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Gold Prices Erase Syria-Linked Gains on Fed Rate Hike Bets

 

Talking Points:

  • Gold prices erase Syria-linked gains after US payrolls data
  • Crude oil prices hit 1-month high on supply disruption fears
  • Fed Chair Woman Jannet Yellen speech, G7 meeting in the spotlight ahead

Gold prices retreated from highs set in the wake of the surprise US missile strike on Syria as the March set of US employment figures stoked Fed rate hike speculation. The metal’s drop tracked inversely of a jump in Treasury bond yields and a steepening in the 2017 rates path implied in Fed Funds futures.

 

While the headline payrolls gain was far smaller than economists expected, the jobless rate fell even as labor force participation held steady and wage inflation remained near eight-year highs. On balance, investors seemed to read that as signaling the approach of so-called “full employment” rather than something worrisome.

 

Crude oil prices continued to push higher as the deteriorating geopolitical backdrop fed fears about regional supply disruption. The WTI benchmark touched the highest level in a month even as Baker Hughes reported that the number of active US oil rigs hit the highest level since August 2015.

 

GOLD TECHNICAL ANALYSIS – Gold prices conspicuously recoiled from trend-defining resistance in the 1263.87-65.66 area (February swing high, trend line, 50% Fibonacci expansion). A turn lower from here that breaches the 1241.20-49.01 area (former resistance, 38.2% Fib) exposes 1218.90, an inflection point in play since mid-January. Alternatively, a push through resistance confirmed on a daily closing basis initially targets the 61.8% level at 1282.31.

 

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices look poised to continue higher after closing above resistance at 52.04, the 38.2%Fibonacci expansion. The next upside barrier comes in at 53.57, the 50% level, with a further push beyond that exposing the 55.10-21 area (January 3 high, 61.8% Fib). Alternatively, a turn back below 50.04 paves the way for a retest of the 23.6% expansion at 50.14.

 

IGI Securities

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Oil slides more after U.S. settlement on API inventory report

 

Oil prices fell on Tuesday, then slid more in post-settlement trade after an industry group reported that U.S. crude stockpiles fell less than expected in the latest week while gasoline stockpiles grew unseasonably. Click here for more

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Oil prices mixed in choppy trade, rising U.S. production weighs

 

Oil prices ended mixed on Thursday after a seesaw trading session, as investors weighed rising U.S. production against geopolitical uncertainties and comments from leading Gulf oil producers that an extension to OPEC-led supply cuts was likely. Click here for more

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Aba Ali Habib Research

26 April 2017

 

Oil falls on bulging U.S. crude inventories, record global supplies

 

Oil prices resumed their downward trend on Wednesday as data showed a rise in U.S. crude inventories and record supplies in the rest of the world cast doubt on OPEC's ability to cut supplies and tighten the market. Click here for more

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Brent crude closes at 2017 low, erases gains since OPEC's cuts

 

Brent crude oil on Tuesday closed at its lowest level this year, erasing all of the gains since OPEC started to cut production, after breaking through a key technical support level. Click here for more

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Oil plunges to lowest level for five months amid global growth fears

 

Oil prices have fallen sharply along with other commodities as the prospect of slowing growth in the US and China blunts optimism about the global economy. Click here for more

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A Sobering Look At The Future Of Oil

 

The current discussion about the future of oil is how soon will it be before petroleum becomes a sunset industry. If it isn’t already. Flat or falling demand. Carbon taxes. Electric cars. Renewable energy. Oil has no future. It is only a matter of time, although how much time remains is subject to considerable discussion and debate. Various prognosticators put forth differing view about when world oil demand will peak. Some say as early as 2030, others much later. Nobody says never. Click here for more

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Oil prices rise on falling U.S. crude stocks, Saudi supply cut to Asia

 

Oil prices rose on Thursday, and Brent was firmly back over $50 per barrel, as a fall in U.S. crude inventories and a more severe than expected cut in Saudi supplies to Asia tightened the market. Click here for more

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Oil extends gains after tallying best day since December

 

Oil prices edged higher in European trading on Thursday, extending their biggest one-day jump since December after U.S. government data revealed the largest weekly decline in crude supplies so far this year.

 

The U.S. West Texas Intermediate crude June contract tacked on 46 cents, or around 1%, to $47.79 a barrel by 3:50AM ET (07:50GMT), after rising to a one-week high of $47.85 earlier.

 

The U.S. benchmark surged $1.45, or around 3.2%, on Wednesday.

 

Elsewhere, Brent oil for July delivery on the ICE Futures Exchange in London rose 48 cents to $50.70 a barrel. The global benchmark rallied $1.49 a day earlier.

 

https://www.investing.com/news/commodities-news/oil-extends-gains-after-tallying-best-day-since-december-482892

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U.S. Stocks Hit Records as Oil Rallies, Bonds Slip: Markets Wrap

  • Crude rises as Russia, Saudi Arabia favor longer output deal
  • S&P 500 climbs above 2,400 as dollar retreats fourth day

U.S. stock indexes rose to new highs as a rally in crude and dollar weakness sparked gains in commodities producers. Emerging-market assets jumped and Treasuries slid.

 

The S&P 500 Index and Nasdaq Composite Index set records as energy, financial and materials shares paced the gains. West Texas Intermediate crude added 2 percent after Saudi Arabia and Russia said they’d extend a production-cut deal longer than expected. The South African rand, Mexican peso, Brazilian real and Canadian dollar were among the best performing major currencies.

 

https://www.bloomberg.com/news/articles/2017-05-14/sentiment-takes-hit-from-economic-data-missiles-markets-wrap

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