Crude oil continues to push up off the lows hit on Tuesday when front-month WTI broke below $67 per barrel for the first time since the beginning of October. Since then, oil has managed to build some upside momentum, although it’s far too early to tell if there’s a definitive change in direction. Nevertheless, things are looking better for the bulls, in some...
Following on from Alphabet’s better-than-expected earnings report on Tuesday evening, Microsoft and Meta Platforms were the next two ‘Magnificent Seven’ constituents to update the market. Both companies reported after last night’s close, and both managed to disappoint investors in slightly different ways. Microsoft beat expectations for both earnings and revenues....
Gold was trading at a fresh all-time intra-day high this morning, having posted a record close last night. It is closing in on its next key upside target of $2,800, having broken above $2,700 less than a fortnight ago. The chart continues to look constructive from a bullish perspective. The daily MACD indicates that momentum remains to the upside, while below the...
Crude prices were firmer in early trade this morning, making back a proportion of yesterday’s sharp losses. The jump came after the US said that it plans to purchase crude oil to replenish its Strategic Petroleum Reserve. But the gains so far fall well short of what’s needed to take crude back to Friday’s close which saw front-month WTI trading close to $72 per...
Gold hit a fresh all-time high on Wednesday morning, just a few dollars short of $2,760. After that, it fell steadily and later that evening it came close to testing $2,700. But buyers came in and took gold back up towards $2,750 yesterday. Unfortunately, that was as good as it got, and gold has come under selling pressure again this morning. The trigger for the...
Yesterday saw a significant turnaround for crude prices. Having started Wednesday sharply lower, crude suddenly reversed. Front-month WTI had come close to breaking below $70 per barrel. But the turnaround saw it make back all its early losses and end the day creeping into positive territory. Prices have built on these gains this morning. Could this be an early...
Gold was a touch firmer this morning, building on gains made during yesterday’s session. Gold has made a succession of record highs this year, and it has the potential to hit even more in the months, and possibly, years to come. Bull and bear markets stretch out over long periods of time where gold is concerned. The foothills of last major bull run can be seen in...
Crude oil recorded an increasingly rare positive session yesterday, and is on course for another as things stand this morning. Front-month WTI is back above $70 per barrel, and trading at its highest level since this time last week. It is probably far too early to call this latest move uncontestably constructive, given this troubled market. But WTI has put in...
Gold recorded a strong session on Friday as it surged above $2,700 for the first time in early trade. It built on these gains later in the day to end at a fresh record close, and on its highs. It added to these gains in early trade this morning. This has been a tremendous move over the last ten sessions from when gold was retesting $2,600 as support. Support...
Just over a week ago, gold was making repeated attempts to break below $2,600. But support held, and overnight it surged through $2,700 to hit another record high. The break-through came in the early hours of this morning during the Asian Pacific session. This tends to be when liquidity is poor, and markets can move dramatically on relatively low volumes. There...
Oil was drifting lower in early trade this morning, taking front-month WTI back down below $70 per barrel. It has lost 10% since it briefly topped $78 around ten days ago, and while the daily MACD has turned sharply lower as well, this move has only taken it back to ‘neutral’ levels rather than the heavily oversold area from this time last month. The concern that...
Gold rallied yesterday, and it was building on those gains in early trade this morning. A look at the daily chart shows how gold had drifted lower after hitting a record high of $2,685 towards the end of last month. It drifted lower over the following fortnight, until the middle of last week when it managed to build support just a touch north of $2,600. This...
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...
