Oil prices were sharply higher this morning, building on last week’s gains. Last week, front-month WTI recorded its strongest week since March last year, tacking on over 9%. In fact, from last Tuesday’s low to this morning’s high, WTI is up 14%. The turnaround has come on the back of escalating hostilities across the Middle East. The biggest concern is that Israel...
Crude oil was firmer again this morning as traders price in the escalation in hostilities across the Middle East. This marks the fourth successive positive session across oil markets as the tit-for-tat exchanges between Lebanon and Israel continue. These were compounded by Iran’s direct involvement through another missile attack on Israel, and comments from US...
Global equity markets have put in a strong performance this September, in what can often be a problematic month for stocks. But it is shaping up to be an even better one for precious metals – assuming they can make it through today without too much damage. For the month up to Friday’s close, which saw a modest pullback in both precious metals, gold had tacked on...
After an uninspiring start, gold rallied yesterday afternoon and went on to hit a fresh record high above $2,680. It gave back a chunk of these gains in early trade this morning, but nothing too concerning for the bulls. This continues to be a good month for gold. It has now tacked on around $200, or 8%, from its low at the beginning of September. But it is...
On the first Tuesday of this month, when traders returned after the long US Labor Day weekend, front-month WTI slumped below $65 per barrel to hit its lowest level since May 2023. This proved to be the culmination of a 23% decline which began in early July. Oil was very oversold, and prices subsequently turned higher, but not aggressively so. In fact, it took a...
Gold is trading sideways this morning. This follows a strong session yesterday which saw it close at a fresh all-time high. Just under a fortnight ago, gold managed to burst out of a month-long trading range between $2,470 and $2,530. Since then it has continued to push higher, adding around 6%. The daily MACD has also picked up sharply, although it is not...
Both Brent and WTI were a touch weaker in early trade this morning. But both contracts have put in impressive rallies over the past fortnight. Oil prices plunged following the US Labor Day holiday on Monday 9th September. The sell-off saw front-month WTI break below $65 per barrel to trade at its lowest level since May last year. Front-month Brent hit its lowest...
Crude oil has managed an impressive bounce over the last ten sessions. Earlier this month, front-month WTI broke below $65 per barrel to trade at its lowest level since May last year. Front-month Brent hit its lowest level since December 2021. The latest sell-off took both markets into very oversold territory. Since then, oil has rallied sharply, with WTI, as of...
Gold was trading below $2,570 ahead of the Fed’s announcement. It topped $2,600 to hit a new intra-day record on news of the 50 basis point cut (bps) before reversing sharply and breaking below $2,550. Since then, it appears to have found a floor and has been pushing higher throughout the morning. Silver has traded in a similar, yet more volatile, pattern. The...
On Monday gold hit an all-time intra-day high, trading just a tad below $2,590. It pulled back a touch yesterday and was holding steady in early trade this morning. Gold’s behaviour is often tied to interest rates. It’s said that gold does best when interest rates are low as investors can’t earn interest from holding gold. So, when interest rates are high, gold is...
Crude oil was weaker in early trade this morning, giving back a proportion of yesterday’s gains. Oil prices have recovered somewhat over the past week. Last Tuesday front-month WTI fell below $65 to hit its lowest level since May 2023. Since then prices have bounced, with WTI adding around 7.5% from last week’s low to yesterday’s high. But this must be put into...
On Thursday, gold finally managed to break out of its month-long trading range as it surged above $2,530. It built on those gains on Friday to close at a new all-time high just under $2,580. It was firmer again overnight, although it had shed its gains at the time of writing. Time will tell whether the pull-back is simply a round of profit-taking or the beginning...
US stock indices flew higher last night, led by a strong advance in tech stocks. This saw the S&P 500 and NASDAQ end the session up 1.1% and 2.2% respectively. The Dow and Russell 2000 lagged somewhat, with both closing 0.3% higher, but overall the tone was positive. The gains followed the latest update on US inflation with the release of the Consumer Price Index...
Crude oil suddenly became a newsworthy talking point yesterday as Brent fell below $70 per barrel to trade at its lowest level since December 2021. Front-month WTI also fell again, taking it back to levels last seen in May 2023. No one is willing to stand underneath this torrent of selling, as significant buyers continue to stand aside, even after last week’s...
Gold broke above $2,500 in mid-August and has been trading either side of this level ever since. On one hand, this looks quite constructive from a bullish standpoint as the to-and-fro on the daily chart suggests a period of consolidation. This is entirely reasonable given the run-up from $2,300 at the end of June. It’s also encouraging that gold hasn’t yet...
Yesterday saw a sharp turnaround in oil after prices appeared to find a floor on Tuesday. This followed a near-relentless sell-off which began at the beginning of July. But Wednesday brought a last-minute stick save. This saw Brent and WTI bounce sharply. Front-month WTI was trading above $78 earlier this morning, having hit a multi-week low of $73.35 on Tuesday....
Finally, gold found some love yesterday. Prices rallied late afternoon in a move which pushed gold back above $2,400. It went on to build on those gains overnight. The question now is if it can make further upside progress, or is this latest rally going to peter out as resistance is tested around $2,430? Gold is now back within sight of its all-time high around...
Any bullish hopes that crude oil was ready for a rebound, following a month’s-worth of near relentless downside pressure, evaporated yesterday. Front-month WTI slumped below a level of intermediate support around $76 and is getting ever closer to the multi-month lows hit in early June. The daily MACD is pushing deeper into negative territory, indicating that...
