All morning reporting from major news outlets has been speaking about an imminent trade deal between the United States and China. This is a fluid situation and as of 5:26 p.m. EST the most recent headlines are reporting that President Trump has signed off on a phase-one agreement and it is expected that the Chinese Ambassador will sign off on it imminently.
According to earlier reports by Reuters Business, “The White House has reached a deal in principle with Beijing to resolve the 17-month U.S.-China trade war, according to a source briefed on the trade talks.” Sources reported that... Read more
The entire precious metals complex moved higher today after the conclusion of Decembers FOMC meeting. The Federal Reserve concluded its final Federal Open Market Committee meeting for the year, and as many expected left interest rates unchanged for the remainder of 2019. However, information found within the Federal Reserve’s release of a statement which included projections for the next few years, including their “dot plot” laying out their anticipated monetary policy.
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There are two major events this week that market participants are going to be assessing. The first event is tomorrow’s conclusion of this month’s FOMC meeting. It is widely anticipated that the Federal Reserve will announce that they plan to stay the course and leave interest rates where they are. Furthermore, the belief is that there will be some information revealed as to the timeline, or length of time that they plan let current interest rates stand where they are.
The second event contains much more uncertainty as we get closer to the December 15th deadline in which President... Read more
Both spot gold and futures remain neutral to slightly higher on the day. As of 3:53 PM EST February futures are currently up $0.10 and fixed at $1465.20. Spot gold is also showing fractional gains on the day currently up $0.68 at $1460.71. The precious metals are also getting a small tailwind from a slightly lower dollar index. Currently the U.S. dollar index is off by -0.056%, and fixed at 97.605.
Traders are waiting for the Federal Reserve’s FOMC meeting which begins tomorrow and is set to conclude on Wednesday. Based on recent statements by Chairman Powell it is highly unlikely that the... Read more