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
The postponed US-China summit as well as weaker estimates for the EU are playing into a decelerating global surge narrative, which could potentially brighten gold bugs' expectations.
On Thursday, the yellow metal stood still after NBC informed that a meeting between US leader and his Chinese rival Xi Jinping wouldn’t probably occur before the March 1 deadline set by America for concluding a trade deal.
American equities were pressured too after the European Commission had its euro zone surge estimates slashed for 2019 and 2020 because of a sudden deceleration in the largest countries of the EU, partly on trade clashes.
After Wall Street's firm run in January — on soothing trade worries, a dovish major US bank as well as mostly positive American earnings — the stock market has wobbled in February on gloomy estimates from several American companies.
As for futures trading, on the Comex exchange April delivery gold futures headed south by 20 cents being worth $1,314.20 per ounce.
Besides this, the spot gold contract managed to ascend by 0.3% concluding the trading session at $1,310.79 per ounce.
Gold futures reached maximums above $1,300 for five sessions in a row through January 31, with an absolute peak at $1,331.10. The ascend was pushed by traders ramping up their stakes in the metal in the face of Fed reassurances that it’s going to be patient enough with rate lifts. By the way, at its January gathering, the key US financial institution hinted that it would leave its key rates on hold.
Since that ascend, the financial market happened to have hit a temporary top as the evergreen buck managed to regain its mantle as a safe haven counterpart to the yellow metal.
Meanwhile, silver futures tacked on by 0.1% showing $15.72 per ounce.
Copper lost 0.4% being worth $2.85 per lb.
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.