All four major US stock indices inched into positive territory in early trade this morning. Yesterday, tech stocks led an advance which saw the NASDAQ add around 1% on the day, and the S&P gain 0.2%. The Russell 2000 was effectively unchanged, while the Dow slipped 0.3%. Overall, the recent price action has slowed to a steady grind higher. This follows the...
Crude oil was a touch firmer in early trade this morning, helped along by some barely OK manufacturing data from China. There’s an OPEC+ meeting on Thursday, postponed from yesterday, where the group is expected to extend its production cuts once again, this time from the end of this month. There’s a uneasy ceasefire between Israel and Hezbollah in Lebanon. At the...
Gold continues to fight back following the horrendous sell-off at the beginning of last week. Like many markets, gold tends to go up the stairs, but down in the lift, which can lead to some dramatic falls. It is also highly dispiriting for the bulls when they see a month’s-worth of small-step gains wiped out in a few hours. But this type of market move does tend...
Gold was looking a bit perkier this morning, having recovered from an initial slump lower on the Asian Pacific open. It has pushed up steadily since then, and is on course for a third consecutive positive session. Despite this, it has yet to break back above $2,660 – a level it sliced below easily on Monday, but which is currently acting as intermediate...
Crude prices were steadier in early trade this morning. This follows on from the hefty pullback seen so far this week which took front-month WTI down below $68 yesterday morning from over $71 early on Monday. The pullback came on hopes of a ceasefire deal between Israel and Hezbollah in Lebanon. This was confirmed yesterday, and came into force this morning. But...
US stock index futures were little-changed in early trade this morning. This follows a strong session on Monday which brought a fresh record close for the Dow, and a new intra-day high for the Russell 2000. The S&P and NASDAQ also posted gains for the session. But all four majors pulled back from the pre-open highs made by their respective front-month futures...
Gold has had a bad start to this holiday-shortened week. It fell sharply overnight, dropping $80, or close to 3%, in just three hours. It has managed to find a footing since then, and has been making back some of its losses in the European session. The overnight sell-off brought an end to gold’s steady upside progress over the last ten days. This followed gold’s...
Gold has been making steady progress since hitting its post-election low this time last week. Last Thursday it fell to $2,536, a level previously seen in early September. Since then, it has made solid, if unspectacular progress, rallying 5%. The post-election slump saw the daily MACD register its most oversold levels since October 2023. Gold’s progress since then...
Gold was lower this morning, giving back a portion of recent gains. It has been steadily pushing higher since its recent low point last Thursday morning, when it traded down to levels last seen two months ago. Since last week’s low, gold has added around $100 an ounce, or 4%. And despite this morning’s weakness, it’s looking in much better health now, with the...
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...
