Get started

Commoditytrading

Rebounding Treasury yields strengthens the greenbackEUR/USD 🔽 GBP/USD 🔼 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 Last week, US 10-year Treasury yields rose 5.8 basis points to 3.823%, which strengthened the greenback against other major currencies. EUR/USD dropped to 1.0324, and AUD/USD lost 10 pips to 0.6671. An unexpected 0.6% month-on-month increase in UK retail sales has sent GBP/USD higher to 1.1884. USD/CAD added over 50 pips to 1.3384, while USD/JPY moved up slightly to 140.35. Projected oil demand tumbled due to growing COVID-19 cases in China. WTI oil futures then closed lower at a two-month low of $80.11 a barrel. As the Federal Reserve is likely to carry out further rate hikes, spot gold declined $10 to $1,750.84 an ounce. The Dow Jones Industrial Average rose 199 points (+0.59%) to 33,745, the S&P 500 gained 18 points (+0.48%) to 3,965, and the Nasdaq 100 was unchanged at 11,677.
by Mitrade_official
Hawkish Fed comment strengthens the dollarEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔽 USD/JPY 🔼 XAU 🔽 WTI 🔽 Recent comments from St. Louis Fed President James Bullard suggest he supported the idea of another full percentage point rate hike to 7%, which weakened the stock market. Among the major indices, the Dow Jones Industrial Average decreased 7 points (-0.02%) to 33,546, the S&P 500 declined 11 points (-0.30%) to 3,946, and the Nasdaq 100 dropped 22 points (-0.19%) to 11,676. Meanwhile, prospects for more massive rate hikes strengthened the greenback, EUR/USD fell to 1.036, as the Eurozone CPI was slightly lower than Mitrade's estimates with a 1.06% on-year increase. GBP/USD lost over 50 pips to 1.1862, and the UK Chancellor just announced large-scale tax hikes and spending cuts. AUD/USD decreased to 0.6681. USD/CAD had minimal losses and closed at 1.3326, USD/JPY rebounded further to 140.18. A stronger dollar sends spot gold lower, currently at $1,760.22 an ounce. Rising covid cases in China once again caused oil prices to drop, and WTI oil futures closed at $82.08 a barrel.
by Mitrade_official
Strong US retail sales likely to extend Fed rate hikesEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔼 WTI 🔽 As Tuesday’s producer inflation rate slowed, yesterday saw US retail sales increasing by 1.3%, against a 1.0% projection. Signs of resilience in the US economy led investors to believe the Federal Reserve would remain steadfast on aggressive rate hikes. The stock market then traded lower in general, Dow Jones fell 39 points to 33,553, S&P 500 dropped 32 points to 3,958 and Nasdaq 100 fell 172 points (-1.45%) to 11,699. NATO’s report has claimed the missile explosion was likely an accident caused by Ukrainian air defenses, thus easing fears of possible direct intervention from NATO. EUR/USD rose to 1.0392, market estimates had tonight’s Eurozone inflation reading at 10.7% on the year - the same as last month. Meanwhile, UK inflation has reached a four-decade high of 11.1%, exceeding Mitrade's expectations of 10.7%. AUD/USD suffered minor losses to 0.674, despite the labor market adding 32,200 jobs, far greater than what investors has anticipated. USD/CAD closed at 1.3327, and just rose to a week-high at 1.3350. USD/JPY retreated from a high of 140.22 to 139.55. Spot gold slid to $1,773.88, currently at $1,769.87 an ounce. Although the latest US crude oil stockpiles have dropped by 5.4 million barrels, WTI oil futures traded lower at $85.25 a barrel.
by Mitrade_official
1
Cotton price looking bullish after breaking above 50 day SMATODAY’S MARKET IDEA: Cotton price looking bullish after breaking above 50 day moving average Cotton vs US Dollar current price $88.25, both rate of change 4 and 13 day above zero line (bullish); MACD above its signal line (bullish) and the fact that current price is above both its respective 20 and 50 day moving averages indicate bullish technical conditions, upside potential for longs in the short term (1-25 days) at $95.87 (38.2% retracement from its 13 week low) provide price can remain above the $86.2 support. Not investment advice. Past performance is not indicative of future results.
