Yesterday’s broad dollar strength played out to drag on gold, but the recent mini range that has formed above the old $1217 pivot and below $1233 continues to play out. Within this range the market moves are simply noise, with the last six closes all being within $5 of each other.
Commodities
Gold is Falling Despite China Rate Cut – Gold Silver Reports
Gold is losing altitude in Asia, having repeatedly failed to take out the 50-day exponential moving average (EMA) last week.
EIA Data Shows 8 Million Barrel Build in Crude Inventory – Gold Silver Reports
U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending September 28, 2018, which was 77,000 barrels per day more than the previous week’s average. Refineries operated at 90.4% of their operable capacity last week. Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day.
Silver MCX Update – Gold Se Zada Silver Chalegi, Gold main Kam Trade kar aur Silver Main Zada – Neal Bhai
Silver MCX Update – Gold Se Zada Silver Chalegi, Gold main Kam Trade kar aur Silver Main Zada – Neal Bhai
Gold Silver Reports (GSR) — The $14.50 level above has shown itself to be very resistive, but that’s nothing new. I believe that we continue to bounce around and show signs of volatility in this market, and I think that should continue to be overly difficult to hang onto a trade.
Soybean Prices to Trade Sideways to Lower: Neal Bhai Reports
Neal Bhai Report on Soybean
According to the data released by SEA, India’s soy meal exports down 32% on year to 59,643 tn in August due to dull demand from major importers. For Apr – Aug, India’s soymeal exports down by 4% on year at 3.72 lakh tonnes. However, there is anticipation of good physical demand for crushing due to expectations over rising exports to China.
Not by Gold Alone: Top Marketable Metal Commodities for Investing
Gold Silver Reports (GSR) – Along with gold, these are primarily silver and platinum, followed by precious metals used in industrial processes such as iridium, frequently a part of specialty alloys, according to Investopedia, and palladium, frequently used in electronics and chemical processing.
Gold May Hit $1,300 by End of Year, ICBC Says
Gold Silver Reports (GSR) – Bullion is set to average $1,260 an ounce in the third quarter and rise further in the following three months as interest rate increases are priced in and physical demand emerges, Marcus Garvey, a London-based commodities strategist, said in an interview in India.