Gold continued to trade in a narrow range once again yesterday, with the April gold futures contract closing marginally lower and ending the gold trading session with a narrow spread down candle, closing just below the psychological $1600 per ounce level at $1594.80 per ounce.
May crude oil futures continued to climb higher once again in yesterday’s trading session, closing at $96.51 per barrel, with a narrow spread up candle with wicks to both top and bottom on the daily chart.
Gold bugs finally had something to cheer about today as April gold futures finally awoke from their recent slumbers, trading higher in today’s session, and moving to test the $1600 per ounce price level. The catalyst for this modest recovery for gold was from the ECB, with suggestions that inflationary pressure was easing in the Eurozone, but hardly sufficient to spark a reversal in the longer term trend!
Political uncertainty in Italy could impact global markets, but provide a “fantastic buying opportunity.” Like Jennifer Lawrence’s fall at the Oscars, unexpected but a chance to shine ‘comedically‘, Italy’s elections have shocked investors but provided attractive entry points to strong international firms, insulated from domestic woes (as well as offer up some funny one-liners from candidates).
Gold bugs finally had something to cheer about today as April gold futures finally awoke from their recent slumbers, trading higher in today’s session, and moving to test the $1600 per ounce price level
The overnight markets once again give a little for everyone as decent swings were seen throughout the evening session. The beans have rallied nearly $1 since last Friday and they had the least impact from the USDA while corn has gained only 40 cents. So what should be done now?
The overnight markets have once again given a little for everyone as the markets have traded on both sides but seem to gaining some strength through the early AM hours so far.
The markets are trying to recover from the bad hang over of the first week of 2013 as grain markets are testing areas that have not been seen since before the start of the worst drought in 100 years.
The Federal Reserve is expected to announce today an expansion of its asset purchases program that is likely to weaken the valuation of the US dollar versus the Canadian currency. Hopes also continue to rise as talks concerning a fiscal cliff deal are believed to be making progress.
The overnight markets are all over the place, most recently collapsing from 7-8CST with beans trading down more than double digits. The meal has quickly lost $3-4, oil remains 20-30 points lower, corn is melting trading down 5-6 and wheat has drifted lower trading down 4-5 cents.
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