SKILLING:COTTONLong
by Skilling
1
Alleged Russian strike on Poland stirs marketEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 Two people have been killed in a missile strike near the eastern Polish border. The possible Russian attack on a NATO member has raised speculation that the Russian invasion of Ukraine will escalate. As a safe haven asset, spot gold rose to $1,778.8 an ounce, while WTI oil futures moved up slightly to $87.01 a barrel. On the other hand, US PPI readings were lower than expected, sparking hopes that the Federal Reserve will slow down rate hikes upon reducing producer price growth. The dollar was weakened against its peers. EUR/USD increased to 1.0348, and AUD/USD added over 60 pips to 0.6756. GBP/USD climbed to a high of over two months at 1.1994 and closed at 1.1858, as Mitrade anticipated UK annual inflation data this afternoon would reach 10.7%. Once again, USD/JPY sank below the 140.0 level to 139.29, and USD/CAD declined to 1.3277. Major US stock indices also enjoyed minor upticks. A gain of 56 points (+0.17%) was made on the Dow Jones Industrial Average, 34 points (+0.87%) on the S&P 500, and 170 points (+1.45%) on the Nasdaq 100.
by Mitrade_official
1
Japan’s GDP decline fuels greenback’s reboundEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 Early this morning, the collection of Japan’s economic data indicated a contraction, its GDP has decreased by 0.3% in the quarter, against estimates for a 0.3% increase. As such, USD/JPY added over 100 pips to 139.88, currently at 140.28. USD/CAD also slightly recovered to 1.3311. Meanwhile, EUR/USD bounced back from a low of 1.0274 to 1.0325, investors expected tonight’s Eurozone GDP quarterly growth will fall from 0.8% to 0.2%. GBP/USD recorded a 79 pips loss to a closing price of 1.1752. After some fluctuations, AUD/USD closed at 0.6696 with minor losses, the meeting minutes released by the Reserve Bank of Australia show the central bank has considered a 50 basis point rate hike for November. Spot gold closed at $1,771.24 and was last traded at $1,769.79 an ounce. WTI oil futures declined to $85.87 a barrel. FTX’s recent collapse sees Bitcoin plunging to a low of 15,852.
by Mitrade_official
AUDJPY: Bullish recovery?AUDJPY Intraday - We look to Buy at 92.00 (stop at 91.45) Previous support located at 92.50. Previous resistance located at 93.50. A lower correction is expected. Risk/Reward would be poor to call a buy from current levels. A move through 93.50 will confirm the bullish momentum. Our profit targets will be 94.00 and 94.50 Resistance: 93.50 / 94.00 / 94.50 Support: 92.50 / 92.00 / 91.50 Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’) . Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
Long
by VantageMarkets
Fed unfazed by softened inflation dataEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 Last week’s speech from Federal Reserve officials indicated the US central bank is still leaning towards using aggressive rate hikes to control inflation, though remains open to slowing the pace. Meanwhile, the stock market extended its rally, with the Nasdaq 100 adding over 210 points 11,817 being the best-performing index out of the three, the Dow also enjoyed a weekly gain of 4.15%. Improved GDP reading in the UK led major currencies to recover against the greenback, GBP/USD climbed more than 120 pips to 1.1835. EUR/USD surged to 1.0352, gaining almost 150 pips, as Germany’s annual inflation reached 10.4% - aligning with marketing projections. USD/JPY plunged below the key level of 140.00 to 138.79, losing over 230 pips, and USD/CAD declined to 1.3254. AUD/USD closed higher at 0.6702, the meeting minutes from the Reserve Bank of Australia will be announced tomorrow morning. Spot gold increased to $1,771.42 an ounce, the highest level in over two months. WTI oil futures gained slightly to $88.96 a barrel, currently at $89.22.
