Following a nasty tumble last week, gold futures are looking to rebound and are trading slightly higher in the early going of Monday’s Asian session.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery are higher by 0.18% at USD1,661.85 per troy ounce in Asian trading Monday. Gold prices were likely to find near-term support at USD1,647.05 a troy ounce, the low from January 8 and resistance at USD1,685.35, the high from January 24.
Gold lost 0.5% during Friday’s U.S. session to settle lower by 1.5% on the week as the euro rose and a spate of solid economic data points from around the world gave traders reason to believe some major global economies are turning for the better.
Improving data points from the likes of the U.S., China and Germany could give traders reason to embrace riskier assets while diminishing gold’s appeal as a safe-haven alternative. Gold futures could once again come under pressure this week as the docket is heavy on major economic reports out of the U.S.
The world’s largest economy is scheduled to deliver its final reading of fourth-quarter GDP and the January non-farm payroll report, among others, later this week.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery are higher by 0.18% at USD1,661.85 per troy ounce in Asian trading Monday. Gold prices were likely to find near-term support at USD1,647.05 a troy ounce, the low from January 8 and resistance at USD1,685.35, the high from January 24.
Gold lost 0.5% during Friday’s U.S. session to settle lower by 1.5% on the week as the euro rose and a spate of solid economic data points from around the world gave traders reason to believe some major global economies are turning for the better.
Improving data points from the likes of the U.S., China and Germany could give traders reason to embrace riskier assets while diminishing gold’s appeal as a safe-haven alternative. Gold futures could once again come under pressure this week as the docket is heavy on major economic reports out of the U.S.
The world’s largest economy is scheduled to deliver its final reading of fourth-quarter GDP and the January non-farm payroll report, among others, later this week.
Oil rises ahead of earnings, economic reports
Oil futures inched higher in the early stages of Monday’s Asian session ahead of what has the potential to be a big week for crude with looming earnings and economic reports to come out of the U.S.
Oil prices were lifted a bit on Monday after the Chinese Academy of Social Sciences, a government think tank, said it expects the world’s second-largest economy to grow 8.4% this year. That is well ahead of the rate of 7.5% traders have wanted the government to reiterate.
Oil prices were lifted a bit on Monday after the Chinese Academy of Social Sciences, a government think tank, said it expects the world’s second-largest economy to grow 8.4% this year. That is well ahead of the rate of 7.5% traders have wanted the government to reiterate.
Natural gas futures - Weekly outlook: January 28 - February 1
Natural gas futures ended Friday’s session slightly higher, as traders continued to monitor weather forecasts in an attempt to gauge the impact of shifting forecasts on winter heating demand.
On the New York Mercantile Exchange, natural gas futures for delivery in February eased down 0.3% Friday to settle at USD3.445 per million British thermal units by close of trade.
On the week, natural gas prices tumbled 3.55%, the first weekly decline in three weeks.
The front-month February contract is due to expire at the end of Tuesday’s trading session. Contract expiration often leads to volatile sessions as market participants look to close out positions or reposition their portfolios.
On the New York Mercantile Exchange, natural gas futures for delivery in February eased down 0.3% Friday to settle at USD3.445 per million British thermal units by close of trade.
On the week, natural gas prices tumbled 3.55%, the first weekly decline in three weeks.
The front-month February contract is due to expire at the end of Tuesday’s trading session. Contract expiration often leads to volatile sessions as market participants look to close out positions or reposition their portfolios.
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