Daily Market Reflection Commodity Market Outlook Gold prices rebounded on Tuesday as risk appetite faded after getting a boost from an agreement between the United States and Canada to salvage a North American free trade deal. Optimism surrounding a last-minute deal between the United States and Canada on Sunday to salvage NAFTA as a trilateral pact with Mexico had increased the appetite for riskier assets on Monday. The Fed raised rates last week and said it planned four more increases by the end of 2019 and another in 2020, citing steady economic growth and a robust jobs market. Meanwhile, holdings in the world s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.28 percent to 740.17 tonnes on Monday. Rising output from Russia -- and from OPEC partner Saudi Arabia -- hasn t stopped oil prices from surging to an almost four-year high as losses from Iran boost supply concerns even before U.S. sanctions take effect in November. Russian Energy Minister Alexander Novak is set to meet his Saudi counterpart Khalid Al-Falih in Moscow this week during an energy conference. The pair will meet after King Salman bin Abdul-Aziz of Saudi Arabia had a phone conversation with U.S. President Donald Trump at the weekend on maintaining stable oil supplies. Fundamental News Gold Price Outlook: Risk Off Tone Helping Gold Prices Russian Oil Output Rises to Record as OPEC Cuts Rolled Back EURGBP Exchange Rate Falters on Threat of Italian Euro Exit Pound Sterling to Euro Falls on Construction Slowdown despite EU s Italy Budget Woes COMEX Commodities Date Date 01-10-18 02-10-18 Event Calendar (03 rd October - 2018, Wednesday) % Chg GOLD 1185.40 1191.79 +0.54% SILVER 14.55 14.52-0.21% CRUDE 73.41 75.57 +2.94% COPPER 2.7733 2.7943 +0.76% Time Currency Event Forecast Previous 02:00 USD API Crude Oil Stock 2.903M 13:30 EUR Markit Composite PMI (Sep) 54.2 54.2 14:00 GBP Services PMI (Sep) 54.0 54.3 17:45 USD ADP Nonfarm Employment Change (Sep) 187K 163K 19:30 USD ISM Non-Manufacturing PMI (Sep) 58.1 58.5 20:00 USD Crude Oil Inventories 1.132M 1.852M COMEX GOLD 03 rd October 2018 Global Commodities & Currencies Commodities/ Currencies Close 5 PM Previous % Chg LEAD 2020.75 2026.00-0.26% ALUMINIUM 2094.75 2064.75 +1.45% ZINC 2663.00 2580.00 +3.22% NATURALGAS 3.156 3.1111 +1.44% PALLADIUM 1054.55 1059.16-0.44% PLATINUM 817.44 814.65 +0.34% GBPUSD 1.2966 1.3047-0.62% EURUSD 1.1527 1.1607-0.69% USDJPY 113.79 113.99-0.18% EURJPY 131.17 132.29-0.85% GBPJPY 147.53 148.69-0.78% GBPCHF 1.2755 1.2821-0.51% USDCHF 0.9839 0.9828 +0.11% USDCAD 1.2828 1.2801 +0.21% EURGBP 0.8891 0.8897-0.07% CHFJPY 115.65 115.99-0.29% EURCHF 1.1341 1.1407-0.58% AUDUSD 0.7180 0.7219-0.54% EURAUD 1.6052 1.6078-0.16% GBPAUD 1.8059 1.8075-0.09% OUR PREVIOUS CALLS UPDATE Intraday super star Date Currency Entry Exit P/L 01/10 CADCHF(L) 0.7680 0.7660 SL HIT Trifid special Date Commodity Entry Exit P/L 01/10 CRUDE(L) 73.70 74.00 TARGET For our next calls click here..
COMEX Overview GOLD SILVER Gold prices started the day on a positive note moving higher Silver prices are trading sideways in today s session. It may but could not move above its resistance at $1195 and moved continue to trade range bound as it lacks the momentum to lower. It is expected to trade range bound for the day as it move above its immediate resistance at $14.62 while it is may get good support at the lower levels near $1187. getting good support at the lower levels near $14.33 level. 1195 1199 1187 1182 14.62 14.77 14.33 14.20 CRUDE COPPER Crude oil prices moved sharply up in the previous session closing above $75 level. It is expected to continue its upward movement as it follows the strong uptrend. If it breaks its immediate resistance at $75.90 then it may move further up. Copper prices are trading in a positive territory today. It is forming a flag pattern on daily level and a breakout may be near. Therefore we expect it to move higher in the near future and may break its resistance at 2.8090 level. 75.90 76.60 74.75 74.05 2.8090 2.8375 2.7475 2.7245
Currencies Overview GBPUSD EURUSD The selling pressure around the pound remains unabated, The EURUSD extends its bearish momentum in the knocking-off the GBPUSD to the lowest level since Sept 10 European session, as the bears eye a break below 1.1500 near 1.2940, as the risk-off sentiment remains the main handle amid widening Italy-Germany yield spread and underlying theme so far this Tuesday. For today, we expect firmer US dollar. We expect it can hold 1.1500 for today pound hold 1.2940 level. session. 1.3005 1.3070 1.2940 1.2880 USDJPY 1.1550 1.1590 1.1500 1.1450 USDCHF The pair is trading a few pips above a so far daily low of 113.60, and the 40pips decline seems so far corrective, technical indicator retreated from extreme overbought territory, but hold above their midlines. We expect some correction in coming days if not break 114.10. About USDCHF, market has a more risk-off feel this week, so it seems quite likely that the cluster of resistance levels near above starting at 0.9856 will hold. The longer the price fails to break above 0.9865, the more likely there will be a retracement next down to at least the 0.9800 area. 114.01 114.40 113.60 113.20 0.9856 0.9880 0.9805 0.9760
Intraday Super Star (Premium Section) EURJPY is taking correction because of US Dollar surge. We expect it will go up after this correction BUY EURJPY ABOVE 130.75 TARGET 131.45/131.75 SL BELOW 130.45.
Trifid Special (Premium Section) Crude oil prices are strongly bullish and may move further up if it breaks its resistance at $75.90. BUY CRUDE OIL ABOVE 75.90 TARGET 76.20 SL BELOW 75.50
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