News Bites Even if Bitcoin Is The Rising Star, Gold Is Still King

(Kitco News) - Even if bitcoin – known to some as digital gold – is stealing the metal’s spotlight, one analyst points out that the cryptocurrency has a longs way to go before it catches up to bullion, at least in market cap. In dollar terms, bitcoin has surpassed gold prices by a landslide, recently hitting an all-time high above $4,000; meanwhile, gold prices continue to hover near $1,300 an ounce. However, if we look at the market cap of both these markets, gold is still king. “It's ...
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Oil Climbs as U.S. Supplies Shrink to Lowest Since Start of Year

Oil surged to an eight-week high after the government said U.S. stockpiles shrank to levels last seen at the start of the year. Futures rose 1.8 percent in New York. Crude inventories declined by 7.21 million barrels last week to the lowest since Jan. 6, according to data from the Energy Information Administration Wednesday. Gasoline stockpiles fell for a sixth week to the lowest level since December, the data showed. “The primary driver behind the rally is that you’ve got more inventory d...
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Saudi Arabia Turns Off the U.S. Oil Tap

At last, Saudi Arabia seems to be doing what it takes to reduce the world's most visible oil glut: the one in the U.S. Unfortunately, its renewed vigor comes as OPEC's deal to reduce excess crude stockpiles starts to show signs of unraveling elsewhere, a subject that will be wrestled with by the group's oil ministers as they and other producer nations meet in St Petersburg on Monday. Saudi Slump Weekly U.S. crude oil imports from Saudi Arabia have fallen sharply since early June So...
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His Gold Calls Have Been Quite Accurate; Now He’s Calling The Bottom

(Kitco News) - It seems the best way for investors to make money in the gold market lately is by being on the bearish side, but according to one analyst with a strong track-record, this trend could change. “Gold dropped 5 weeks in a row after my May 29th bearish call. All indicators tell me that a trend reversal is imminent,” noted Lejun James Shao, founder of www.myIRAs.net, in a Seeking Alpha post Wednesday. So far this year, Shao’s gold calls have been “quite accurate,” as he put it. ...
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It’s Do or Die for Gold and Silver

(Kitco News) - Being bullish on the metals has been painful; there has been a dramatic drop off in interest as these markets have mostly drifted or got pounded lower. We were and still are bullish but our line in the sand comes right here in the $1,220 area in gold(puking out under $1,200) and the $16.00 level in silver (trading at $15.98, puking out at $15.70). The metals story has been very conflicted with the weight on the dollar and the support levels the metals had the weakness is surpri...
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Here’s What Sent the Euro Rocketing to a New High

The European single currency surged past a one-year high against the U.S. dollar Wednesday as investors extended bets on rate increases and faster growth in the Eurozone economy. The moves followed a speech from European Central Bank President Mario Draghi Tuesday in Portugal, where he appeared to suggest that the Bank could move away from its current strategy of negative rates and ongoing bond market purchases now that inflation dynamics are starting to improve and job creation is beginning ...
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Dollar pulls back slightly, yen recovers from earlier weakness

The U.S. dollar edged lower on Friday, paring some of the strong gains it made after the Federal Reserve’s rate increase earlier this week, though it gained ground against the yen after Japan’s central bank left its ultra-easy monetary stance in place. The widely watched ICE U.S. Dollar Index DXY, -0.30% which tracks the buck against a basket of six rivals, stood at 97.299, compared with 97.484 in late North American trade on Thursday. The index is poised for a gain of less than 0.1% on t...
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Will Gold Break The $1,300 Level ?

Gold Futures---Gold futures in the June contract are trading higher by $10 this Friday afternoon after settling last Friday at 1,253 while currently trading at 1,267 up about $14 for the trading week hitting a 4 week high and now trading above its 20 and 100 day moving average telling you that the short-term trend is to the upside as a weaker U.S dollar coupled with a terrorist attack this week helped propel prices higher. The next major level of resistance is at 1,275 & if that is broken...
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Dollar, yen inch higher as European political nerves weigh

By Patrick Graham | LONDON Political worries over Greece, Italy and Britain had European currencies on the retreat against the dollar on Tuesday, with a bleaker mood on stock markets also pushing the yen higher. The dollar index, under pressure over the past fortnight from concerns over the Trump administration's difficulties, gained around 0.1 percent in morning trade in Europe. .DXY Falls in inflation in Spain and several German regions, as well as European Central Bank chief Mario Dr...
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MORE CRISES AHEAD? USD, GOLD CHARTS BOTH LOOKING UP

As Elliott Wave amateurs, we appreciate the work done by our anonymous friend below. it is thorough and minimizes subjectivity while acknowledging bias. These are hallmarks of a good analyst in our opinion. Further, the combination with traditional technical analysis is welcome.   We hope to see more from the author. - SKG Originally titled: Trend lines met, technical's are set - Dollar is ready to rally EURUSD 30 min 4 Hours Daily My Bias: short in wave 3 blue. Wave Structure...
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