Commodities

Weekly Chart Past Performance: Past Performance is not an indicator of future results. The chart above is FXCM's proxy for Brent, UKOil, on a weekly scale. From the mid-August low to the mid-October high, UKOil appreciated around 32%. We have used this impulse move for our reference trough (T) and reference peak (P). Since reaching P, UKOil has retraced to the 38.2% Fibonacci level (black horizontal). This level is currently…

Past Performance: Past Performance is not an indicator of future results. The blue vertical is the beginning of November. The precious metal started the month poorly. By the 3rd of November, gold was down about 1.3% (month open to low). However, it charted a reference trough, and almost 48 hours later, it charted the required reference peak. With these two points as an anchor, the precious metal charted a series…

Oil takes a breath after last week’s decline, on the back persistent talk of major countries globally releasing their strategic reserves to contain oil prices and thus stem inflation

USOIL has entered its 4th straight negative week and loses around 1% today, weighed by persistently high US inflation and OPEC+ recent dismissal of calls to increase production

Gold started the week on the back foot, but today it extends this month’s advance, with gains of around 5%, rising to its highest level since June

Past performance is not an indicator of future results Further to our previous analysis, gold's EMAs are pushing for a more bullish formation. EMAs are trend-following indicators and work under trend conditions. Consolidations tend to lead to whipsaw signals. The shorter-term green EMA has moved into a bullish position, and we are now looking for the mid-term orange EMA to cross above the longer-term red EMA (aqua ellipse). If this…

US Dollar’s post-CPI rally weighed USOil down and it remains downbeat today, running a mixed week, despite the solid start to it

Past performance is not an indicator of future results Further to our previous article, we consider UKOil's weekly scale (FXCM's proxy for Bent). After a pullback, UKOil has stabilised with the three EMAs (left chart) showing angle and separation. The right chart is also weekly, but we have zoomed in on the price action. A close above last week's high (aqua horizontal) is bullish, charting a reference low. This is…

The Chicago Mercantile Exchange (CME) is the world's largest derivatives marketplace, offering the public a vast array of options and futures contracts. Several of the CME's featured products face the equity, debt, agricultural, energy and metal asset classes. Among these listings is a softwood industry staple known as random length lumber futures. What Are Lumber Futures? Lumber futures are financial derivatives that furnish participants with leveraged softwood market exposure. Hedgers…

North American traders seek the US Dollar, which puts pressure on XAU/USD, following the de-escalation in US Producer Price Index and Mr. Powell’s focus on employment

The commodity comes from two negative weeks, but starts the current one on the offensive, helped by the infrastructure bill that was passed by US Congress over the weekend