GOLD – Gold prices were ending the U.S. day session moderately lower Tuesday, on some profit taking and a downside correction from recent gains. U.S. economic data, including a weaker-than-expected housing report, did not impact the precious metals markets significantly Tuesday. The world markets did not show significant reactions to the terror bombing attack at a concert in Manchester, England late Monday that killed nearly two dozen young people and injured scores. These major terror attacks that now occur a few times each year, unfortunately, are not surprising to the markets any more.Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion. Major economic focal points of market watchers this week are the Federal Reserve’s FOMC minutes released on Wednesday afternoon and an OPEC meeting that begins Thursday. The key outside markets on Tuesday saw the U.S. dollar index higher on a corrective bounce after hitting a six-month low Monday.
NATURAL GAS – U.S. natural gas futures were lower on Tuesday, on track to snap a two-session win streak as traders monitored shifting weather forecasts to assess the outlook for early-summer demand and supply levels. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring heating demand. Gas use typically hits a seasonal low with spring’s mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning.
Crude oil – Oil prices inched up on Tuesday in volatile trading as expectations of an extension to OPEC-led supply cuts and another drop in U.S. crude inventories overshadowed a White House proposal to sell half the country’s petroleum reserves. The Organization of the Petroleum Exporting Countries (OPEC) meets in Vienna on Thursday to consider whether to prolong the deal reached in December in which OPEC and 11 non-members, including Russia, agreed to cut output by about 1.8 million barrels per day in the first half of 2017. OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude.
ZINC – LME zinc will maintain upward momentum on Wednesday with support at the moving averages but meeting resistance at the 10-week moving average.
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