Crude oil prices were higher this week as the latest data from the Energy Information Administration showed that US crude oil inventories fell for a fifth week last week, dropping 2.1 million barrels to 394.1 million barrels per day for the week ending September 14th. Crude stockpiles are now back down to levels not seen since February 2015. Ho...
Technical Copper – Broken out of a wedge pattern. Weekly: The selloff has posted a correction count on the weekly chart. The 50% Fibonacci retracement is located at 2.628 from 1.936 to 3.320. The bullish engulfing candle on the weekly chart the positive for sentiment. The corrective cycle lower looks to have stalled. Daily: A break...
Gold Gold prices were higher this week, taking their cues from a weaker US Dollar which softened in response to weaker than expected economic data along with the prospect of negotiation between the US and China over the ongoing trade dispute. The latest US inflation data for August came in below expectations at 2.7% vs 2.9% on the headline read...
The latest report from the Energy Information Administration showed that US crude oil inventories last week fell back to their lowest levels since 2015. In the week ending August 31st, commercial US crude stocks shrank by 4.3 million barrels to 401.49 million barrels. [shortcode-variables slug="act_tradeideas"] Trade Concerns Weigh Despite ...
Gold Gold prices were softer this week, but only just, managing to rally up off initial lows on the week as the US Dollar traded lower. The weakness in USD came in response to a report that President Trump told the Wall Street Journal he is considering taking trade action against Japan. The US is already heavily engaged in a trade war with Chin...
Gold Gold prices remained stable this week, posting a second consecutive positive week after weeks of heavy selling took gold down to levels not seen since summer 2017. The weakness comes despite a weaker US Dollar which remains soft in the wake of Fed chair Powell’s speech at Jackson Hole last week. Powell’s message was one of caution as he re...
Gold The yellow metal was able to post a minor recovery this week in response to a weaker US Dollar, which posted its second consecutive weekly loss. The fall in the US Dollar comes on the back of President Trump’s comments regarding the Fed where he expressed his disappointment with the bank’s tightening policy which he feels poses a threat to...
Gold The yellow metal fell to a fresh nineteen month low this week before posting a mild recovery later in the week as the US Dollar conceded some of its recent gains. The pullback in USD is attributed to news of talks between the US and China over their ongoing trade conflict. It has been announced that a delegation from China, led by Wang Sho...
Gold The Yellow Metal hit a fresh 12-month low this week, registering its fourth consecutive losing week, as the US Dollar rallied gathered pace. The moves came in response to the latest Federal Reserve FOMC meeting. Although the central bank kept rates unchanged as was widely expected, the accompanying statement registered a more hawkish shift...
Gold – Further downside appears likely Weekly: A sequence of weekly lower lows and highs has been posted. Trading within a Bearish Channel formation. The continuation lower in prices through support has been impressive with strong momentum and shows no signs of slowing. A break of 1217 is needed to confirm follow through negative momentum ...
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