Candlestick patterns create models which are a visual representation of market sentiment as well as a forward forecasting tool. This technical approach looks at past market moves in an attempt to identify patterns that occur with regularity that can be found during various market scenarios. Continuation PatternsIn one of the pattern types identified, there are two basic classes. The first class of...Read More
(Kitco News) - Commodity exchange-traded funds (ETFs) inflows point to an excitement in the gold market, according to Bloomberg Intelligence commodity strategist Mike McGlone.“Dominated by precious metals, inflows indicate a gold market that continues to gain favor despite rapidly increasing financial assets,” McGlone said in a note published on Thursday. Growing demand for divers...Read More
(Kitco News) - Gold and silver prices were ending the U.S. day session lower Thursday, on some normal profit-taking pressure after both markets earlier this week hit multi-month highs. February Comex gold was last down $10.10 an ounce at $1,329.10. March Comex silver was last down $0.171 at $16.995 an ounce.The precious metals did not show much reaction to growing concerns in the marketplace regar...Read More
(Kitco News) - After recovering in 2017, gold prices are in for further gains this year, with the potential to hit $1,440 an ounce, said MKS PAMP in its annual outlook.“As the demand is set to improve, the supply side will remain under pressure. This combined with ongoing geopolitical tensions and the official sector expected to be a net buyer prompts us to set the yearly average at 1365.00...Read More
(Kitco News) - The risks of a government shutdown continue to rise as Congress’ deadline quickly approaches; however, gold bulls might be disappointed if they are expecting to see higher prices as a result of ongoing political turmoil on Capitol Hill.Washington has until Friday to come up with an agreement to fund the government. But, with a growing number of politicians are pushing back aga...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
The latest news and price moves to start the Asian day on Thursday January 18.Base metals prices on the London Metal Exchange were mostly lower for the second day in a row at the close on Wednesday January 17, retreating further from earlier highs. Read more here in our live futures report.Here are how prices looked at the end of the day on Wednesday.Three trading companies have accepted Nornickel...Read More
The latest news and price moves to start the Asian day on Thursday January 18.Base metals prices on the London Metal Exchange were mostly lower for the second day in a row at the close on Wednesday January 17, retreating further from earlier highs. Read more here in our live futures report.Here are how prices looked at the end of the day on Wednesday.Three trading companies have accepted Nornickel...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close on Thursday January 18, with only tin bucking the higher trend. Aluminium prices closed over 2% higher than Wednesday's close price supported by stronger-than-expected Chinese data and the dollar weakening once more. "Judging by its current technical configuration, LME aluminium continues to consolidate from recent gai...Read More
Oyu Tolgoi has declared force majeure on copper, gold and silver concentrate shipments to customers due to a protest by Chinese coal transporters in the area of the Ganqimaodu border zone, Turquoise Hill Resources said. Safe and normal mine operations, including underground development, have been maintained and no production impact is expected, the company added. The protestors used a large number...Read More
Comex copper prices recovered from a multi-week low in the US morning on Thursday January 18, with solid Chinese data and a weaker dollar providing support. Copper for March settlement on the Comex division of the New York Mercantile Exchange inched up 1.10 cents or 0.3% to $3.20 per lb. The complex is largely being supported by a weakening dollar and the release of key Chinese data today. Chinese...Read More
Oyu Tolgoi has declared force majeure on copper, gold and silver concentrate shipments to customers due to a protest by Chinese coal transporters in the area of the Ganqimaodu border zone, Turquoise Hill Resources said. Safe and normal mine operations, including underground development, have been maintained and no production impact is expected, the company added. The protestors used a large number...Read More
The Turkish deep-sea scrap market continued to remain quiet on Thursday January 18, with Turkish steel mills staying away due to the current high prices, sources told Metal Bulletin.Turkish steel producers were expecting to be back for more February cargoes, but they are struggling with softening rebar export values and weak demand in the country's major export markets.Suppliers in the United Stat...Read More
Oyu Tolgoi has declared force majeure on copper, gold and silver concentrate shipments to customers due to a protest by Chinese coal transporters in the area of the Ganqimaodu border zone, Turquoise Hill Resources said. Safe and normal mine operations, including underground development, have been maintained and no production impact is expected, the company added. The protestors used a large number...Read More
Comex copper prices recovered from a multi-week low in the US morning on Thursday January 18, with solid Chinese data and a weaker dollar providing support. Copper for March settlement on the Comex division of the New York Mercantile Exchange inched up 1.10 cents or 0.3% to $3.20 per lb. The complex is largely being supported by a weakening dollar and the release of key Chinese data today. Chinese...Read More
The London Metal Exchange has appointed Robin Martin as its new head of market development, the exchange said. Robin is currently managing director for market infrastructure at the World Gold Council (WGC). He joined the organisation in November 2012. In July 2017, the LME and the WGC teamed up to launch LMEprecious which introduced...Read More
China's domestic hot-rolled coil prices recovered some losses on Thursday January 18 on gains in the futures market.Domestic Eastern China (Shanghai): 4,090-4,120 yuan ($636-640) per tonne, narrowed upward by 10 yuan per tonne Northern China (Tianjin): 3,930-3,950 yuan per tonne, up 10 yuan per tonne Sellers raised offers following the gains in the paper market and...Read More
China's ferrous futures ended morning trading little changed from their opening prices again on Thursday January 18. Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,834 ($596) per tonne, down 3 yuan per tonne May hot-rolled coil: 3,846 yuan per tonne, down 1 yuan per tonne Dalian Commodity Exchange...Read More
Turkey's Tosyali Holding is planning to build a steel plant in Ethiopia, Africa, the company announced this week.The mill will produce billet and rebar, and will reduce the country's reliance on imports, chairman Fuat Tosyali said on Wednesday January 17.The company chairman visited Ethiopia last week to meet with the country's minister of foreign investments, Aklilu Hailemicheal.Fu...Read More
Turkish domestic rebar and wire rod prices continued to remain firm this week, in line with good demand in the country's local market.Metal Bulletin's weekly price assessment for domestic rebar on Thursday January 18 was $570-575 per tonne ex-works, widening upward from the $570-572 per tonne of last week.The domestic...Read More