Yesterday saw a fairly dramatic reversal in crude oil as prices plunged. That sell-off continued this morning with front-month WTI back below $70 per barrel. On Friday it was trading comfortably above $75. While this was some way short of the $78 hit at the beginning of last week, it looked as if crude may be backfilling and consolidating after a sharp bullish run...
Gold ended last week on a positive note, posting decent gains on both Thursday and Friday. This ended a six day run of negative closes, and also established a new area of support just above $2,600. The bulls need to build on these gains now in an effort to push gold up to $2,700 and fresh all-time highs. They should get some help from the daily MACD which has...
Crude oil was a touch weaker in early trade this morning, giving back some of yesterday’s gains. Overall, it has been a positive four weeks for oil, following a near-relentless sell-off from early July to September which saw front-month crude drop from $84 per barrel to below $65, or 22%. The last month has seen WTI add on around 15% from its September low. This...
Gold slipped lower again yesterday, and has now lost around 3% since hitting its all-time intraday high of $2,685 a fortnight ago. Prices have picked up and stabilised so far this morning. As things stand, there are a few positives that the bulls can take away from the movement over the past two weeks. Firstly, it’s entirely reasonable that gold should pull back...
Crude oil was little-changed in early trade this morning, with a slight downside bias. This follows on from Tuesday’s sell-off which saw front-month WTI continue to pull back from Monday’s peak, just above $78 per barrel. This marked a near two-month high for WTI and represented the top of an 18% rally from the lows seen less than a week previously. Just one month...
At the beginning of last week, gold sold off heavily, having traded at an all-time high just a few sessions earlier. It then marked the first day of October by rallying sharply, making back all of the previous day’s losses. Since then, it has meandered lower, pulling ever further back from its recent record. The daily losses have been modest, despite some decent...
Oil prices were sharply higher this morning, building on last week’s gains. Last week, front-month WTI recorded its strongest week since March last year, tacking on over 9%. In fact, from last Tuesday’s low to this morning’s high, WTI is up 14%. The turnaround has come on the back of escalating hostilities across the Middle East. The biggest concern is that Israel...
Crude oil was firmer again this morning as traders price in the escalation in hostilities across the Middle East. This marks the fourth successive positive session across oil markets as the tit-for-tat exchanges between Lebanon and Israel continue. These were compounded by Iran’s direct involvement through another missile attack on Israel, and comments from US...
Global equity markets have put in a strong performance this September, in what can often be a problematic month for stocks. But it is shaping up to be an even better one for precious metals – assuming they can make it through today without too much damage. For the month up to Friday’s close, which saw a modest pullback in both precious metals, gold had tacked on...
After an uninspiring start, gold rallied yesterday afternoon and went on to hit a fresh record high above $2,680. It gave back a chunk of these gains in early trade this morning, but nothing too concerning for the bulls. This continues to be a good month for gold. It has now tacked on around $200, or 8%, from its low at the beginning of September. But it is...
On the first Tuesday of this month, when traders returned after the long US Labor Day weekend, front-month WTI slumped below $65 per barrel to hit its lowest level since May 2023. This proved to be the culmination of a 23% decline which began in early July. Oil was very oversold, and prices subsequently turned higher, but not aggressively so. In fact, it took a...
Gold is trading sideways this morning. This follows a strong session yesterday which saw it close at a fresh all-time high. Just under a fortnight ago, gold managed to burst out of a month-long trading range between $2,470 and $2,530. Since then it has continued to push higher, adding around 6%. The daily MACD has also picked up sharply, although it is not...
Both Brent and WTI were a touch weaker in early trade this morning. But both contracts have put in impressive rallies over the past fortnight. Oil prices plunged following the US Labor Day holiday on Monday 9th September. The sell-off saw front-month WTI break below $65 per barrel to trade at its lowest level since May last year. Front-month Brent hit its lowest...
Crude oil has managed an impressive bounce over the last ten sessions. Earlier this month, front-month WTI broke below $65 per barrel to trade at its lowest level since May last year. Front-month Brent hit its lowest level since December 2021. The latest sell-off took both markets into very oversold territory. Since then, oil has rallied sharply, with WTI, as of...
Gold was trading below $2,570 ahead of the Fed’s announcement. It topped $2,600 to hit a new intra-day record on news of the 50 basis point cut (bps) before reversing sharply and breaking below $2,550. Since then, it appears to have found a floor and has been pushing higher throughout the morning. Silver has traded in a similar, yet more volatile, pattern. The...
On Monday gold hit an all-time intra-day high, trading just a tad below $2,590. It pulled back a touch yesterday and was holding steady in early trade this morning. Gold’s behaviour is often tied to interest rates. It’s said that gold does best when interest rates are low as investors can’t earn interest from holding gold. So, when interest rates are high, gold is...
Crude oil was weaker in early trade this morning, giving back a proportion of yesterday’s gains. Oil prices have recovered somewhat over the past week. Last Tuesday front-month WTI fell below $65 to hit its lowest level since May 2023. Since then prices have bounced, with WTI adding around 7.5% from last week’s low to yesterday’s high. But this must be put into...
On Thursday, gold finally managed to break out of its month-long trading range as it surged above $2,530. It built on those gains on Friday to close at a new all-time high just under $2,580. It was firmer again overnight, although it had shed its gains at the time of writing. Time will tell whether the pull-back is simply a round of profit-taking or the beginning...
