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...
Gold was a touch firmer this morning, building on gains made during yesterday’s session. Gold has made a succession of record highs this year, and it has the potential to hit even more in the months, and possibly, years to come. Bull and bear markets stretch out over long periods of time where gold is concerned. The foothills of last major bull run can be seen in...
Crude oil recorded an increasingly rare positive session yesterday, and is on course for another as things stand this morning. Front-month WTI is back above $70 per barrel, and trading at its highest level since this time last week. It is probably far too early to call this latest move uncontestably constructive, given this troubled market. But WTI has put in...
Gold recorded a strong session on Friday as it surged above $2,700 for the first time in early trade. It built on these gains later in the day to end at a fresh record close, and on its highs. It added to these gains in early trade this morning. This has been a tremendous move over the last ten sessions from when gold was retesting $2,600 as support. Support...
Just over a week ago, gold was making repeated attempts to break below $2,600. But support held, and overnight it surged through $2,700 to hit another record high. The break-through came in the early hours of this morning during the Asian Pacific session. This tends to be when liquidity is poor, and markets can move dramatically on relatively low volumes. There...
Oil was drifting lower in early trade this morning, taking front-month WTI back down below $70 per barrel. It has lost 10% since it briefly topped $78 around ten days ago, and while the daily MACD has turned sharply lower as well, this move has only taken it back to ‘neutral’ levels rather than the heavily oversold area from this time last month. The concern that...
Gold rallied yesterday, and it was building on those gains in early trade this morning. A look at the daily chart shows how gold had drifted lower after hitting a record high of $2,685 towards the end of last month. It drifted lower over the following fortnight, until the middle of last week when it managed to build support just a touch north of $2,600. This...
