China’s service PMI gets served, base metals lower
Covid reared its ugly head again on economic data, which saw China’s service PMI contract at its fastest pace since the pandemic.
platinum
Stay in step with market opportunities and get insights, actionable trade ideas and dedicated support.
For a month of ‘heavy metal’, gold hasn’t done too badly
To say March has been a volatile ride for metals would be an understatement. Yet despite sustained losses for palladium and platinum, gold seems less willing to break lower.
European Open: Palladium set to track gold higher?
Whilst gold has stolen a few headlines this week, we see the potential for palladium to make a rally of its own.
Weekly COT report: Net-long exposure to gold fell sharply last week
Given the lacklustre bounce on gold alongside a rise in short bets and closure of longs last week, we retain the view that its recent bounce is corrective.
Weekly COT report: Divergences form between FX prices and trader positioning
As the data was compiled ahead of the FOMC meeting its likely there are some distortions in this week’s speculative positioning report.
Weekly COT Report: Pound Shorts Intensify
Traders were their most bearish on British pound futures in 17-months, according to last week’s commitment of traders report.
$1000 is a Pivotal Level for Platinum Futures
In today’s video we update our analysis on platinum futures and highlight the importance of $1000, utilising volume analysis and speculative positioning of large traders.
Asian Open: IMF Trim Global Growth Expectations for 2021
Bond markets continued to price in concerns of stagflation overnight, with yields at the long-end of the curve falling as the IMF trimmed their growth forecasts.
Gold finally set for bullish breakout?
<p>After a sharp BOJ-inspired drop this morning, Western equity markets were able to turn slightly higher in the afternoon. Sentiment was partly boosted by the still-rallying oil prices as well as robust earnings from Facebook which helped to lift the social network to a fresh all-time high. Other commodities also rallied as the dollar sold off on the back of a weaker-than-expected first quarter US GDP estimate. This helped to push expectation about the next Federal Reserve rate increase further out, boosting the appeal of non-interest-bearing precious metals in particular, some of which had already been in high demand. Gold, silver and platinum ignored the rebound in stock markets and rallied across the board, with the latter breaking out to a new high above last week’s peak of $1042, thus triggering further momentum buying interest. Silver was approaching $17.70, a key level which we highlighted in one of our reports on Wednesday.</p>
Precious metals surge
<p>Precious metals are surging across the board, with silver and now platinum looking particularly bullish. As we reported on Tuesday, the pressure has been building for precious metals like silver to explode higher in recent months. The significantly weaker dollar has helped to underpin several buck-denominated commodities of late. The US currency has depreciated because of receding expectations about the pace of interest rate rises. According to the Fed Fund Futures, the likelihood of a rate hike by December is now only 50 per cent. Other major central banks have also either turned more dovish or maintained their extremely loose policy stances. The ECB is likely to echo this sentiment today, while the Swedish central bank has already decided to expand its QE package this morning.</p>
The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.