Commodities

Gold Continues To Remain Rangebound

The technical support platform in the $1305 per ounce area came to the rescue of gold once again last week, with five consecutive days of gains, taking the precious metal from the gapped up open of Monday at $1313 per ounce to end the week at $1341.70 on the December contract.

Saudi Oil Output Offer Report Lifts Brent For Fourth Day

Ahead of next week’s talks in Algeria, Reuters reported this morning that Saudi Arabia is apparently willing to reduce its oil output for as long as Iran agrees to freeze its production at current levels.

Will The FED Provide The Catalyst For Gold?

As summer transitions into Autumn, there seems to be little change in the sentiment for gold, which continues to remain rangebound on the daily chart, still transfixed within the Brexit candle of late June.

IEA Revision Increases The Pressure On Oil

This morning’s IEA supply report has suggested demand would remains weak into 2017, and with a downward revision to its demand forecast, this has added a bearish tone to oil prices once again, with the WTI contract for October trading lower at $45.27 at time of writing. The IEA see the forecast for 2016 falling by 100k bpd to 1.3 mln bpd.

SLV Silver

Yesterday was, once again, another negative day for silver, which continued lower for a fourth consecutive session, opening gapped down from Friday’s close before ending at $19.00 per ounce.

Over Supply Continues To Drive Copper Prices Lower

As global markets return to business after the summer recess, and commodity markets attempt to find some much needed traction, the story for copper is very different as it continues to remain range bound and waterlogged across all the slower time frames.

Crude On A Slippery Roller Coaster Ride To Nowhere

Over the past week and a half, crude oil prices have been on a rollercoaster ride. Within the large ranges, the force of gravity has generally worked against bullish speculators after the 3-week rally ended in mid-August when Brent hit $51 and WTI reached $49 a barrel again.

AUDUSD Forecast August 25, 2016, Technical Analysis

The AUDUSD pair went back and forth during the course of the session here on Wednesday, as we continue to try to build up enough momentum to make a significant move.

EURUSD FXE

The EURUSD pair fell slightly during the course of the session on Wednesday, as we continue to try to find buyers just below.

Crude Turns Positive Ahead Of Oil Data

Oil prices swung wildly into the positive territory yesterday. The rally eventually came to a halt around the $50 handle for Brent and $48 for WTI, and both contracts have been trending lower from these levels until an hour or so ago.