Hot-rolled coil prices in the United States remained above $30 per hundredweight on Friday January 10, with domestic flat-rolled steel mills holding firm on higher prices after their fifth increase since late October of last year.Fastmarkets' daily hot-rolled coil index, fob mill US was calculated at $30.38 per cwt ($607.60 per short ton) on Friday, little changed from 30.48 per cwt a da...Read More
NVDA has added 70% within the past 12 monthsChip stock Nvidia Corporation (NASDAQ:NVDA) is enjoying a 1.4% lift this morning after being added to Citigroup's "catalyst watch list." This bold move from Citigroup now has the equity at a fresh one-year high of $246.50 right out of the gate. This is just another drop in the bucket for NVDA, with just having received a bull note in late December. Over...Read More
URBN posted an increase in total company sales, but a decrease in its wholesale segmentUrban Outfitters, Inc. (NASDAQ:URBN) is among the slew of retailers posting holiday sales this week, and the results are not looking good. The Anthropologie parent posted a 2.9% increase in total company sales, which was lower than last year's 5% pop for the same period, as well as a 9% decrease in net sales fo...Read More
Stock futures are holding above fair value despite the nonfarm payrolls reportU.S. stock futures are pointing to a positive open this morning, though they've pared some gains after a downbeat jobs report. Specifically, the nonfarm payrolls report for December showed 145,000 jobs added, compared to economists' expectations of 160,000. As such, the Dow Jones Industrial Average (DJI), S&P 500 Index (...Read More
We didn’t haveto wait long for Iran’s response. After the missile attack on U.S. bases inIraq, gold briefly soared above $1,600. What should we expect next? Iran Retaliates, Gold RalliesOn Tuesday, I wrote that “given thatSoleimani was widely seen as the second most powerful figure in Iran, we shouldexpect a response.” And, indeed, it arrived before too long. On Wednesday,...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 383,48061,189139,363202,452558,533725,295759,085 Change from Prior Reporting Period 1,8607,494-1,248-473-10,883139-4,637 Traders 23670875458324185 Small Speculators LongShortOpen Interest 60,56226,772785,857 -4484,328-309 non reportable positionsChange fr...Read More
- Richard (Rick) MillsGold's safe haven status was tested this week, as Iran countered the assassination of its top military commander with missile strikes against two Iraqi bases housing US troops.On Tuesday night Tehran fired over a dozen missiles at the Al-Asad airbase and Erbil airport, in obvious retaliation against an American drone strike a few days earlier that killed General Qasse...Read More
Gold dramatically surged to major new secular highs this past week, fueled by stunning geopolitical news. The US assassinated Iran's top general, so Iran fired ballistic missiles at military bases in Iraq used by the US. That naturally ramped gold bullishness, spawning all kinds of predictions for much-higher prices. But geopolitically-driven gold spikes never last long, and the gold buy...Read More
- Gary TanashianOnce again I have to disclaim that at the moment (and for quite some time now) I hold not one single short position, in anything. I am only long US and global stocks. But also managing cash and portfolio balance as usual while feeling as though I'm playing a game of Musical Chairs while the music still plays (nothing nearly as good as Keith's style, which has always resonated w...Read More
By: Avi GilburtOriginally published on Sat Jan 4 for members of ElliottWaveTrader.net: Back in October and early November, I was preparing our members for the next rally phase I was expecting in the metals complex. And, when the 144-minute MACD on the silver chart signaled a bottom in early December, I noted it was no longer time to look down, but we need to be looking higher in a more s...Read More
Premiums for primary foundry alloy in the United States and Europe were unchanged on Friday January 10 in an illiquid global market.Fastmarkets assessed the aluminium wheel alloy silicon 7 ingot/T-bar premium, dlvd dup over P1020A Midwest US at 7-10 cents per lb on Friday, unchanged from the previous monthly assessment and holding at an all-time low. With limited spot opportunities and abunda...Read More
By: Ira EpsteinGold needs an impetus in the near-term to get gold back to early week highs:Read More
Traders will either close short positions or go long on the weekend. Iranian risk is there. My initial reaction after the news of Ukrainian airlines crash in Tehran was that of a missile hit. I may be right. USA, Canada and UK are all now saying that Ukrainian airlines was hit an Iranian missile. In my view missile may or may not be Iranian. NATO/USA has started the escalation of war like situat...Read More
The new year of 2020 has gold is poised to break out higher. Why is gold going higher? Maybe the FED's economists can explain .... or not.Maybe these could be on the list:- FED repo hundreds of billions a day.- ECB made up tools to keep the European banks solvent.- A sugar high stock market with Apple Inc and Microsoft looking like Bitcoin 2017.- The US bond market is NOT confirming a strong stock...Read More
Many people believe the price of Gold will need to fall to support Institutional short positions. We don’t believe this is the case. The Commitment Of Traders (COT) Data suggests Commercial Hedgers have a large and growing shot position that is a very positive sign for a continued rally in Gold and Miners looking forward months from now.Don’t think about COT data like every...Read More
The price of steel slab exports from Brazil increased in the first full week of January 2020 with higher demand from North American buyers.Fastmarkets' weekly price assessment for steel slab export, fob main port Brazil, was $415-425 per tonne on January 10, rising from $395-405 per tonne on January 3.Virtually all Brazilian slab producers have increased their offer prices for March-shipment batch...Read More
Base metals prices on the London Metal Exchange consolidated higher at the close of trading on Friday January 10, edging slightly upward on moderately low turnover, while volatility in the aluminium complex saw strong stock moves make little change to its outright price.Aluminium's underlying price settled at $1,806 per tonne in the afternoon, a climb of just 0.1% over the day, while the total vol...Read More
So,did U.S. and Iran just become best friends?Gold’shuge reversal and a decline of about $50 in 24 hours might certainly suggest soto those, who choose to follow the news instead of estimating market’s movesusing more reliable tools.Ofcourse, the two countries are not on friendly terms at this time. So, whathappened that gold declined so much, so fast? Let’s start with going over...Read More
Another wild week for oil traders with missiles flying and huge overnight price swings in crude. As we recently pointed out within our current Oil research article, Oil and the Energy sector may be setting up for another great trade. We recently commented on how the supply/demand situation for oil has changed over the past 20+ years. With US oil production near highs and a shift taking...Read More
Technical analyst Clive Maund discusses the effects of geopolitics on the price of gold. In this update I am not going to repeat the points made in the last fairly comprehensive update, instead we are going to focus on the importance of the resistance level just above where the price is now, and impact of the killing of the Iranian general and its potential implications for the gold price. On the...Read More