COMEX Gold futures edge lower with U.S. fiscal woes, stimulus in focus
Gold futures edged lower during European morning hours on Thursday, giving back some of the previous session’s 2.7% gain, as a U.S. government shutdown entered its third day.
Prices traded in range between USD1, 309.50 a troy ounce, the daily low and a session high of USD1, 317.00 a troy ounce.
Gold futures were likely to find short-term support at USD1,278.20 a troy ounce, Wednesday’s low and the weakest level since August 7 and resistance at USD1,337.80, the high from October 1.
Prices surged on Wednesday as the U.S. dollar weakened amid fears that the government shutdown in the U.S. would curb the economic recovery and prompt the Federal Reserve to maintain its stimulus program for longer.
The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, fell to a nine-month low 79.84 before climbing back to trade at 80.00.
Investors continued to weigh the implications of a protracted U.S. government shutdown.
President Barack Obama met with Republican and Democratic leaders in Congress on Wednesday, although a solution still seemed unlikely.
Markets were also considering how the political deadlock in Washington will impact negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by October 17.
Moody's Investors Service warned that a failure to raise the debt limit would result in a worse outcome for financial markets than a government shutdown.
Prices traded in range between USD1, 309.50 a troy ounce, the daily low and a session high of USD1, 317.00 a troy ounce.
Gold futures were likely to find short-term support at USD1,278.20 a troy ounce, Wednesday’s low and the weakest level since August 7 and resistance at USD1,337.80, the high from October 1.
Prices surged on Wednesday as the U.S. dollar weakened amid fears that the government shutdown in the U.S. would curb the economic recovery and prompt the Federal Reserve to maintain its stimulus program for longer.
The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, fell to a nine-month low 79.84 before climbing back to trade at 80.00.
Investors continued to weigh the implications of a protracted U.S. government shutdown.
President Barack Obama met with Republican and Democratic leaders in Congress on Wednesday, although a solution still seemed unlikely.
Markets were also considering how the political deadlock in Washington will impact negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by October 17.
Moody's Investors Service warned that a failure to raise the debt limit would result in a worse outcome for financial markets than a government shutdown.
Copper fluctuates as investors weigh China PMI, U.S. fiscal woes
Copper futures swung between small gains and losses on Thursday, as investors weighed upbeat data on non-manufacturing activity in China while continuing to monitor political wrangling in Washington.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.310 a pound during European morning trade, down 0.15%.
Copper prices traded in a range between USD3.307 a pound, the daily low and a session high of USD3.325 a pound. The December contract settled 1.3% higher at USD3.316 a pound on Wednesday.
Copper prices were likely to find support at USD3.249 a pound, Wednesday’s low and resistance at USD3.339 a pound, the high from September 30.
In China, a government report showed that the nation’s non-manufacturing purchasing managers' index climbed to a six-month high of 55.4 in September from 53.9 in August.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.310 a pound during European morning trade, down 0.15%.
Copper prices traded in a range between USD3.307 a pound, the daily low and a session high of USD3.325 a pound. The December contract settled 1.3% higher at USD3.316 a pound on Wednesday.
Copper prices were likely to find support at USD3.249 a pound, Wednesday’s low and resistance at USD3.339 a pound, the high from September 30.
In China, a government report showed that the nation’s non-manufacturing purchasing managers' index climbed to a six-month high of 55.4 in September from 53.9 in August.
| Time | Cur. | Event | Actual | Forecast | Previous |
| Thursday, October 3 | |||||
| 17:00 | USD | Challenger Job Cuts | 50.5K | ||
| 18:00 | USD | Continuing Jobless Claims | 2,810K | 2,823K | |
| 18:00 | USD | Initial Jobless Claims | 313K | 305K | |
| 19:15 | USD | Bloomberg Consumer Confidence | -28.1 | ||
| 19:30 | USD | ISM Non-Manufacturing Index | 57.4 | 58.6 | |
| 20:00 | USD | Natural Gas Storage | 94B | 87B | |
| 22:00 | USD | FOMC Member Fisher Speaks | |||
| Tentative | USD | Global Semiconductor Sales (MoM) | 2.60% | ||
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