MCX Gold Day Trading Tips Rocking – Low 37520
Gold prices are modestly lower in early U.S. trading Tuesday. The safe-haven metals are finding it hard to catch a bid as there is scant risk aversion in the global marketplace at present. December gold futures were last down $1.90 an ounce at 1,455.00. December Comex silver prices were last down $0.001 at $16.885 an ounce.
Asian and European stock markets were mostly flat overnight and the U.S. stock indexes are also pointed toward near steady openings when the New York day session begins, after setting new record and contract highs overnight. Trading in the U.S. Tuesday will begin to taper off ahead of the U.S. Thanksgiving holiday on Thursday.
Global trader/investor risk appetite remains upbeat Tuesday, following reports that the top trade negotiators from the U.S. and China held a telephone conversation Monday, with the Chinese press reporting the two sides had “reached a consensus on properly resolving latest issues.”
Federal Reserve Chairman Jerome Powell gave a speech Monday evening, in which he said the Fed lowered interest rates this year because the U.S. economy was not performing as strongly as expected, but implied there will be no further rate cuts unless the economy showed unexpected weakness.
A report Tuesday said consumer demand for gold from its two largest consuming nations—China and India—is declining. The report said weaker local currencies have made gold more expensive for consumers to purchase, including increased duties from India’s government.
The key “outside markets” today see the U.S. dollar index near steady. Nymex crude oil prices are firmer and trading around $58.25 a barrel.
U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, advance economic indicators, the monthly house price index, the S&P-Case-Shiller home price index, the Richmond Fed business survey, the consumer confidence index, and new residential sales.