October 23, 2017

Gold:-

Gold futures fell in American trade as the dollar index hit nine-month lows, following earlier data from the US, the world’s largest economy, and after global central bank governors hinted at possible tightening of monetary policies in the next period. Earlier US data included the final reading for Gross Domestic Product in the first quarter showing growth at 1.4%, compared to 1.2% in the second reading while final GDP prices rose 1.9% in the final reading down from 2.2%, and finally unemployment claims rose past expectations last week. Yellen urged those who helped overcome the crisis back then to work hard to prevent any loosening of these reforms while asserting the Federal Reserve will continue tightening its monetary policy gradually and trim down its holdings of treasury bonds and mortgage-backed securities collected after the last crisis to underpin the economy.

Silver:-

Silver futures fell nearly one percent away from a two-week high, even as the dollar slid to the lowest since late September, following earlier data from the US, and after major global central bank governors hinted at possible tightening of monetary policies in the next period. These remarks were priced in by the markets as bullish and an indicator for policy tightening soon, and maybe a trimming down of the asset purchase program by September, but several statements from ECB sources today asserted that markets misunderstood Draghi yesterday as he pointed to weak inflationary pressures. Silver is bearish for medium-long term .Currently Silver is moving sideways The Silver is now trading in oversold level. The Silver is now trading in oversold level. The oscillator is showing buy signal .In last 1 month volatility is very less Buy the Silver above 40106 or buys with strict stop at 37650. The Silver is now trading in oversold level. The Silver is now trading in oversold level. The oscillator is showing buy signal for short term Silver is in hold short position. Support for the Silver is 37650.Resistance for the Silver is 38900.
Crude:-

Oil futures surged nearly two percent for the eighth session in a row away from ten-month lows, marking the longest winning streak in two months, even as the dollar gained ground today following earlier data from the US the world’s largest energy consumer. Oil prices are heading for the first weekly gain since mid-May marking the highest in two weeks on short-covering as dollar weakens noticeably this week and after prices registered the fifth weekly loss in a row last Friday the longest such streak since 2015. Oil prices have lost over 20% since OPEC’s meeting in Vienna last month as markets price in above five-year averages global crude inventories, while US shale and OPEC production increased last month. However a drop of 100 thousand bpd in US production last week marked the biggest such fall in a year paving the way for a rebound in prices.

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