Forecasts & Analysis |

A new storm forms in the Gulf of Mexico

Gold prices moved higher on Friday finishing the week up 2.6% as the dollar moved lower and US yields declined. This week was full of several data points that were mixed. While Housing starts were worse than expected, jobless claims and consumer sentiment were better than expected. The Fed met

USD/CAD remains range-bound between support at 1.3135 and resistance at 1.3200.

Oil continues its upside move as OPEC+ is ready to meet in October in case oil demand shows weakness.

Silver failed to settle below the 20 EMA and continues to trade near this key level.

Aptiv’s price target was raised to $150 from $63 with ‘Overweight’ stock rating, according to Morgan Stanley equity analyst Adam Jonas, who said that after coming out of the COVID-19 era, Aptiv’s portfolio is on the verge of a transformation that will alter the stock’s narrative, driving a multiple re-rating.

Gold is 0.4% higher this morning, as it continues to trade within a consolidation.

The huge storage build and very low weather demand likely means that it is going to be hard to avoid containment issues over the next few weeks.

The price action suggests we’re not likely to see a huge short-term price spike until the U.S. Congress passes a stimulus package.

OPEC+ stressed at a meeting on Thursday that it would take action against members not complying with the deal to cut production.