Open interest in gold futures markets rose for the second straight session on Wednesday, this time by more than 5,000 contracts according to preliminary readings from the CME Group. Volume, on the other hand, reversed four consecutive daily increases and fell by some 34,700 contracts. Gold: Next support at $1,721 Gold prices fell on Wednesday […]
Tag: Commodities
Silver Forecast: XAGUSD remains above $19.20 after FOMC Minutes
Silver erases some earlier losses and is up more than 0.10% on Wednesday. The FOMC minutes showed the Fed’s commitment to tackle inflation, even if the economy slows. The Fed could even move to a “tighter stance” if inflation persists. Fed officials reiterated that a 75 basis point hike in July might be appropriate. Silver […]
Oil: WTI Fall Remains Exposed Toward 200-Day Average Amid Recession Fears
WTI price remains vulnerable amid fears of an inevitable global recession. Concerns about the China shutdown will make any rebound in oil short-lived. The impending bearish cross is keeping sellers hopeful, with their eyes on the 200 moving average. WTI (NYMEX Futures) is hovering around $99, after the bounce hit resistance above $100 earlier in […]
Gold Price Forecast: XAU/USD Falls to $1,786-84 Zone as USD Hits New 20-Year High
The price of gold continues to lose ground for the second day in a row and falls below the $1,800 level. Expectations of an aggressive Fed rate hike coupled with a dollar rally put pressure on gold. Risk-off sentiment, amid rising recession fears, could offer support and limit gold’s decline. The price of Prayed falls […]
Gold Price Forecast: XAU/USD Struggling Near $1,800 as USD Climbs to 20-Year Highs
The price of gold falls for the second day in a row, pressured by a combination of factors. Expectations of an aggressive Fed rate hike continue to act as a headwind amid signs of stability in the markets. Modest dollar strength further weighs on XAU/USD, although recession fears help limit losses. The price of Gold […]
India: Gold imports triple in June on price correction – Reuters
The India’s gold imports nearly tripled in June from a year agoas the price of XAUUSD underwent a sharp correction, according to a government source quoted by Reuters on Tuesday. Featured Comments Jewelers restock their inventories after strong sales during a key festival in the country. India imported 49 tons of gold in June, compared […]
IEA: Global demand for natural gas will grow slowly in coming years
In its latest report on the gas market, The International Energy Agency (IEA) warns that global natural gas demand growth will likely contract slightly in 2022 and will continue its downward trend for the next three years. The dire prospects for gas consumption are based on the fact that the war between Russia and Ukraine […]
Silver Forecast: XAG/USD Steady around $19.95
US traders are on holiday due to US Independence Day, so most assets are trading within known ranges. Silver price is subdued and remains negative, driven by depressed precious and base metal prices. Silver (XAGUSD) Price Forecast: Positive divergence on the daily chart could open the door for further gains as buyers target $20.45. Silver […]
Silver Price Analysis: XAG/USD consolidates below $20.00, not out of the woods yet
The price of silver remains near the two-year low reached on Friday. Friday’s breakout of a downtrend channel continues to favor the bears. RSI oversold on short-term charts warrants caution before positioning for further decline. The price of silver has failed to capitalize on Friday’s nice recovery move from the two-year low and has seen […]
Silver Price Analysis: XAG/USD Bears Remain in Control, Descending Channel Breakout in Play
Silver continues to lose ground on Friday and falls to a two-year low below the $20.00 level. The move down confirms a new bearish breakout of an uptrend channel. Oversold technical oscillators warrant some caution for bears before positioning for further losses. Silver continues to come under intense selling pressure on the last day of […]
