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Gold Up Second Week in Row, Back Above $1,900 on U.S. Stimulus Wind By Investing.com

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By Barani Krishnan

Investing.com – Gold prices rose for a second straight day and week on Friday, returning above the key $1,900 level, as revived hopes for a new U.S. Covid-19 relief bills brought a rush of bids for the haven.

settled at $1,926.20 an ounce on New York’s Comex, up $31.10, or 1.6%, on the day. For the week, it rose about 1%.

, which reflects real-time trades in bullion, was up $34.35, or 1.8%, at $1,928.31 by 3:58 PM ET (19:58 GMT).

“Gold prices skyrocketed … after the White House blinked first over the stimulus deadlock,” said Ed Moya, analyst at New York’s OANDA. “Gold looks like it will benefit from a stimulus deal before the election. It is unclear if Democrats will accept the latest … offer, but it seems the White House is determined to get something done.”

Trump told a radio show on Friday that he wants a new and bigger coronavirus relief package approved for Americans than what was negotiated previously in Congress, an apparent U-turn from just days ago when he ordered such talks canceled.

“I’d like to see a bigger stimulus package than either the Republicans or Democrats are offering,” the president told the Rush Limbaugh radio show referring to both his party as well as the opposition. “I’d like to see money going to people.”

Earlier this week, Trump shocked the nation and caused the stock market to plunge by announcing that he was terminating negotiations for a new COVID-19 stimulus. He blamed House Speaker and leader of the Democrats in Congress Nancy Pelosi for the aborted talks, saying she demanded an outsized $2.4 trillion package versus the $1.6 trillion offered by the Republicans. Pelosi didn’t respond directly to the accusation and questioned instead the mental capacity of the president, who was still on drugs for his own Covid-19 infection.

The stimulus talks appeared back on track Friday after White House Economic Adviser Larry Kudlow told Fox Business that Trump had approved a revised package to negotiate with Democrats. The Wall Street Journal later reported that the White House was working on an $1.8b trillion package, citing people familiar with the discussions.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Commodities

Gold Ends Up But Renewed Pressure Seen Without Stimulus Deal By Investing.com

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© Reuters.

By Barani Krishnan

Investing.com – Gold prices rose on Monday but renewed pressure seems likely for the yellow metal as a new coronavirus stimulus deal between the White House and Congress remained elusive.

Those familiar with negotiations on the stimulus said there was still distance between the Republican administration of President Donald Trump and the Democrat Congress led by House Speaker Nancy Pelosi.

Pelosi said Sunday that she was optimistic legislation could be pushed through before the November 3 U.S. election. White House Chief of Staff Mark Meadows also expressed hope on Monday that a deal was possible, saying the administration has gone as far as offering $1.9 trillion versus the $1.8 trillion package proposed earlier.

Yet, a standoff between the two sides lingered, and that weighed on gold prices in late trading.

was at $1,905.35, down $1.05, or 0.1%. It settled Monday’s official trading session up $5.30, or 0.3%, at $1,911.70/oz.

, which reflects real-time trades in bullion, up $2.02, or 0.1%, at $1,902.19 by 3:51 PM ET (19:51 GMT).

Congress, led by Pelosi and the Democrats, approved a Coronavirus Aid, Relief and Economic Security (CARES) stimulus in March, dispensing roughly $3 trillion as paycheck protection for workers, loans and grants for businesses and other personal aid for qualifying citizens and residents.

Democrats have been locked in a stalemate since with Republicans, who control the US Senate, on a successive package to the CARES, arguing over the size of the next relief, as thousands of Americans, particularly those in the airlines sector, risked losing their jobs without further aid.

President Donald Trump trails Democrat challenger Joe Biden in most polls ahead of the November 3 election. A preliminary agreement over the stimulus could be a positive talking point for the president at his campaign rallies.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Commodities

Do You Understand Chart Structure? – Growing Your Money

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Do You Understand Chart Structure?

What do I mean when I talk about chart structure and why do I think it’s so important when deciding to enter or exit a trade? I define chart structure as a slow grinding up or down trend with low volatility and no chart gaps. Many of the great trends that develop have very good chart structure with many low percentage daily moves over a course of at least 4 weeks thus allowing you to enter a market allowing you to place a stop loss relatively close due to small moves thus reducing risk.

Charts that have violent up and down swings are not considered to have solid chart structure as I like to place my stops at 10 day highs or 10 day lows and if the charts have a tight pattern that will allow the trader to minimize risk which is what trading is all about and if the chart has big swings your stop will be further away allowing the possibility of larger monetary loss.

 

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

TWITTER—@seeryfutures
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
Email: mseery@seeryfutures.com
If you’re looking to open a Trading Account click on this link www.admis.com

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.



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Crude Oil Rises as Production Hikes Expected to be Delayed By Investing.com

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© Reuters.

By Geoffrey Smith 

Investing.com — Crude oil prices rose on Monday after the world’s two biggest oil exporters both dropped hints that they may need to abandon, or at least delay, the increase in production that they expect to carry out at the start of 2021.

In opening remarks to a meeting of ministers from the Organization of Petroleum Exporting Countries and its biggest allies, Russian Energy Minister Alexander Novak and his Saudi Arabian counterpart Prince Abdulaziz bin Salman both warned of an uncertain period ahead and stressed the need for the group’s output policy to remain flexible in its efforts to support prices.

By 11 AM ET (1500 GMT), futures had reversed overnight losses to trade up 0.4% at $41.28 a barrel, while the international benchmark was up 0.1% at $42.95 a barrel. Both markers were well off their intraday highs, nevertheless.

U.S. gasoline futures were up 0.2% at $1.1711 a gallon, having hit a two-week low overnight..

Russia’s Novak had warned in his remarks at the ‘open’ session of the meeting that the situation remained fragile and that the recovery in oil demand had slowed down since the summer.  That’s due largely to the resurgence of the Covid-19 pandemic in most of the northern hemisphere – outside China – as colder temperatures and the start of the academic year have combined to spread the virus again. Hospital admissions in both North America and Europe have been on the increase for over a month now.

Even China’s rebound has flattened out somewhat, with third-quarter GDP numbers overnight disappointing both in a quarter-on-quarter and year-on-year comparison, although the country remains on track to be the only major economy in the world that won’t shrink this year.

For his part, Prince Abdulaziz warned that the bloc had to be ready to act pre-emptively to head off a repeat of the second-quarter chaos, when a plunge in demand briefly turned futures prices negative for the first time ever.

“We have to be able to take measures to head off negative trends and developments, to nip them in the bud, before they become threatening,” Abdulaziz said. “Nobody in the market should be in any doubt as to our commitment and our intent. It would be unwise indeed if anyone were to gamble on our determination.”

Abdulaziz had made similar comments at an earlier meeting this year in the direction of those tempted to sell the market short.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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