Commodities

Crude Remains Undermined By Rising US Oil Supply

Crude oil was unable to hold onto its gains on Monday after appearing for a while to have ended its bearish run. Oil prices have fallen for three consecutive weeks after the OPEC and Russia failed to surprise the markets with their decision to extend the oil production deal.

Gold Makes Significant Bullish Breakthrough On Soft Dollar

Thanks to soft US economic data of late, expectations about an aggressive rate hiking cycle by the Fed has diminished.

AUDUSD Forecast May 23, 2017, Technical Analysis

The Australian dollar had an explosive session on Monday, initially gapping lower, filling the gap, and then continue the down move.

AUDUSD Forecast May 22, 2017, Technical Analysis

The AUDUSD pair had a very strong session on Friday, reaching towards the highs that we had touched on Thursday. That’s a very bullish sign, and I think that the market is now trying to reach towards the 0.75 level above.

Crude Oil Gushes Higher On Russia, Saudi Agreement

The price of oil has surged higher at the start of the new trading week. This has helped to lift energy stocks and also underpin commodity currencies such as the Canadian dollar (FXC, quote).

Gold Up As Dollar Stalls Ahead Of US CPI, Retail Sales

The dollar buying witnessed at the start of the week was driven by rising expectations about a June rate hike following last week’s FOMC statement and a solid US monthly jobs report.

Commodities

Commodities price are firmer today with base and especially precious metals ending a bad run off losses, while crude oil has extended its gains from the day before when it rallied sharply on the back of the weekly US oil inventories report.

Crude Oil Remains Downbeat

Market participants in crude oil are continuing to shrug off persistent jawboning from oil ministers of some OPEC countries, most notably Saudi Arabia, about extending the production cuts into the second half of 2017, and possibly the first quarter of 2018.

Stopping Volume Appears On The Daily Oil Chart

Last week was an interesting one for oil traders (USO, quote) and speculators, as crude oil continued to move lower from Monday to Thursday, before bouncing strongly on Friday and closing in positive territory for the day, with a deep wicked candle on the daily chart and associated with high volume.

SLV Silver

There seems to be no end in sight just yet for silver, which continues to remain beaten down and unloved, and dragging its more illustrious cousin gold down with it.