Bridge Capital X, Vasagatan, New York, NY (2026)

10/30/2020

Gold and silver futures prices are moderately higher in early U.S. trading Friday, as some safe-haven demand has finally surfaced just days before the U.S. presidential elections. Much of this week the precious metals had been hit by a stronger U.S. dollar index. December gold futures were last up $11.60 at $1,879.60 and December Comex silver was last up $0.335 at $23.695 an ounce.

Global stock markets were mostly down overnight. U.S. stock indexes are set to open the New York day session solidly lower. It’s a risk-off trading day Friday, on this last trading day of the week and of the month. Some mostly as-expected but still uninspiring high-technology stocks’ earnings reports this week, rising Covid-19 infections in major industrialized countries that are prompting new restrictions on businesses, and the upcoming U.S. elections have traders and investors pulling in their horns today.

Read more at: https://lnkd.in/dV3zDbq

10/30/2020

If you’re in the camp that is wishfully thinking U.S. oil production will rebound anytime soon north of 13 million barrels per day, U.S. Energy Secretary Dan Brouillette is ready to dash those hopes.

Brouillette said on Wednesday that he’s not so sure U.S. production will rebound to 13 million bpd quickly—the level reached in January 2020 before the pandemic sunk its teeth into demand.

The reason, according to Brouillette, is that consumer demand just isn’t sufficient to push demand for crude oil.

Keep reading at: https://lnkd.in/dprxr8Z

10/28/2020

The gold futures volume profile chart identifies areas where there could be some support as the precious metals market breaks lower.

Volume profile tracks the areas at what price the most volume has been traded. In this instance, over the last couple of sessions, you can see the peak of the blue bell curve at around $1905 per ounce. The price had been stuck there for a while until some large selling volume came an and broke the red support zone at $1895.2 per ounce.

Now this means the price has moved to a lower distribution. The peak of this distribution is closer to $1863 per ounce. Before that, there is a support zone marked in orange at $1867.

Read more: https://lnkd.in/d4XNip3

10/27/2020

The second wave of coronavirus cases in the world is impacting global oil demand “maybe a little bit more than we thought” in the second half of this year, BP’s chief executive Bernard Looney said on the virtual 2020 India Energy Forum by CERAWeek on Monday.

In terms of oil demand, undoubtedly there has been an impact this year, “probably less than we thought in the first half of the year, and maybe a little bit more than we thought in the second half of the year as the second wave of infections come in around the world,” Looney said.

It is probably too early to assess the true impact, especially for the medium to long term, he noted, but added that there would be some impact. Oil has been hit harder than other fuels, BP’s top executive said.

Read more: https://lnkd.in/dranubX

10/26/2020

The gold market remains relatively stable with prices pushing only slightly above $1,900 an ounce as the U.S. housing market remains a strong pillar within the economy, despite some weakness last month.

Monday, the U.S. Commerce Department said that new home sales decreased by 3.5% to a seasonally adjusted annual rate of 959,000 units last month.

The drop in sales comes after the sector saw the highest pace of sales in 14 years in August. The data were weaker than expected as consensus forecasts were calling for a sales rate of around 1.025 million units.

August's strong sales data wer also revised lower to 994,000 units, down from the previous estimate of just more than 1 million. New home sales are counted at the signing of a contract, making them a leading housing market indicator.

In initial reaction, gold prices are seeing a modest rise following the negative housing sales numbers; however, the move is not definitive as prices continue to trade in a fairly tight range. December gold futures last traded at $1,910.30 an ounce, up 0.26%.

Read more at: https://lnkd.in/eB7YJZr

#2020

10/22/2020

Gold and silver futures prices are moderately down in early U.S. trading Thursday, as both metals continue to trade in an inverse fashion with the daily movements of the U.S. dollar index, which is higher today on a corrective bounce after hitting a six-week low Wednesday. The safe-haven gold and silver bulls continue to be perplexed their metals can’t catch a bid when the U.S. stock indexes start to wobble a bit. December gold futures were last down $13.80 at $1,915.70 and December Comex silver was last down $0.326 at $24.91 an ounce.

Global stock markets were mixed overnight, with Asian shares mostly weaker and European shares mostly firmer. U.S. stock indexes are set to open the New York day session slightly weaker. Risk appetite among traders and investors has waned recently. Covid-19 stimulus package discussions between congressional Democrats and Republicans continue, even after House Speaker Pelosi’s stated deadline for a deal has passed. The window is rapidly closing on any deal reached and implemented before the U.S. election in early November.

Read more at: https://lnkd.in/dBaY-Ji

#2020

10/22/2020

Gold prices rose to a one-week high on Wednesday as the dollar weakened on renewed hopes for a new U.S. stimulus package ahead of next month's election.

Spot gold was up 0.6% at $1,918.55 per ounce by 1111 GMT, after hitting its highest since Oct. 13. U.S. gold futures rose 0.4% to $1,922.60 per ounce.

"There seems to be increasing hope that a stimulus deal can get through Congress before election day ... This is broadly keeping risk appetite supported in the U.S., dragging on the dollar and lifting gold prices," OANDA analyst Craig Erlam said.

Keep reading at: https://lnkd.in/d3iQ3uy

10/20/2020

Oil markets retained strength over the past week despite many bearish factors influencing the global economy.

COVID-19 cases spiked in Europe leading to new lockdown measures in France and the UK. The 2nd wave of COVID cases also spread to other European countries including Switzerland, Belgium, Italy are tightening measures to contain a 2ndoutbreak of the pandemic. The number of affected countries grow quickly as governments fail to implement strict measures.

read more at: https://lnkd.in/dDAfFD5

10/19/2020

Gold and silver futures prices are higher in early U.S. trading Monday. Support comes from a weaker U.S. dollar index to start the trading week. The charts remain overall friendly and that is also inviting some bulls to the buy side. December gold futures were last up $9.60 at $1,916.00 and December Comex silver was last up $0.555 at $24.95 an ounce.

Global stock markets were mixed overnight. U.S. stock indexes are set to open the New York day session higher. Trader and investor risk appetite is more upbeat to start the trading week, on renewed hopes for an agreement between U.S. congressional Democrats and Republicans on a stimulus package for Americans.

Follow this report at: https://lnkd.in/dFXWx4Y

10/15/2020

Silver markets have gone back and forth during the trading session on Wednesday, as we continue to dance around the $24 level underneath, and the $50 level above. In fact, that was the range that the market had spent most of the day and during the day on Wednesday, so it looks as if we are continuing to see a lot of confusion.

The silver markets have struggled a bit for clarity, but at this point in time the 50 day EMA is an indicator that a lot of people have been paying attention to, and it does in fact look like we may pull back from here.

Find out more at: https://lnkd.in/de_9uPa

10/15/2020

Silver markets have gone back and forth during the trading session on Wednesday, as we continue to dance around the $24 level underneath, and the $50 level above. In fact, that was the range that the market had spent most of the day and during the day on Wednesday, so it looks as if we are continuing to see a lot of confusion.

The silver markets have struggled a bit for clarity, but at this point in time the 50 day EMA is an indicator that a lot of people have been paying attention to, and it does in fact look like we may pull back from here.

Find out more at: https://lnkd.in/de_9uPa

Bridge Capital X

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