by Mitrade_official
Risk aversion increases amidst election and inflation suspenseEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 The market is intently following the US midterms results, with the Republican party holding the upper hand for now. Later tonight, the upcoming CPI data is expected to record an 8.0% year-on-year increase - still far from the Federal Reserve’s 2% target. As political and economic uncertainty looms, the stock market has ended its rally. The Nasdaq 100 dropped the most, losing 2.37% to 10,797. The safe haven greenback strengthened against its peers, USD/CAD rose above the 1.3500 level to 1.3526, and USD/JPY recovered to 146.44. The euro/dollar pair slid near parity at 1.0011, and GBP/USD lost almost 190 pips and declined to 1.1356. As health concerns grew in China once again, AUD/USD decreased to 0.643. Bitcoin slumped further to 16,230.0 with a low of 15,702. US Crude Oil Inventories increased by 3.92 million barrels - significantly higher than Mitrade's estimates of 1.360 million, WTI oil futures then closed at a three-week low of $85.83 a barrel. Gold price experienced minor fluctuations and closed lower at $1,707.04 an ounce.
by Mitrade_official
Crypto tumbles upon FTX liquidity crunchEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔽 As US midterm results are revealed one by one, the stock market has continued to rally while the dollar weakens. The Dow once again recorded the highest gains by increasing over 1% to 33,160, S&P 500 and Nasdaq 100 rose 0.56% and 0.75% respectively. However, the crypto market suffered heavily upon the news that FTX’s liquidity crunch, followed by a possible bailout by rival exchange Binance. Bitcoin has plunged to a two-year low at 18,419.0, and Ethereum also fell to 1,326.21. EUR/USD has remained above parity at 1.0072, and GBP/USD closed higher at 1.1536. AUD/USD enjoyed modest gains to 0.6503. USD/CAD decreased to 1.3426, and USD/JPY dropped further to 145.62. Spot gold has gone past the $1,700.00 level to $1,712.48 an ounce. WTI oil futures retreated to $88.91 a barrel, Mitrade expects US crude oil inventories will increase by 1.36 million barrels.
by Mitrade_official
Euro / Dollar pair returns above parityEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 US mid-term elections have taken the spotlight for the day, as voting is currently underway. Meanwhile, Meta Platforms are reported to carry out large-scale layoffs to reduce costs, its stock prices gained 6.53% and led tech stocks and major indices in general to rally. The Dow has recorded the largest uptick of over 420 points, currently at 32,827.00. EUR/USD has returned above parity at 1.0019, Mitrade expects the eurozone retail sales to turn positive with a 0.4% growth estimate. GBP/USD increased over 130 pips to 1.1511, and AUD/USD moved up slightly to 0.6478 upon lower consumer confidence levels. USD/CAD closed higher at 1.3496, and USD/JPY was last traded at 146.62 with minimal gains. Spot gold has recovered from a low of $1,667.15 to $1,675.38 an ounce, WTI oil futures briefly broke through $93.00 and slumped to $91.79 a barrel.
by Mitrade_official
Iron ore hits record-low as demand drops By the end of 2022, the price of iron ore is expected to hit their lowest level in three or four years as global demand for the commodity continues to slow down, particularly from China, the world's largest consumer of iron ore. In recent years, China has been cutting down its iron ore demand especially after the government placed restrictions on the industry to reduce carbon emissions. In 2021, the country's iron ore import fell to 1.12 billion tons from 1.17 billion tons in the prior-year period. Expectations for 2022 from the production side are no better with Australia, the world's biggest exporter of iron ore, projecting a 0.6% drop in global steel output to 1.947 billion tons. "Combined with growing global recessionary fears, new COVID-19 outbreaks and weakness in China's housing sector have dampened world steel and iron ore demand in recent months," the Australian government said in its October quarterly report. A Reuters survey in October showed that prices are expected within the $90/ton to $115/ton range by the end of the year. MetalMiner data shows the price in early 2022 were at $160.30/ton at the beginning of Russia's war against Ukraine. The decline comes despite forecasts of growth in the demand for iron ore through to 2026. The global market for iron ore is estimated to reach 2.7 billion metric tons, while production is expected to reach 3.17 billion metric tons. Until definite signs of recovery are observed, maybe it is best to err on the side of caution regarding iron ore prices, especially considering the threats of a recession in Europe and the persisting problems in China's property sector, which could heavily impact on the demand for the key steelmaking ingredient.
