Swiss Banking Giant is “Very Bullish” on Gold Prices

While the capital markets are wondering how low can yields go, gold bulls are wondering whether the precious metal can keep on reaching higher heights. Per a CNBC article, Swiss banking giant UBS seems to side more with the latter and is “very bullish” on gold.

 
“We are very bullish on gold. We think that the prices will go higher and what is interesting is we think it will stay higher for longer than expected,” Yeoh Choo Guan, the bank’s head of Asean global markets.
 
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Crude Oil Falls on Broad Risk-Off Move Driven by Stimulus, Virus Fears

Crude oil prices fell sharply on Monday as part of a general risk-off move across financial markets, triggered by fears of new lockdown measures in Europe and the receding chances of a U.S. fiscal support package.

 
In oil-specific news, the market continued to labor under the prospect of Libyan supply returning to world markets as a result of a tentative peace deal between the various factions in a long-running civil war. The deal could return up to 1 million barrels a day of crude to world markets, but it has yet to be ratified by either the UN-recognized government or by warlord Khalifa Haftar.
 
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Dollar slips, yen inches higher as Fed rhetoric in focus
 
The dollar slipped and yen and yuan led Asia's currencies a little higher on Monday, as investors looked ahead to a slew of U.S. Federal Reserve speakers this week and to a decision on the inclusion of Chinese government bonds in a global index.
 
Moves were slight and volumes light due to a public holiday in Japan. The dollar index, which tracks the greenback against a basket of six major currencies, dipped 0.2% to 92.779.
 
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Gold futures climb, headed for a second weekly gain
 
Gold futures rose on Friday, headed for a second weekly gain in a row, even as prices failed to score a big boost from Federal Reserve policy that signals a lower-for-longer path for interest rates for the next three to four years.
 
“Bullion is waiting for new market drivers, as investors seem to have fully priced in the current scenario and the hyper-expansive monetary policies of central banks,” wrote Carlo Alberto De Casa, chief analyst at ActivTrades in a research note on Friday.
 
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Crude Oil Prices Bounce After Hit From Libyan Peace Deal News

Crude oil prices rebounded after a sharp dip in early trading in New York on Friday, as traders focused more on the promise of output discipline from OPEC and its friends rather than on the prospect of increased supply due to a peace agreement in Libya, a major exporter.

 
Prices had dipped after newswires reported that warlord Khalifa Haftarl, who is fighting the UN-recognized government in Tripoli, had approved an end to the blockade of the country's oil installations. In theory, that could release up to 900,000 barrels a day of crude into the world market, based on what Libya was exporting before its civil war interrupted shipments. However, this is a story that has seen many false dawns, and the National Oil Company said it would only lift 'force majeure' on its contracts when all oil facilities and export terminals have been 'demilitarized'.
 
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Dollar Weakens as Data Disappoints; Sterling in Focus

The dollar edged lower in early European trade Friday, weighed down by disappointing employment and housing data and with the tech sector continuing to suffer strong selling in the equity markets.

 
At 3 AM ET (0700 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.2% at 92.823, the EUR/USD rose 0.2% to trade at 1.1865, while USD/JPY was largely flat at 104.70, but still on course for a gain of 1.5% over the week.
 
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Gold eyeing Fed nudge, Oil gets short-term lift
 
Gold has really struggled to break back above $2,000 after collapsing back through here in spectacular fashion just over a month ago. Moreover, the dollar has been under pressure since March and has recent shown signs of pushing for a correction. With both of these trades showing signs of fatigue, a failure by the Fed to meet or surpass expectations could get quite a reaction.
 
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Crude Oil Rises Sharply on Inventories, UAE Export Cuts

 

Crude oil prices bounced sharply on Wednesday on a cocktail of factors from hurricanes and inventory data to global growth forecasts, almost all of which had bullish implications.

 
By 9:20 AM ET (1320 GMT), U.S. crude futures were up 2.8% at $39.34 a barrel, while the global benchmark Brent was up 2.4% at $41.51 a barrel.
 
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Dollar Edges Lower; Federal Reserve Meeting Looms Large

 

The dollar edged lower in early European trade Wednesday, but trading ranges are tight as traders fine-tune their positions ahead of the U.S. Federal Reserve policy meeting.

 
At 2:50 AM ET (0650 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.1% at 93.067, with EUR/USD up 0.1% at 1.1852.
 
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Gold prices up 1% as dollar weakness buttresses bullion
 
Gold futures on Monday climbed toward their highest finish since the start of the month, as weakness in the dollar and low government bond yields helped to keep the precious metal trading in a range that some market experts see as forming a bullish pattern.

Importantly, recent sideways and choppy price action in gold has produced a bullish coiling pattern on the daily bar chart, suggesting the market is storing up energy for a bigger price move coming soon possibly this week, and odds favor that price move being on the upside, Wyckoff wrote.
 
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