Crude oil flew higher yesterday, after spending the morning testing significant support. Front-month WTI dropped below $80 per barrel on Tuesday, setting the market up for a face-off between the bulls and bears. It proved to be quite a tussle, with the winner likely to set the tone and near-term direction. In the end, the bulls managed to spark a significant rally...
There’s been a sharp sell-off in tech stocks today which saw the NASDAQ 100 drop over 2% soon after the open. Generative AI darlings NVIDIA and Super Micro Computers were both down over 5%, while there were also big losses for Meta, Apple, Microsoft and Tesla. Investors reacted to reports that the Biden administration was preparing further trade restrictions...
Gold was firmer again this morning, building on yesterday’s gains. It then dropped sharply as the New York futures exchange opened, before steadying just above $2,430. It proceeded to shoot higher, taking out its all-time intra-day high of $2,450 from two months ago. This is a situation which must be offering up some comfort to the bulls. Gold has made steady...
Gold was a touch weaker in early trade this morning, but still managed to hold above $2,400. Silver was also on the backfoot first thing. But both metals rallied off their lows as the trading session progressed. Gold, and to a lesser extent silver, got a boost from last week’s unexpected improvement in US inflation, as measured by CPI. Gold has managed to hold on...
US stock indices were rallying sharply into the weekend. This followed yesterday’s extraordinary session which saw large losses for tech stocks, but a huge shift into domestically focused mid-caps. This change in fortunes was borne out by the closing numbers which saw the NASDAQ 100 end 2% lower, while the Russell 2000 jumped 3.6%. The tech-led sell-off came just...
Front-month WTI fell back close to $80 per barrel yesterday before it bounced sharply. This move should be encouraging for bullish investors as it suggests that oil prices may have found a good level of support. If it continues to hold, and if prices now consolidate between $80 and $81, then the bulls could have a launchpad for further gains. This assumes that the...
Gold was a touch firmer in early trade this morning, building on yesterday’s gains, and clawing back a proportion of Monday’s losses. It has been a feature of the gold market since April that incremental gains made over many days, or even weeks, get wiped out in a single session. This has done a fair amount of damage to the bullish sentiment that had been building...
Gold had a good day yesterday, and managed not only to hold on to early gains, but build on them as the session progressed. It was a touch lower this morning, but still trading above $2,350, taking it back up to levels last seen a fortnight ago. It’s a similar story for silver which also had a strong session on Wednesday. It also pulled back this morning, but the...
Crude oil was down yesterday, but back up this morning. Prices continue to consolidate in a relatively narrow range. This follows the sharp rally which began in early June, just after the sell-off in the aftermath of the OPEC/OPEC+ meetings at the beginning of the month. Prices have gone sideways over the past ten days, holding roughly in a $2 trading range. As...
US stock index futures were all modestly higher in early trade, but began to turn lower as the session progressed. Yesterday saw another mixed session yesterday which saw gains for the S&P 500 and NASDAQ, and small losses for the Dow and Russell 2000. This is entirely consistent with the sharp recovery in NVIDIA, a constituent of both the NASDAQ and S&P....
In early trade this morning, gold and silver continued to take tentative steps upward following Friday’s nasty sell-off. Last week’s move really pulled the rug from under the bulls. They had been slowly rebuilding their confidence after an even nastier sell-off on 7th June. But the steady grind higher which followed the first slump evaporated in a single session....
It’s been a relatively quiet start to the week with US stock indices little-changed in early trade. There was a slight positive bias across most of the majors, although the tech-heavy NASDAQ was showing signs of weakness. Market darling NVIDIA was down again, with further evidence of additional profit-taking. Last Thursday the chip maker at the vanguard of...
Brent and WTI crude were little-changed this morning. Both contracts are now trading up at levels last seen at the end of April. This contrasts with where oil prices were just over a fortnight ago when both Brent and WTI were trading at four month lows, following the OPEC/OPEC+ meetings. Since then, Brent and WTI have added 10.6% and 11.6% respectively. Yesterday,...
US stock index futures were all pushing higher this morning following yesterday’s Juneteenth holiday. Today’s move took the NASDAQ 100 and S&P 500 to fresh all-time highs, while the Dow and the mid-cap domestically focused Russell 2000 remain somewhat adrift of their own best levels. Looking at individual equities, all the ‘Magnificent Seven’ are firmer in early...
Gold was lower again overnight following yesterday’s negative session. Despite this, gold is still managing to hold above $2,300 although it wouldn’t be a huge surprise to see a retest of this level. The daily MACD has fallen below zero which would suggest build in downside momentum. But it appears to be flattening out. It is also back to levels last seen in...
Crude oil spent the latter half of last week moving sideways. There was relatively little movement this morning as well, as markets continued to consolidate following the sharp rally which took place over the last couple of weeks. At the beginning of this month, front-month Brent and WTI hit their lowest levels since early February. Since then, both have rallied...
Gold and silver were trading in positive territory for most of this morning, but prices were constrained within tight price ranges. Most traders are sitting on their hands ahead of today’s key US inflation update and the Fed’s rate decision. Yesterday saw gold end higher while silver was lower, which was a fair summation of what has been happening since Friday’s...
US stock index futures came under selling pressure this morning. This followed yesterday’s lacklustre session which saw modest gains for all the majors. Equity markets appear to be consolidating ahead of tomorrow’s big announcements, with both the S&P 500 and NASDAQ 100 holding close to all-time highs. So much now hinges on where the CPI comes in. The consensus...