SGX:FEF1!
by BlackBull_Markets
US nonfarm payrolls exceed estimates againEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 The latest US nonfarm payrolls data has reflected a tight labor market, increasing 261,000 jobs in October, against projections between 200,000 and 240,000. Meanwhile, the unemployment rate has increased slightly to 3.7%, though the market expected only 3.6%. However, brief hopes for China to lift pandemic-related restrictions have strengthened major currencies toward the greenback. EUR/USD climbed and stabilized at 0.996, edging toward parity. GBP/USD added almost 220 pips to 1.1375, the Aussie/dollar pair has gained the most by rising more than 3.0% to 0.6478. USD/CAD dropped over 270 pips to 1.3478, and USD/JPY retreated to 146.59. Both stocks and commodities have recovered, and all three major stock indices have increased over 1.2% on Friday. Spot gold jumped more than $50 to $1,681.38 an ounce, as WTI oil futures returned above the $90.00 level to $92.61 a barrel.
by Mitrade_official
Bank of England raised rates by 75 basis pointsEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 After the Federal Reserve’s 75 basis point rate hike, the Bank of England has followed suit - though notably less inclined to continue aggressive tightening, being warier of an economic recession. GBP/USD lost over 230 pips to a closing price of 1.1165, while EUR/USD slumped from a high of 0.9943 to 0.9751. Later tonight, Mitrade anticipated the US Nonfarm Payrolls to increase employment by 200,000 displaying the resilience in the labor market, hence justifying the hawkish stance of the Fed. Recent rate hikes saw USD/CAD climbing to 1.3745, and USD/JPY rising over 30 pips to 148.27. Due to China’s zero-COVID policy and continued tightening among global central banks, the gold price rebounded from a month-low of $1,617.05 to closed lower at $1,629.65 an ounce. The commodity-sensitive AUD/USD pair declined and stabilized at 0.6287, as WTI oil futures fell to $88.17 a barrel.
by Mitrade_official
Market expects slowed US rate hikes in DecemberEUR/USD 🔽 GBP/USD 🔼 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔽 XAU 🔼 WTI 🔼 Both the Federal Reserve and the Bank of England are to announce their interest rate decisions tomorrow, while sharing the same 75 basis points forecast. Upon some weakened economic indicator readings, Mitrade expects the two central banks would slow down on the rate hike next month. As a result, the greenback has also put the brakes on its peers, EUR/USD closed lower at 0.9874, just recovered to 0.9885, and GBP/USD added slightly to 1.1483. Yesterday, the Reserve Bank of Australia raised rates by 25 basis points to 2.85%, aligning with market projections. USD/CAD rebounded to 1.3629, and USD/JPY declined and closed at 148.28. Upon raising hopes for China to re-open its cities and factories, WTI oil futures increased to $88.37 a barrel. Later tonight, the US Crude Oil Inventories are estimated to add 367,000 barrels. Gold price climbed to $1,647.8 an ounce, after reaching a high of 1,655.14.
by Mitrade_official
GOLD (XAU/USD): bearish perspective. When do we sell?Looking at the 4h-timeframe chart of Gold, the following can be observed: the price is pulling back to re-test the 1658 - 1659 area of previously penetrated support which now serves as a zone of resistance. The same area nicely lines up with the 0.786 Fibonacci retracement level. Once that specific key zone is reached, we are looking into closely monitoring the price action and eyeing possible short positions. The initial target is plotted on the graph. Happy November!
OANDA:XAUUSDShort
by Investroy
21
The Dow recorded the highest monthly gain since 1976EUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 Yesterday, the stock market has returned to previous gains, and all major US indices recorded moderate losses. Although the Dow fell 128 points to 32,732, Mitrade observed it has also recorded the highest monthly gain for October at 13.95% - the highest since 1976. Later today, the Reserve Bank of Australia will announce its interest rate decision, as AUD/USD recovered from a low of 0.6368 to close at 0.6397 with minor losses. EUR/USD declined to 0.9883, Eurozone inflation went higher to 10.7% on the year in October. GBP/USD has the steepest loss of almost 150 pips to 1.1469. USD/CAD peaked at 1.3677 and retreated to 1.3622, while USD/JPY climbed and stabilized at 148.71. Higher US oil production estimates and slowed Chinese manufacturing data have weakened oil prices, WTI oil futures fell to $86.53 a barrel. The imminent Federal Reserve rate hike sends gold prices down to $1,633.64 an ounce.
