Oil, Metals, Soft Commodities
Gold at the $2000 level
Gold had been trading strongly to the upside since the beginning of March, rising from the 1810 price area to reach the 2000 price area which was last tested in April 2022. However, after reaching the resistance area, Gold retraced lower to test the 1937.50 support area which coincides with the 38.2% Fibonacci retracement level and the bullish tren...
Market Analysis 27-31 March 2023
XAUUSD Analysis 27 – 31 March 2023 The gold price trend can be viewed both positively and negatively in the short and medium term. As the close of last week's Doji bar indicates hesitation in the market. Although the previous three weeks, gold has had strong and consistent buying momentum since the beginning of March. But even so, the g...
Gold Reverses from 1960 following strong US NFP data
Gold had been on a steady rally to the upside with the price climbing along the bullish trendline from the 1620 price level in November 2022 to reach a high of 1960 in February 2023. This move higher was driven by general market anticipation that the US Federal Reserve would pivot on its current monetary policy, slowing down or pausing future inter...
Natural Gas price continues to tumble, but the bottom may be near
The price of Natural Gas has continued its drive back down after peaking in the middle of last year. The price has had an aggressive sell off after an equally aggressive run during the initial stages of the Russian and Ukraine conflict. This was due to Russian gas exports being banned and elevated inflation levels. However, as the conflict has subs...
Gold rises to 6 months high as USD weakens
Gold rises to 6 months high as USD weakens The price of gold has risen as softer inflationary figures pushed the USD lower. The month/month CPI grew just 0.1% vs 0.3% expected, whilst the year/year figure grew by 7.1% vs 7.3% expected. Core CPI month/month rose by 0.2% vs 0.3%. These figures sent the USD down, which provided a boost to...
Is the price of Brent finally finding some support?
Brent oil has been dumping over the last few weeks as country’s have put pressure on Russian oil by imposing a price cap. This has sent the spot price down to its lowest level in 12 months. With important economic data to come in the next few days in including updated Cash rates from Central banks in Europe, the UK, and the USA. Furthermore, the ...
Oil continues to fall amid news of price cap
The primary reason for the drop in price is the economic slowdown that has become prevalent in the global market. As fears of a recession continue to grow, the price of Oil has continued to drop. To make matters worse, the G7 have set a $60 per barrel price cap. This price cap was created to restrict Russia’s ability generate revenue from its oil...
Natural Gas showing getting ready to test important level
Natural Gas prices have had a volatile year to say the least. After finding multi decade highs on the back of geo-political volatility and record high inflation levels the price has seen an aggressive retracement. With the overall commodities market suffering a big drop as recessionary pressures have taken over and a resilient USD, Natural gas has ...
Gold Testing Major Support Level
For the last 2 years, Gold has been bouncing in a range between $1700 and $2070 and is currently testing the major support level around $1700 as seen below. The price has used the yellow highlighted as an area for support zone and a rejection zone. Over the last 2 years clear rejections have occurred every time the price has reached around $...
Oil Price tumbles to 7 month lows as recession fears grow
Brent Crude and West Texas Intermediate Oil both fell to their lowest levels since January as fresh recession fears swept the market. Brent dropped to $87 a barrel and WTI to $81. The prices dropped following OPEC’s decision to cut the production by 100,000 barrels a day of supply from October. In recent months with the Russian and...
Oil Price tumbles to 7 month lows as recession fears grow
Brent Crude and West Texas Intermediate Oil both fell to their lowest levels since January as fresh recession fears swept the market. Brent dropped to $87 a barrel and WTI to $81. The prices dropped following OPEC’s decision to cut the production by 100,000 barrels a day of supply from October. In recent months with the Russian and...
Will gold hold its support or will the USD push it below $1660
Will gold hold its support or will the USD push it below $1660 Gold has dumped again after recession fears and a strong US dollar continue to grip the market. With Gold priced in US dollars it means that when the USD is strong the price of gold and other commodities is reduced. In recent days, following on from Jackson Hole the price has slum...
Is the price of wheat ready to bounce?
The price of wheat is finally starting to show positive signs after an aggressive sell off that has been ongoing since May 2022. There is hope that the price of the commodity may begin to climb again with the price finally finding some support. The price has been impacted by growing fears that production may slip may increasing volatili...
Oil continues its sell-off as it drops after weaker Chinese and US economic figures
Oil has continued its tumble from its March 2022 high of $131 per barrel down to $82 a barrel. The drop has been in response to weak economic figures from China and the USA which has added to the recessionary anxiety gripping the market. Furthermore, as Iran edges closer to a nuclear deal, the removal of economic sanctions on the country may be ...
Oil Companies Record Profits in question
In a time when you consumers could potentially be feeling domestic budgets tighten up, by the result of surging high inflation and rise in prices of commodities, you would be forgiven to be receiving the news that some of the biggest oil companies in the world, have acquired record profits with some skepticism, you would even question if these ...