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Technical Tuesday: S&P, gold, USD/CAD and AUD/NZD
In this week’s edition, we are getting technical on S&P 500, gold, USD/CAD and AUD/NZD
Commitment of traders report (COT): Bears pile into silver, GBP and JPY
Traders increased net-short exposure to metals (most notably silver), but also increased their bearish outlook on GBP and JPY futures.
Gold breaks down
In an environment of rising interest rates around the world, investors continue to dislike assets that have little or no yield
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Gold bears eyes break of $1700 as dollar and yields surge
precious metal looks heavy amid aggressive rate hike expectations
Crude Oil continues bounce on OPEC comments
Comments from OPEC+ officials regarding possible supply cuts are currently outweighing fears of a recession. As a result, the price of WTI Crude Oil is moving higher.
Gold edges towards the trap door Part II
In our last update on gold a month ago, we were watching for a false break below range lows at $1670 to set up a rebound. While the false break lower did not eventuate, a rebound to $1807 followed. In this article, we update why the rally in gold faltered and what comes next as gold again eyes the bottom of its 28-month range.
Copper and USD/CHF have a high negative correlation!
As long as the correlation holds, traders who don’t have access to trade copper can use USD/CHF as a proxy.
AUD/USD: Where to next?
With poor economic data and a rate cut from China, it was almost a perfect storm for commodity currencies to sell off, particularly, AUD/USD.
Growth concerns return to the forefront
Crude leads commodities slump on weak Chinese data and US Empire Manufacturing Index plunges into negative
Crude oil drops again with WTI below $90
US crude oil prices could be heading towards low- to mid-$80s.
Gold attempts breakout as yields dip
Investors appear convinced the Fed will slow down rate hikes despite officials indicating otherwise.
WTI lower, but it has little to do with the upcoming OPEC+ meeting
With negative manufacturing data beginning in China and continuing throughout the US session, WTI Crude Oil has been trading lower, down nearly 5% on Monday.
Gold holds post-FOMC bounce ahead of GDP
Expectations that inflation will soon peak and that the economy will deteriorate further points to a contractionary monetary policy stance from the Fed in 2023
Natural Gas at 14 year highs after EU agrees to cut 15%
If Russia continues to harass Europe by threatening to shut off gas flows, the commodity could move much higher.
Precious metals start busy week firmer
Investors know that front-loading of interest rates around the world is only going to bring a potential recession – and therefore interest rate cuts – sooner.
Gold edges closer to the trap door. Will it fall or recoil?
Fresh cycle lows for gold today as it printed a low near $1683, a level not seen since August of 2021.
Will gold stage a recovery from $1700 key support?
Gold bulls were hoping to see an end to the 5-week losing streak
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Gold rises, dollar slumps despite hot CPI
Hot CPI readings may hurt the economy so badly that the Fed may start cutting rates again in as early as Q1
Oil takes a hit as recession and Covid fears loom
The German ZEW and the continued on again/off again lockdowns in China are contributing to fears of a global slowdown or recession.
Recession Trade Keeps Risk Assets Under Pressure
Fears over a recession continues to drive financial markets, with commodities feeling the heat
Crude oil plunges as recession fears intensify
WTI has plunged about $10 from the highs to fall below $100 and was still going lower at the time of writing
Q3 Outlook: What to expect from the coming quarter?
Stocks and treasuries plunged in the first half of 2022 as inflation and recession fears rose. What can we expect in Q3? Here we look at the main themes set to drive the markets and how they could influence the different areas of the market.
What’s driving the global markets right now?
Everything you need to know about the current economic and monetary policy environment, and what it all means for financial markets