by Mitrade_official
More controversies in the new Twitter regimeEUR/USD 🔽 GBP/USD 🔼 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 Despite the monthslong process, the drama between Elon Musk and Twitter is far from over, key executives were fired, and alleged conversations were leaked. Meanwhile, Twitter’s stock price is mostly trading flat at $53.70. Major U.S. stock indexes have extended their gains by more than 2%. The Dow Jones has enjoyed a four-week winning streak, increasing 828 points (+2.59%) to 32,861, while the S&P 500 and the Nasdaq 100 added 93 points and 354 points respectively. USD/CAD climbed to 1.36, and USD/JPY increased 119 pips to 147.45. EUR/USD continued to close below parity at 0.9963, currently at 0.9952. Later tonight, the Eurozone inflation rate is expected to record an annual increase of 10.2%. GBP/USD stabilized near the month-high level and closed at 1.161. AUD/USD declined to 0.6411, as the Reserve Bank of Australia is to announce its interest rate decision tomorrow, Mitrade has estimated a 25 basis points rate hike. Gold price slid further down to $1,642.76 an ounce, and WTI oil futures fluctuated and closed lower at $87.9 a barrel.
by Mitrade_official
ECB raised rates by 75 basis pointsEUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 XAU 🔽 WTI 🔼 The latest interest rate decision from the European Central Bank aligned with market projections at 75 basis points, while the statement had indicated a more dovish approach to control inflation. Once again, EUR/USD plunged below parity to 0.9962. The British Pound fell to 1.1564 against the greenback, and AUD/USD closed lower at 0.6449. On the other hand, Mitrade was informed that US GDP data exceeded expectations by growing 2.6% compared to the previous quarter, the strong readings displayed resilience in the US economy. As a result, the Federal Reserve should gain more confidence in announcing more aggressive rate hikes. USD/CAD bounced back from a low of 1.3501 to 1.3563, and gold price suffered minor losses at $1,663.39 an ounce. WTI oil futures rose to a high of $89.61 and closed at $89.08 a barrel. In the stock market, Meta Platforms (META) was struck by a lackluster earnings report, which made its prices drop 24.56%, currently at 97.94.
by Mitrade_official
Euro / Dollar returns above parityEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 Underperforming earnings from tech giants Alphabet (GOOGL) and Microsoft (MSFT) have sent major stock indices reeling. As Alphabet and Microsoft’s stock prices have dropped 9.14% and 7.72% respectively, signs of a slowed economy are likely to make the Federal Reserve slow down on the rate hikes in December. Meanwhile, the news has also weakened the greenback, allowing EUR/USD to surge above parity and stabilized at 1.0077. Later this afternoon, Mitrade was informed that the European Central Bank is expected to raise rates by 75 basis points to 2.00 %. AUD/USD closed higher at 0.6497 with notable gains. Although the British Parliament is still heavily divided as the new Prime Minister is in office, GBP/USD led its peers by adding over 150 pips to 1.1627. The Bank of Canada only increases its interest rate by 50 basis points - lower than the estimate of 75, USD/CAD fell to a low of 135.13 and recovered to 1.3551. USD/JPY declined further to 146.35. With investors looking forward to a less hawkish Federal Reserve, gold prices rose steadily to $1,664.76 an ounce. Despite an increase in crude oil inventories by 2.59 million barrels, WTI oil futures have increased to $87.91 a barrel.
by Mitrade_official
The Fed expected to ease rate hikes as the economy slowsEUR/USD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 Upon a series of US economic data failing to meet their estimates, the market now believes the Federal Reserve is bound to be less aggressive in next week’s interest rate announcement. The news has weakened the greenback against its peers, USD/CAD plunged to 1.3606, and USD/JPY declined to 147.91. EUR/USD closed higher at 0.9964, edging closer back to parity. GBP/USD rose and stabilized at 1.1467, almost gaining 200 pips. Although Australia’s inflation problem is less severe than other major countries, it recorded a 1.8% increase in the price level - higher than the projected 1.6%, while AUD/USD rose to 0.6394. Despite the API Weekly Crude Oil Inventory having increased by 4.5 million barrels, WTI crude futures only had minor gains, as it briefly went to $85.89 and closed at $85.32 barrel. Gold price rose to a high of $1,660.47 an ounce and retreated to $1,653.22.
by Mitrade_official