link to Brent price

link to WTl price

link to Exchange Rates

link to GBP/USD

link to GBP/EUR


Brent Crude & West Texas Light Charts..
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BP. and RDSB Charts.
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Gold and Cable Charts.
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Silver and Platinum Charts.
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GBP/USD
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GBP/EUR
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Brent crude 5 days

Skinny, apart from the daily Gold chart in the header, all others are now missing, which I assume is due to the revised formatting by MAM?

Unfortunately yes Harry - I've just put the direct links to them in the header.

Gold currently in a down trend. IG hoping for a bounce to $1250 but aware that little support for gold between current price and $1100. That's from a trading perspective, but a few gold miners' sp's also closely correlated to the gold price, so not looking good for them either.

I've added a couple of longer term gold charts.

Cheers skinny. I am trying to exit a trade on OMI and gold price isn't doing me any favours at the moment!

OPEC to debate oil output cut next week but Iraq, Iran hesitate

Gold hit at about 1pm today, any news why out there?

Bullion Desk - "The gold price dropped below $1,200 per oz on Wednesday November 23 for the first time since February this year, buckling under continued pressure from a stronger dollar.

The spot gold price was recently quoted at $1,193.30/1,193.50 per oz, down $18.95 on Tuesday’s close. It had hit a session low of $1,189 per oz.

The dollar index has been holding comfortably above 100. It recently traded 0.79% higher at 101.69 after a run of largely upbeat US data today."

Generally speaking, strong dollar = weak Gold. They inversely correlate.

Thanks Harry.

http://www.wsj.com/articles/opec-deal-to-curb-production-in-doubt-oil-prices-rebound-1480481281

Crude futures surged Wednesday on growing optimism that OPEC would agree on a deal to cut oil production later in the day.

But prices remained volatile, and many analysts continue to doubt that if a deal were struck it would be properly enforced or would even be enough to address a supply imbalance that has pressured this market for over two years.

The February contract in Brent crude, the global oil benchmark, was up 7.44% to $50.82 a barrel on London’s ICE Futures exchange, according to FactSet. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 7.25% at $48.51 a barrel, FactSet said.

Prices jumped after Iran’s oil minister, Bijan Zanganeh, said ahead of crunch talks in Vienna that he believed the Organization of the Petroleum Exporting Countries would reach a deal, though he said an immediate freeze of his country’s output wasn’t on the agenda.

Talk of OPEC reaching a deal has dominated the oil market for much of the year, as geopolitical maneuvering by key producing nations stopped the cartel from tackling the global oversupply. A proposal would likely have the group cut production by more than a million barrels a day, which represents about 1% of the global oil supply.

That could send the oil price to as much as $55 a barrel, though the lack of a deal would see crude crash back down to around $40 again, some analysts said.

“The communication this morning is extremely positive from Iran,” said Bjarne Schieldrop, a commodities analyst from Sweden’s SEB bank, adding that the market was volatile ahead of the meeting’s outcome.

Iran’s willingness to participate in some way—a long-held Saudi demand—signals a greater likelihood that all OPEC members will agree to a deal. ....

Commodities - Oil Latest OPEC delegate says they have agreed 1.2M BPD cut in production - Bloomberg

OPEC agrees first output cut since 2008, details unclear

Details of how the 32.5M will be work out

The % cut is from 4.58% to 4.85% with special bonus for IRAN +50 and only 2.37% cut for IRAQ.

Country Targeted Cut in Jan 2017 thousands output in of bpd

Country millions bpd
Algeria 1.039 -50
Angola 1.673 -80
Ecuador 0.522 -26
Gabon 0.193 -9
Indonesia suspended
Iran 3.797 +90
Iraq 4.351 -210
Kuwait 2.707 -131
Libya exempt
Nigeria exempt
Qatar 0.618 -30
Saudi 10.058 -486
UAE 2.874 -139
Venezuela 1.972 -95

Non-Opec countries agree to cut oil output

"Gold plunged in afternoon trading in New York yesterday, after the Federal Reserve caught traders off guard with its latest interest rates decision.

The US policymakers voted unanimously to increase base interest rates by 0.25 per cent, to a between 0.5 and 0.75 per cent - the first rates hike this year and only the second in the past decade.

It was a widely expected move, with traders putting the chances of an increase at 100 per cent immediately before the announcement, based on market bets via federal fund futures, Bloomberg reports.

But "it was the Fed's more hawkish stance regarding rate hikes next year that surprised the market," says Investing.com.

The policymakers now forecast they will vote to increase interest rates three times next year, up from the two predicted in September and a sign of confidence in the US economy.

The news brought spot gold, which had been around $1,164 an ounce, plunging to a ten-month low of $1,141 by the end of US trading. It dipped to below $1,138 an ounce this morning."

Dollar index

The start of the day was GOLD $1158.80 +$10.32

Be interesting to see what happens overnight. USA - Russia bickering at the moment causing some ripples, could get a little more serious.

Oil hits 18-month highs as markets eye output cuts

Oil prices rise on expected drop in U.S. oil inventories