Copper futures in the September contract settled last Friday in New York at 2.9120 a pound while currently trading at 2.94 up about 300 points for the trading week as we have to roll out of the September into the December contract as expiration is upon us.
Natural gas futures in the October contract settled last Friday at 3.00 while currently trading at 2.94 down about 6 points for the trading week slightly lower this Friday afternoon as I'm currently sitting on the sidelines waiting for a trend to develop.
Wheat futures in the December contract settled last Friday in Chicago at 4.67 a bushel while currently trading at 4.42 dropping another $0.25 this week while trading lower for the last 6 days and now has dropped a $1.50 from the July 5th high of 5.92 as this market remains extremely bearish in the short term.
Gold futures in the December contract settled last Friday in New York at 1,294 while currently trading at 1,306 up about $12 for the trading week breaking the critical 1,300 level now looking to retest the April 17th high of 1,307 as this bullish trend remains intact in my opinion.
7-29-17--Late-July through early-September represents an extremely precarious time in the stock market, when a myriad of cycles--ranging from 40-Year & 80-Year Cycles down to multi-week cycles--pinpoint the most likely time for a sharp correction in equities. Specific downside price targets are also forming and will be discussed separately.
New York Mercantile Exchange (COMEX) Gold prices turned positive on Wednesday, on the back of weaker United States housing data as investors looked ahead to the minutes from the Federal Reserve's July meeting for clues on monetary policy.
New York Mercantile Exchange (NYMEX) Crude futures settled lower on Wednesday, as data showing United States crude production rose to its highest in over two years offset a decline in supplies of United States crude for a seventh-straight week.
Foreign Exchange Market (Forex): The dollar traded near three-week highs against a basket of global currencies on Wednesday, after recent economic data pointing to a strengthening United States economy lifted expectations of a third rate hike later this year.