According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.
Gold is intact
On Monday, gold was nearly intact having reported three-straight winning weeks, as market participants prepared for Friday’s reports on American third-quarter surge, while monetary policy decisions this week from the ECB and Bank of Canada are going to be monitored by market participants too.
As a matter of fact, December delivery gold futures managed to inch up by up to 0.03% on the Comex exchange being worth nearly $1,224.10 a troy ounce. On Friday, the yellow metal was nearly intact following a choppy trading marathon, but still concluded the trading week with a 0.59% leap. It appears to be its third-straight weekly ascend.
The yellow metal has been underpinned by dismal stock markets as well as increased geopolitical risks, backing safe-haven demand for gold, while this week market participants shifted their attention to GDP data anticipated to show that American economic surge speeded down in the third quarter from the second one, when the American economy surged at its fastest tempo for four years.
Market participants will also be obtaining an update on the health of the American housing market, affected by soaring borrowing costs as an outcome of Fed rate lifts, with the publication of figures on new as well as pending home sales.
In addition to this, Friday’s data revealed that in September sales of existing homes headed south for a sixth-straight month. The given outcome turned out to be the most impressive dip for more than two years.
As for other metals, silver futures headed south by approximately 0.62% coming up with an outcome of at $14.565 a troy ounce.
In addition to this, palladium futures managed to head north by up to 1.82% ending up with $1,089.40 an ounce. Besides this, sister metal platinum declined by about 1.15% demonstrating a result of $826.40
Today, the euro shows a double-top pattern against the CHF, which may be used by the bears if the pattern is confirmed.
Australia will publish the level of employment change and the unemployment rate at 2:30 MT on November 14.
The euro and the Australian dollar growing against the USD, the British pound in a correction after Monday's rise