Gold Lower on Bearish Charts, Higher U.S. Stock Market-Shanghai Metals Market

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Gold Lower on Bearish Charts, Higher U.S. Stock Market

Industry News 04:10:00PM Sep 16, 2015 Source:SMM

By  Paul Ploumis 16 Sep 2015  Last updated at  02:45:06 GMT

(Kitco News) - Gold prices ended the U.S. day session modestly lower Tuesday, pressured by an overall bearish technical posture and by an improved investor risk appetite on this day, evidenced by a rally in the U.S. stock market. Many traders and investors are standing on the sidelines early this week, ahead the much-anticipated FOMC meeting. December Comex gold was last down $4.70 at $1,103.00 an ounce. December Comex silver was last down $0.038 at $14.325 an ounce.

The focus of the world marketplace is the upcoming Federal Open Market Committee meeting on Wednesday and Thursday, in which members will discuss monetary policy. A statement and press conference from Fed Chair Janet Yellen are set for Thursday afternoon. In an uncommon situation, there is no consensus among traders and investors on whether the Fed will make an interest rate hike for the first time in several years at this week’s meeting, or wait until December, or later. 

Look for quieter markets activity leading up to the FOMC meeting’s conclusion Thursday afternoon and for more active markets in the immediate aftermath of the FOMC meeting’s results.

Asian stock markets were mixed Tuesday, amid trepidation ahead of the FOMC meeting. China’s Shanghai stock index was down 3.5% on the day, amid ongoing worries about the Chinese economy, which is the world’s second-largest. Japan’s Nikkei stock index was up 0.3% Tuesday after the Bank of Japan kept its monetary policy steady at its latest meeting.

In overnight news, the closely watched German ZEW economic sentiment index fell for the sixth straight month in September, at 12.1 versus 25.0 in August—a 10-month low. This report falls into the camp of the Euro zone monetary policy doves who want the European Central Bank to initiate further monetary policy easing measures.  However, there was an upbeat economic report coming out of the Euro zone Tuesday as the bloc’s trade surplus widened in July to the highest level in over 10 years.

U.S. economic data released Tuesday has little impact on market prices as it was mostly in line or not too far away with market expectations.

The London P.M. gold fix today was $1,105.95 versus the previous London A.M. fixing of $1,105.50.

Courtesy: Kitco News


Key Words:  gold prices 

Gold Lower on Bearish Charts, Higher U.S. Stock Market

Industry News 04:10:00PM Sep 16, 2015 Source:SMM

By  Paul Ploumis 16 Sep 2015  Last updated at  02:45:06 GMT

(Kitco News) - Gold prices ended the U.S. day session modestly lower Tuesday, pressured by an overall bearish technical posture and by an improved investor risk appetite on this day, evidenced by a rally in the U.S. stock market. Many traders and investors are standing on the sidelines early this week, ahead the much-anticipated FOMC meeting. December Comex gold was last down $4.70 at $1,103.00 an ounce. December Comex silver was last down $0.038 at $14.325 an ounce.

The focus of the world marketplace is the upcoming Federal Open Market Committee meeting on Wednesday and Thursday, in which members will discuss monetary policy. A statement and press conference from Fed Chair Janet Yellen are set for Thursday afternoon. In an uncommon situation, there is no consensus among traders and investors on whether the Fed will make an interest rate hike for the first time in several years at this week’s meeting, or wait until December, or later. 

Look for quieter markets activity leading up to the FOMC meeting’s conclusion Thursday afternoon and for more active markets in the immediate aftermath of the FOMC meeting’s results.

Asian stock markets were mixed Tuesday, amid trepidation ahead of the FOMC meeting. China’s Shanghai stock index was down 3.5% on the day, amid ongoing worries about the Chinese economy, which is the world’s second-largest. Japan’s Nikkei stock index was up 0.3% Tuesday after the Bank of Japan kept its monetary policy steady at its latest meeting.

In overnight news, the closely watched German ZEW economic sentiment index fell for the sixth straight month in September, at 12.1 versus 25.0 in August—a 10-month low. This report falls into the camp of the Euro zone monetary policy doves who want the European Central Bank to initiate further monetary policy easing measures.  However, there was an upbeat economic report coming out of the Euro zone Tuesday as the bloc’s trade surplus widened in July to the highest level in over 10 years.

U.S. economic data released Tuesday has little impact on market prices as it was mostly in line or not too far away with market expectations.

The London P.M. gold fix today was $1,105.95 versus the previous London A.M. fixing of $1,105.50.

Courtesy: Kitco News


Key Words:  gold prices