Crude oil suffered a deep sell-off yesterday, but rallied off its lows soon after the US open. In little over an hour, front-month WTI jumped from the day’s low of $70.50 to break briefly above $73.00. Prices have drifted lower ever since. The initial sell-off came after China announced retaliatory tariffs on imports from the US. The bounce came after President...
The US dollar shot higher in early trade yesterday. Despite this, gold was only modestly lower and it wasn’t long before it pushed back into positive territory. Gold ended Monday’s session with a gain of 0.7%, having recorded a fresh all-time intra-day high of $2,831, and a record close around $2,814. Once again, the best word to describe gold’s recent behaviour...
Crude prices shot higher overnight in response to President Trump’s insistence that he would be carrying through his tariff threat. As of Tuesday, the US will hit Canada and Mexico with 25% tariffs on their US exports, although the tariff on Canadian oil will be set at 10%, same as that on goods from China. Put together, oil from Mexico and Canada account for...
Yesterday, gold posted an all-time record closing price of $2,799, just one dollar short of $2,800. Then, in early trade this morning, it squeaked above $2,800 before pulling back a few dollars. Since then, it has picked up and broken back above this significant level. So, while the margin is small, gold can finally wave ‘goodbye’ to the old records from the end...
Gold has had a positive start to the day, coming close to breaking through $2,780. This takes it back above Friday’s close, so making back all of Monday’s losses and more. Today’s gains have come despite a rally in the US dollar, something that can create a headwind for gold prices. Gold is just over $10 away from its all-time high of $2,790 hit at the end of...
Crude prices were a touch softer in early trade this morning. Yet prices for WTI appear to be oscillating around $73.85 – a level which represents the 50% retracement of the rally from early December to the recent high of $80.61. It also marks a point on the downwardly-sloping trendline which was broken above nearly three weeks ago, and is now being retested as...
Gold dropped around 1% yesterday as investors rushed to dump anything of value to raise funds in response to the US tech-led sell-off. But the loss was relatively modest when put in perspective with the broader market. China’s DeepSeek released an AI assistant which is now the top-rated free application on Apple's US App Store. It has most of the functionality of...
US stock index futures have tumbled overnight. Investors rushed to bail out of chipmakers and tech-related equities in reaction to China’s threat to US dominance over the development of generative AI. A relatively small Chinese company called DeepSeek has produced a powerful open-source artificial intelligence model at a fraction of the cost, yet with capabilities...
US stock index futures were a touch lower this morning, pulling back following gains for all four majors on Thursday. Yesterday the S&P 500 finally broke above 6,100 to hit a fresh all-time high, while also posting a record close. The Dow and NASDAQ 100 were both around 1% below their respective all-time highs, while the mid-cap, domestically-focused Russell 2000...
Gold is a touch weaker this morning, but the selling pressure has been relatively muted so far. Gold continues to show great resilience as it has managed to push higher despite the strength of the US dollar. The current leg of this rally has been going since mid-December, and in an encouraging sign for the bulls, all pullbacks have proved to be quite shallow. This...
Onwards and upwards. Gold put in another strong performance yesterday, and has built on those gains this morning. The significant thing about Tuesday’s performance was that gold was able to break above resistance in the $2,720 area with apparent ease. In fact, it was textbook price action. Gold sliced through resistance, ran on, and then dropped back to retest...
During his inauguration address early yesterday evening, President Donald Trump declared that he was calling a national energy emergency, aimed at raising fossil fuel production. This did little to support the price of crude. Although in fairness, it appears that the market had anticipated something along those lines, as the sharpest part of yesterday’s sell-off...
Gold was firmer in early trade this morning, following a late sell-off on Friday evening. Back then, it fell below $2,700, and the slide lower continued in the first few hours of the Asian Pacific session overnight. Since then, it has rallied back above $2,700 where it appears quite comfortable. Gold has looked extremely resilient of late, not just when measured...
Yesterday gold traded over $2,724 to hit its highest level since mid-December. Back then, gold sold off over the following five sessions for an overall 5% loss. Could history repeat? It’s certainly possible. Last month’s sell-off came despite the daily MACD hovering around ‘neutral’ so there was no indication that gold was overbought. Today’s daily MACD is higher...
Yesterday, front-month WTI reversed an early drift lower and surged to its highest level in six months, coming within 50 cents of $80 per barrel. So much for the expected consolidation, let alone a significant pullback. Crude oil is on course for a month’s-worth of back-to-back weekly gains, which is quite the recovery given the near-relentless selling pressure...
Gold dipped sharply on Monday. The sell-off was such that gold briefly dropped below $2,660 before buyers came in to support prices. This was an unexpected move, given that gold came within two dollars of hitting $2,700 on Friday afternoon, to trade at its highest level in a month. But, as noted previously, bulls should be reassured by the recent price action....
Crude oil has pulled back a touch this morning with front-month WTI trading around $77. It could be that the market is ready to consolidate after a significant bull run, which began just before Christmas. WTI is up 12% since 20th December, and 15% from its last significant low point, hit earlier that month. A bounce in crude prices has been overdue for a while...
On Friday afternoon, gold came within two dollars of breaking back above $2,700. But it was unable to make the final heave, and it has drifted lower overnight and this morning. Despite this, gold has made impressive upside progress since the New Year, even as the US dollar has pushed higher. The Dollar Index is trading at fresh 26-month highs, just below 110.00....
