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Technical Tuesday: Crude Oil
Crude oil should be largely immune to this week’s central bank decisions.
Crude plummets - will OPEC come to rescue?
We might see an oversold bounce in prices soon but until something changes fundamentally, the path of least resistance would remain to the downside
Commodity prices forecast to be strong in 2023
The StoneX Metals and Energy Markets Annual Outlook forecasts double digit percentage increases for seven out of twelve commodities tracked.
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Gold down but not out as traders eye NFP
All the attention is going to be on the US jobs report.
Commitment of traders report (COT)
Whilst traders remain net-long the US dollar, around $7 billion of net-long exposure was unwound last week alone.
Copper strength signaling stronger Yuan
The correlation coefficient between Copper and USD/CNH is -0.83. As long as this correlation is below -0.80, USD/CNH could be used as a proxy for copper.
Silver’s rally has been strong, but a pullback could be due
Silver prices have rallied nearly 40% since the September low, yet key resistance looms around $25 and a multi-week bearish divergence is forming.
OPEC+ preview: Will OPEC+ cut production again?
According to recent “sources”, OPEC+ is likely to leave production unchanged when it meets virtually on December 4th.
Copper turns red as China concerns mount
The situation is escalating, and people don’t want to be caught offside with the weekend fast approaching.
USD to regain strength after hawkish Fed comments?
The dollar caught a bid following hawkish comments from two Fed members late in the US session, which leaves the potential for a follow-through today.
WTI falls as demand concerns intensify
Oil investors' focus is turning back to the demand side of things and in particular China...
Gold hits 3-month high, UK data dump up next
Gold enjoyed its best day in 8-months following the US inflation report and shows the potential to extend it run.
Gold eyes fresh breakdown as China fears add fuel to fire
It was always going to be an uphill struggle for the metal...
Gold eyes fresh breakdown as China fears add fuel to fire
It was always going to be an uphill struggle for the metal...
Gold still vulnerable as attention turns to US data
Outlook remains bearish after metal fell back below the low of 2021 around $1676.
Gold still vulnerable as attention turns to US data
Outlook remains bearish after metal fell back below the low of 2021 around $1676.
OPEC+ agrees to a 2,000,000bpd cut!
How much higher will Brent Crude go? It may depend of the size of the energy crisis that is brewing throughout Europe, as well as the extend to any type of price cap placed on Russian oil.
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OPEC+ agrees to a 2,000,000bpd cut!
How much higher will Brent Crude go? It may depend of the size of the energy crisis that is brewing throughout Europe, as well as the extend to any type of price cap placed on Russian oil.
Gold and silver jump on weak US ISM, yields
Out of the two metals, silver was the most impressive as it jumped over 7%, the most since Feb 2021
Gold and silver jump on weak US ISM, yields
Out of the two metals, silver was the most impressive as it jumped over 7%, the most since Feb 2021
Gold shines as yields plunge on BoE intervention
BoE will temporarily carry out purchases of long-dated UK government bonds at an “urgent pace,” and on “whatever scale” necessary to restore orderly market conditions.
Gold breaks down
In an environment of rising interest rates around the world, investors continue to dislike assets that have little or no yield
Gold bears eyes break of $1700 as dollar and yields surge
precious metal looks heavy amid aggressive rate hike expectations