gtag('config', 'AW-986975862');   Asia Market Update 27th February 2019 | 1 Stop Gold


          Stocks in the U.S. posted modest declines on Tuesday, oscillating between positive and negative territory
as Federal Reserve Chairman Jerome Powell faced the Senate Banking Committee. The DJIA eased –
0.13% to 26,057.98 points, the S&P 500 declined -0.08% to 2,793.90 points and the Nasdaq Composite
shed -0.07% to 7,549.297 points. Housing starts in the U.S. collapsed to a more then two-year low during
December, down -11.2% MoM (exp: -0.1%) from a negatively revised +0.4% in November (prev: +3.2%).

          The monthly print saw starts to a seasonally adjusted annual rate of 1.078 million units, while building
permits outpaced expectations to edge +0.3% MoM higher (exp: -2.6%). Meanwhile S&P/Case-Shiller
reported that house prices in the U.S. increased +4.18% YoY (20-city metro), the smallest gain since
November 2014. The Conference Board’s measure of consumer confidence in the U.S. pushed higher
during February, increasing to 131.4 (exp: 124.9) from 121.7 previously. Volatility across financial market
and the Government shutdown were largely responsible for the previous months’ decline.


          A mixed and stunted session for the precious complex during Asian trade today, interrupted somewhat
during Shanghai hours by a CME outage. The CME was hit with a technical issue around the Chinese
open, forcing the exchange to halt pricing in precious metals for around two-and-a-half-hours. Spot
pricing was available during the outage, however saw wider spreads than usual and as a result flows
were heavily reduced.

          The market re-opened with an offered bias, pulling away from the USD $1,330
pivot and testing toward USD $1,327 during the afternoon, with the yellow metal still relegated to the
recent USD $1,325 – $1,330 range. Expectations of positive trade news out of U.S. – China negotiations
should see equity markets supported over the near-term and potentially weigh upon bullion, however
global growth concerns, the U.S. – North Korea summit and Brexit remain risk events, underpinning
bullion, or at the very least providing supportive interest toward USD $1,320 – $1,325. Resistance levels
centre upon the USD $1,330 pivot, extending to targets at USD $1,335 – $1,346. Data today includes U.S.
wholesale inventories, U.S. factory orders and U.S. durable goods orders.

Free Insured Shipping With Every Purchase !!! Dismiss