platinum

Stay in step with market opportunities and get insights, actionable trade ideas and dedicated support.

  • Newest
  • Popular
Research

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.

default avatar
April 5, 2022 11:25 PM
Gold nuggets

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.

Currency exchange rate board of multiple currencies

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.

Why trade with FOREX.com?

Tight spreads on FX – as low as 0.2 for EUR/USD (with fixed $5 commissions per 100K).

Award-winning platforms with fast and reliable execution.

Course thumbnail of FOREX.com course:  What are commodities by FOREX.com
Currency exchange rate board of multiple currencies

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.

Currency exchange rate board of multiple currencies

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.

Gold finally set for bullish breakout?

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.

Precious metals surge

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.

Open an account in minutes

Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 1 pt on indices.

Trading view chart close-up