Gold continues to consolidate not far below of all-time highs. This comes after the sharp rally which began in mid-February. Gold is managing to hold above $2,150 on an intra-day basis, and this level is rapidly developing into a significant area of support. Gold was down a touch this morning, which in itself showed remarkable resilience given recent dollar...
The major US stock indices ended higher yesterday, breaking three days of back-to-back losses from the middle of last week. The mid-cap Russell 2000 failed to join in however, ending Monday’s session down 0.7%. All the US indices were weaker this morning, but picked up as the day wore on. Investors are likely to sit on their hands now during the two-day Fed...
Gold continues to consolidate. This follows its month-long rally which began after it briefly broke down below $2,000 per ounce in mid-February. Last week, gold pulled back from its best levels as the dollar jumped higher on hotter-than-expected inflation data. The news has led to speculation that the Federal Reserve may push back the timing of its first rate cut....
Yesterday, the bulls finally got the breakthrough they’ve been working on for months now. Ever since front-month WTI broke below $70 in mid-December, oil has been gently pushing higher, although every attempt to break above $80 per barrel has been firmly rebuffed. But the intensity of the attack on this level of resistance picked up significantly this month....
Yesterday, we noted: ‘Today’s notable losers are NVIDIA and Tesla which are both down over 3%’. Well, we can repeat that again today, Thursday afternoon. Other tech majors are holding up so far. But it’s worth noting that the Russell 2000, which unlike the Dow, S&P 500 and NASDAQ 100, has failed to make a fresh record high this year, is down 1.7% at the time of...
Yesterday’s US Consumer Price Index (CPI), showed numbers going in the wrong direction. The headline year-on-year CPI rose 3.2%. This was higher than expected, and above the +3.1% reading from January. Previously, January’s numbers had disappointed, coming in above expectations although still showing an overall decline. That had caused a serious market disruption...
Gold was a touch lower this morning, while the US dollar and Treasury yields were little-changed as investors sat on their hands ahead of the latest US CPI update. Gold was on course to break its run of nine days of back-to-back gains. A look at the chart showed no real pullback since this rally began in mid-February, and then really took off at the beginning of...
Crude oil sold off sharply on Friday and is lower in early trade today. Once again, front-month WTI is constrained to the upside by some very obvious and effective resistance around $80 per barrel. This has held firm since crude broke below here in early November last year. However, recent attempts have been accompanied by some positive upside momentum. Yet while...
It’s halfway through Friday’s trading session for US stocks, and the major indices have given up earlier gains. Earlier this morning both the NASDAQ 100 and the S&P 500 hit fresh record intra-day highs, helped along by NVIDIA. Having jumped close to 7% yesterday, it added another 3% in after-hours trade this morning. Investors continue to close their eyes and pay...
Crude oil spent all of Wednesday morning rallying steadily, in a move which saw front-month WTI launch another attempt to break above resistance at $80 per barrel. Once again, it was rejected and has gone on to lose more ground this morning. The final leg of yesterday’s upside push came after the latest weekly update from the Energy Information Administration...
Gold bulls have had a tremendous few days after months of frustration. Gold is up just under 5% since this time last week, and is currently closing in on its all-time record high hit back in early December. This was when gold suddenly surged in a low volume, illiquid, post-weekend Asian Pacific session to hit a record high just under $2,150. It subsequently...
Both the S&P 500 and NASDAQ 100 closed at fresh record highs on Friday. The Dow ended a tad lower, pulled back by a fall in UnitedHealth which is its major constituent by weighting. Meanwhile, the broad-based, domestically-focused mid-cap index, the Russell 2000, tacked on over 1%, but remains around 15% adrift of its own record highs from back in November 2021....
Just over two weeks ago, gold fell sharply and broke below $2,000 to hit its lowest level in two months. It bounced back quickly, and topped $2,040 per ounce last Friday. It then spent this week going nowhere. Until today. After a fairly shabby start this morning, gold suddenly perked up, and was soon testing levels around $2,050 which acted as resistance in both...
Yesterday crude oil staged another attempt at an upside breakout. So far in February we’ve seen front-month WTI stall when it has attempted to break above the $78.30-$78.80 area. But it managed to cut above here yesterday, although it ultimately failed to close in on $80. Once again, it ran out of upside momentum as it pushed up into the $79.20-$79.70 band. This...
There was a mixed close across US stock indices yesterday, as equities continued to consolidate. This morning brought more of a pullback particularly in tech and smaller stocks. NVIDIA was down over 1% overnight and has now lost about 3% from its record close last Thursday. Despite this, there still hasn’t been any hint of a significant pullback in the current...
Gold is a touch firmer this morning, making back yesterday’s losses. It continues to consolidate in a relatively narrow range with a modest upside bias. This has seen it recover from a sharp sell-off two weeks ago when it slumped below $2,000 for the first time since mid-December. Over the last ten weeks, gold has spent most of its time between $2,000 and $2,100....
For most of last week, crude appeared to be consolidating below a prior area of resistance. The question seemed to be when oil prices would build up enough momentum to achieve escape velocity and break above the key levels of $80 and $85 for front-month WTI and Brent respectively. But this bullish scenario fell apart on Friday when oil prices fell sharply. They...
There was a surge in bullish sentiment following the release of NVIDIA’s stunning results. The rally across stocks was broad-based, making it difficult to find anything that failed to post hefty gains yesterday. Well I’ve found one. Newmont Mining Corp, the world’s biggest gold miner, didn’t just fail to rally. It absolutely tanked, ending yesterday’s session down...
