Spot Gold Technical Analysis October 24, 2018

We have an early celebration on the gold jump in the previous day. Unfortunately, the precious metal drifted lower before the close of the day and settled just at $1,230. It means no breakout and today the bull has trouble to break the resistance level.

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Popularity of India Stocks Over Past Decade Adds to Outflow Risk

Gold Silver Reports (GSR) – Monsoon season may be over, but India’s investors are at risk from a different kind of flood. — Indian stocks have been the biggest emerging-Asian beneficiaries of the wave of liquidity that swept over world markets in the wake of the global financial crisis, That may also make them the most vulnerable, now that the waters are receding.

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China Adds to Stimulus Drip-Feed as Markets Stumble Again

China is responding to the slump in its stock markets and the slowdown in the economy with a trickle of stimulus to stabilize, rather than rejuvenate, investor sentiment. The central bank plans to give 10 billion yuan ($1.4 billion) to China Bond Insurance Co. to provide credit support for debt sales by private enterprises

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Investors Sell iPATH S&P 500 VIX Short-Term Futures ETN (VXX) on Strength (VXX)

Traders sold shares of iPATH S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) on strength during trading hours on Thursday. $670.27 million flowed into the stock on the tick-up and $691.06 million flowed out of the stock on the tick-down, for a money net flow of $20.79 million out of the stock. Of all equities tracked, iPATH S&P 500 VIX Short-Term Futures ETN had the 0th highest net out-flow for the day. iPATH S&P 500 VIX Short-Term Futures ETN traded up $2.87 for the day and closed at $36.87

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China and European Woes Weigh on Equities But Buy the Dollar

The markets are having a rough adjustment to the return of the Chinese markets are the week-long holiday. The cut in the required reserves failed to lift investor sentiment. The Shanghai and Shenzhen Composites fell almost 4%, and the yuan slid nearly 0.8%. It is an unusually large decline for the closely managed currency.

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HDFC AMC, Sun Pharma, Wipro, Cipla, IndiGo

Equity benchmarks in Japan and South Korea were little changed as trading began, while Australian stocks declined. Futures indicated Hong Kong shares would nudge higher after sliding into a bear market. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded 0.3 percent higher at 11,349.50 as of 7:20 a.m.

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World’s Most Expensive Precious Metal Set to Blossom as Shortage Looms

Gold Silver Reports (GSR) – As platinum miners curb production, rhodium output will drop, causing prices to rally further, Dawson said. That could rekindle visions of the market a decade ago, when rhodium topped $10,000 an ounce after five years of a supply deficit were compounded by South African power shortages that curbed mine output.               

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