The Dow ended a touch lower last night, but otherwise US stock indices closed with modest gains. Earlier in the session, all the majors rallied off intermediate support levels which were being tested after last week’s pullback. Overnight, the major indices built on Monday’s gains but then sold off sharply on the European open. Investors were rattled by a statement...
Gold was firmer this morning, as was silver. It is certainly early days, but there are some small, yet significant, signs to suggest that the post-election slump may be over. Gold looks as if it may be finding its footing following the sell-off which began at the end of October. This accelerated into a rout as the Trump victory became apparent and yields and the...
US stock index futures were all on the back foot this morning, continuing to sell off after yesterday’s losses. The domestically-focused, mid-cap Russell led Thursday’s decline, dropping 1.4% during the session. But it is the tech sector which is leading this morning’s move lower, with fairly uniform declines for the ‘Magnificent Seven’ constituents. Federal...
This is getting painful. Gold’s sell-off since Donald Trump won the race for the White House last week has been relentless. Gold prices had toyed around the $2,600 level for much of Tuesday and Wednesday, before slicing through this area of support yesterday afternoon. The move appeared to set off protective sell stops, driving prices down further, breaking below...
Crude prices managed to steady yesterday, having declined sharply since hitting a three-week high last Thursday. Front-month WTI was a touch firmer in early trade this morning as well. But it feels as if this could turn out to be nothing more than a brief pause before prices head downwards once again. The fundamental picture remains unchanged. Supply remains...
After the rise, comes the fall. Gold sold off again this morning. Has it found a bottom? Less than a fortnight ago, gold was trading at all-time highs and within sight of $2,800. It pulled back from what were fairly overbought levels. It then looked as if it may repeat the consolidation process which took place over the last two weeks of August and the first two...
Crude oil started the week on the backfoot. It made gains throughout the first half of last week, but was unable to break above resistance, and pulled back from its best levels on Thursday and Friday. For front-month US Light, that resistance topped out around $72.50 on a closing basis. This level acted as a barrier in both September and October, and now November...
US stock indices settled down a touch yesterday. The Dow ended unchanged. The mid-cap Russell 2000, which had soared on news of Trump’s win, pulled back a touch to close 0.4% lower. The S&P 500 added 0.7%, while the tech-heavy NASDAQ gained 1.5%. Volatility, as measured by the VIX, has fallen sharply, and is now back to levels last seen towards the end of August,...
Precious metals have had a torrid time since it became apparent that Trump had won a clear victory in the early hours of yesterday morning. Gold broke below $2,700 and is currently hovering in a band of support which stretches between $2,635-$2,675. This area acted as resistance in the last week of September and the first of October. A break below here would set...
US stock index futures soared overnight as it became clear that Donald Trump was on course for a decisive win in the Presidential Election. It also looks as if Republicans could get a clean sweep by winning majorities in both the Senate and House of Representatives. The Dow was up well over 1,000 (2.9%) points for the first time since November 2022. Ahead of the...
It looks as if gold is back in one of its periodic consolidation phases, having hit a fresh record high of $2,790 during last Thursday’s Asian Pacific session. Prices subsequently pulled back sharply and have traded around the $2,730 area ever since. Once again, this is helping to bring down the daily MACD back to more reasonable levels which could create a...
Crude prices shot higher overnight following news that OPEC+ has delayed an expected production increase. Both Brent and WTI were up around 3% on the news, even though the announced delay is only for a month. This has taken front-move crude back up to an area of resistance around $71.50-72.00. If it can push above this region convincingly, and then hold it on any...
Crude oil continues to push up off the lows hit on Tuesday when front-month WTI broke below $67 per barrel for the first time since the beginning of October. Since then, oil has managed to build some upside momentum, although it’s far too early to tell if there’s a definitive change in direction. Nevertheless, things are looking better for the bulls, in some...
Following on from Alphabet’s better-than-expected earnings report on Tuesday evening, Microsoft and Meta Platforms were the next two ‘Magnificent Seven’ constituents to update the market. Both companies reported after last night’s close, and both managed to disappoint investors in slightly different ways. Microsoft beat expectations for both earnings and revenues....
Gold was trading at a fresh all-time intra-day high this morning, having posted a record close last night. It is closing in on its next key upside target of $2,800, having broken above $2,700 less than a fortnight ago. The chart continues to look constructive from a bullish perspective. The daily MACD indicates that momentum remains to the upside, while below the...
Crude prices were firmer in early trade this morning, making back a proportion of yesterday’s sharp losses. The jump came after the US said that it plans to purchase crude oil to replenish its Strategic Petroleum Reserve. But the gains so far fall well short of what’s needed to take crude back to Friday’s close which saw front-month WTI trading close to $72 per...
Gold hit a fresh all-time high on Wednesday morning, just a few dollars short of $2,760. After that, it fell steadily and later that evening it came close to testing $2,700. But buyers came in and took gold back up towards $2,750 yesterday. Unfortunately, that was as good as it got, and gold has come under selling pressure again this morning. The trigger for the...
Yesterday saw a significant turnaround for crude prices. Having started Wednesday sharply lower, crude suddenly reversed. Front-month WTI had come close to breaking below $70 per barrel. But the turnaround saw it make back all its early losses and end the day creeping into positive territory. Prices have built on these gains this morning. Could this be an early...
