is the retracement of 61.8% at 1.1875. If this scenario continues, we can expect the price to rebound from the upside border and resume falling to reach 1.16. also, we shouldn’t exclude a possibility that the instrument may break the current resistance level and start forming a new rising impulse. The main short-term target of this impulse will be the local high at 1.2092.

Author: Dmitriy Gurkovskiy, Senior Analyst at RoboForex

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Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.



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Gold & Precious Metals

Gold's Technical Line Of Concern


Posted by Stewart Thomson - Graceland Updates

on Tuesday, 10 October 2017 06:27

Oct 10, 2017

2017oct10gold1

  1. The traditional post jobs report rally for gold is in full swing. Please  click chart above to enlarge or here now. Double-click to enlarge this daily gold chart. Gold arrived at a key Fibonacci line at about $1268 as the US jobs report was released.
  2. Please  click here now. Double-click to enlarge. The dollar has stalled against the yen, and that’s also good news for gold.
  3. Gold tends to stage great rallies in the days following the jobs report, and this rally is a particularly interesting one. Here’s why:
  4. First, Trump has ratcheted up his “hawk talk” in regards to North Korea and Iran. He’s scheduled to make a key speech on Thursday about Iran, a country which is now exporting two million barrels of oil a day.
  5. Second, the Chinese government recently chopped commercial bank reserve requirements. That triggered a massive rally in bank stocks around the world, and in most stock market indexes.
  6. Chinese citizens tend to buy more gold when stock markets are rallying and economic sentiment is positive. 
  7. Friday also marked the last day of COMEX gold trading during the Golden Week holiday in China. Chinese gold markets are now open again, and eager buyers are clearly in action. 
  8. Perhaps most importantly of all, on Friday the Indian government cancelled the “Know Your Client” rule for gold jewellery buyers and that happens just in time for the launch of Diwali.
  9. Please  click here now. This is pretty big news for gold price enthusiasts around the world.


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