Gold prices gain slightly in Asia as Fed, Trump eyed.
Gold prices rose slightly in Asia on Monday with the Fed squarely in focus and remarks to the U.S. Congress by President Donald Trump due Tuesday seen as key to the central bank's views.
Gold for April delivery on the Comex division of the New York Mercantile Exchange gained 0.12% to $1,258.65, up 0.03%. Ahead this week, markets will focus on Trump's address to Congress on Tuesday for further details on his promises of tax reform, deregulation and infrastructure spending as well as a handful of Fed appearances, most importantly Fed Chair Janet Yellen on Friday. Investing.com's Fed Rate Monitor Tool still sees a low chance for a Fed rate hike in March, though investors are showing caution.Gold futures capitalized on continued pressure in the U.S. dollar with the yellow-metal hitting its highest point in 3-1/2 months in the intraday session, after the release of mixed U.S. economic data. The Commerce Department said new home sales rose 3.7 percent to a seasonally-adjusted 555,000 units but missed analysts’estimates of a 6.3% rise in January. U.S. consumer sentiment remained upbeat, after The University of Michigan's Consumer Sentiment Index hit 96.3 in February, compared to expectations of 96.3.
Lianyungang to Send Back $154,300 Worth of Zinc Concentrate on Excessive Cadmium Content.
Lianyungang Entry-Exit Inspection & Quarantine Bureau captured a shipload of zinc concentrate imports with excessive cadmium content which are worth $154,300, wenhua.com reported. These shipments were imported from Iran’s Abbas. Cadmium content in the zinc concentrate is 0.43%, higher than ceiling limit. Demand is modest in nickel’s market. There is no negative news released from Indonesia’s export policy on nickel ore yet. LME nickel will strengthen on Monday and SHFE 1705 nickel will trade at RMB 90,000- 91,000/mt. Nickel ore inventories at seven major Chinese ports dropped at a quicker pace last week after a small decline in the week ending February 17, Shanghai Metals Market reported. Nickel ore inventories at seven major Chinese ports were down 265,000 mt last week from the decline of 50,000 mt two weeks ago, according to SMM data.
Oil ticks up on supply cuts, but rising U.S. output caps gains.
Oil prices edged higher on Monday, with Brent oil set to rise for five out of seven sessions as a global supply glut appears to ease, but rising U.S. production limited gains. Oil prices tumbled on Friday after U.S. Energy Information Administration data showed U.S. crude inventories rose for a seventh straight week. But the market has been supported within a tight $4 to $5 range since November, when the Organization of the Petroleum Exporting Countries (OPEC) and other producers agreed to cut production. OPEC's record compliance with the deal has surprised the market, and the biggest laggards, the United Arab Emirates and Iraq, have pledged to catch up with their targets. The International Energy Agency put OPEC's average compliance at a record 90 percent in January, and based on a Reuter’s average of production surveys, it stands at 88 percent. Saudi Arabia has offered to reduce oil production if rival Iran caps its own output this year, four sources familiar with the discussions told Reuters, as Riyadh tries to strike an elusive OPEC deal to curtail supply and boost prices. Money managers raised their net long U.S. crude futures and options positions in the week to Feb. 21, to the highest on record.
Precious Levels
CS GOLD (APRIL) OVERVIEW:
TREND : BULLISH
RESIST 2: 29800
RESIST 1: 29700
SUP 1: 29400
SUP 2: 29250
CS SILVER (MARCH) OVERVIEW:
TREND : BULLISH
RESIST 2: 44000
RESIST 1:43700
SUP1: 43100
SUP2: 42850
Base Metal Levels
CS COPPER (FEBRUARY) OVERVIEW:
TREND : BEARISH
RESIST 2:402
RESIST 1:397
SUP1:387
SUP2:383
CS NICKEL (FEBRUARY) OVERVIEW:
TREND : BULLISH
RESIST 2:745
RESIST 1:735
SUP1:710
SUP2:700
CS ZINC (FEBRUARY) OVERVIEW:
TREND : BEARISH
RESIST 2:192.00
RESIST 1:190.00
SUP1:185.00
SUP2:183.00
CS LEAD (FEBRUARY) OVERVIEW:
TREND : BEARISH
RESIST 2: 154.00
RESIST 1: 152.50
SUP1: 148.00
SUP2: 146.50
CS ALUMINIUM (FEBRUARY) OVERVIEW:
TREND : BULLISH
RESIST 2: 127.50
RESIST 1: 126.50
SUP1: 124.50
SUP2: 123.50
Energy Levels
CS CRUDE OIL (MARCH) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3700
RESIST 1:3670
SUP1:3600
SUP2:3560
CS NATURAL GAS (MARCH) OVERVIEW:
TREND : BEARISH
RESIST 2:189.00
RESIST 1:185.00
SUP1:177.00
SUP2:174.00
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