In Asia: Gold Up, USD Down, Stocks Off + Commodities

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								In Asia: Gold Up, USD Down, Stocks Off + Commodities

$GLD,$SLV,$USD,$USO,$OIL,$SOY,$CORN,$WEAT

  • Gold Prices Up
  • USD Down
  • Crude Oil Off
  • Asian Stocks Off 

Notes: The Federal Open Market Committee (FOMC) will announce its interest rate stance at 2:00p EST Wednesday, the market is focused.

In Asia

Gold: Gold prices moved to 5-month highs Wednesday as a softer USD supported the coin and bar buyers, while investors awaited cues on the rate hike trajectory of the FOMC from its 2-day policy meeting later in the day Wednesday

  • Spot gold was up 0.1% at $1,250.20 oz, as of 0405 GMT, after hitting its highest mark since 11 July at $1,251.06 earlier in the session.
  • US gold futures were up 0.1% at $1,254.60 oz.

If the Fed comes off dovish then gold prices should consolidate and hold at $1,256 and if it breaks that we might see prices going North to $1,265+.

Holdings in SPDR Gold Trust (GLD), the world’s largest gold-backed ETF (exchange-traded fund), rose 1.08% to 771.79 tonnes Tuesday.

Energy:  Crude Oil prices rebounded Wednesday after falling for the past 3 sessions with worries about oversupply and a slowing global economy keeping markets under pressure though sentiment may be shifting as falling equity markets seemed to stabilize.

  • NYMEX WTI Crude Oil up 4c, or 0.09%, to $46.28 bbl by 0443 GMT
  • ICE Brent Crude Oil futures rose 0.4%, or 23c, at $56.49 bbl.

My work shows that there is no Bullish sentiment ahead.

Equities: The S&P 500 finished up Tuesday ending its losing streak. 
MSCI’s world stock index fell 0.3%. The index is down 10% YTD, and is set for its worst year in 10.

A speech by Chinese President Xi, which investors had hoped could lift morale, had little impact after he offered no specific support measures for the economy. Chinese shares fell over 1%. Japan’s Nikkei lost 1.8%.

Currencies: The US Dollar (.DXY) measures the Buck against a basket of 6 peer currencies, and was down 0.3% after marking a 1-week low in the prior session.

Commodities: Energy, Metals, and Agriculture Grains

COMMODITY

LAST CHANGE % CHANGE EXP DATE TIME
NYMEX Crude Oil » 46.48 USD +0.24 +0.52% Dec 18 1:11AM EST
ICE Brent Crude » 56.70 USD +0.44 +0.78% Dec 18 7:00PM EST
NYMEX RBOB Gasoline » 1.36 USD +0.01 +0.76% Dec 18 12:59AM EST
Dubai Crude Spot » 54.72 USD +0.30 +0.55% Dec 02 1:31AM EST
ICE Gas Oil » 528.25 USD -2.00 -0.38% Jan 19 7:00PM EST
NYMEX No2 Heating Oil » 1.77 USD +0.02 +0.92% Dec 18 1:18AM EST
NYMEX Nat Gas » 3.84 USD +0.00 +0.05% Dec 18 1:21AM EST
ICE NBP Nat Gas » 65.53 GBP +0.00 0.00% Dec 18 7:00PM EST
COMMODITY LAST CHANGE % CHANGE EXP DATE TIME
Gold Spot » 1,250.11USD +0.82 +0.07% Dec 02 7:00PM EST
COMEX 100oz Gold » 1,249.20USD +0.00 0.00% Dec 18 3:50PM EST
Silver Spot » 14.69USD +0.05 +0.33% Dec 02 7:00PM EST
Platinum Spot » 787.60USD +0.61 +0.08% Dec 02 7:00PM EST
Palladium Spot » 1,252.73USD +8.99 +0.72% Dec 02 7:00PM EST
COMEX Copper » 2.68USD +0.01 +0.32% Dec 18 12:14AM EST

Stay tuned…

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