Commodities are the objects of trade in commerce around the world. Gold, silver, oil: Commodities are the goods exchanged raw, rather than in a manufactured state. Commodities can be traded in physical states, as in gold bars, using futures and spot prices. Many traders, however, use electronic trading, as in EFTs, in lieu of physical shares, focusing instead on the spread of the buy and sell price. Dive deeper into commodity markets.
The organization of oil exporting countries and allies such as Russia, agreed yesterday to curb output by another 2.2 mbpd for the first quarter of 2024 on top of previously agreed cuts
Gold has charted a higher trough followed by a higher peak on the significant weekly timeframe. This puts the precious metal into a defined uptrend on its weekly chart. XAUUSD is trading around $2,040, which is near six-month highs.
Copper is trading at a down sloping green trendline on its weekly chart at 1. It is also facing the challenge of overcoming its black 30-week EMA (2). The base metal’s RSI has popped above 50 at 3, which is the bullish side of the indicator. It will be interesting to see if it can hold above 50 because below has been the norm since April (blue rectangle). If it…
Gold is currently trading around $1,990. The $2,000 level (red horizontal) is proving to be a significant psychological resistance level for XAUUSD. However, there are signs that the precious metal is preparing to break above this.
Oil prices slump today after the organization pushed back for next week its upcoming meeting, amidst hopes that further supply cuts could be considered
The commodity made a strong start to the week as China looks to provide further support to the real estate market and troubled developer Sunac meets restructuring conditions
Oil is moving higher today, following an up day on Friday. This follows a report in the Financial Times suggesting that Saudi Arabia will extend its current output restrictions until the spring, whilst other OPEC members consider further cuts. The FT article, citing unidentified people familiar with the discussions, submits that OPEC is unhappy about the current trend of declining oil prices and the humanitarian conditions in Gaza. OPEC is…
Oil prices are under pressure. FCXM’s CFD for Brent, UKOil, and its CFD for WTI, USOil, have charted a lower peak (LP) followed by a lower trough (LT) on their respective weekly charts. This puts both instruments into a defined downtrend on a significant time scale. The market is worried about demand, and this has contributed to the weakness.
XAU/USD heads towards a profitable week and eyes the 2,000 mark, boosted by the soft US CPI report, after a limited correction
The commodity staged a turnaround with the help of supportive OPEC comments, but struggles to extend its recovery, despite cool US inflation and strong data from China
XAU/USD runs its second losing week as Middle East fears appear contained and the greenback finds support after the Fed-fueled slump
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