Silver price gains positive traction on Friday and reverses a portion of the previous day’s decline to the yearly low. The extreme oversold on the RSI (14) on the daily chart is seen as a key factor driving short covering. The breakout point of the support double bottom near the $21.40 area should limit any […]
Tag: Commodities
Copper falls 4% and threatens to break below $4
The price of copper resumes its falls due to a climate of risk aversion and fears about world demand. Copper (Comex) threatens to break the $4,000 level, on the LME it breaks the $9,000 level. Investors seek refuge in the US dollar. Copper has resumed its downward momentum after a temporary rebound on Wednesday. The […]
WTI falls over 2% to test $101.50 as risk aversion intensifies
WTI price is reversing the previous bounce as it falls to test the $101.50 level. A firmer dollar and risk aversion flows weigh on higher yielding US oil. WTI sellers remain expectant after the dismal monthly report from the IEA. The WTI (NYMEX futures) is trading under strong selling pressure so far on Thursday, reversing […]
IEA downgrades oil demand growth forecasts for 2022 by 70,000 bpd
In its monthly report on the oil market, the International Energy Agency (IEA) has revised down the growth projections for oil demand for this year by 70,000 bpd due to the closure of China and high prices. Additional comments Refinery operations will increase by 4.7 million bpd between now and August, but market stress will […]
Forex Today: Dollar Rebounds on Risk Aversion Ahead of US Producer Price Data.
This is what you need to know to trade today Thursday May 12: The dollar regained its strength after Wednesday’s US inflation data and continued to outperform its rivals during the Asian session on Thursday. The dollar index is at its highest level since late 2002, above 104.00, ahead of US April producer price index […]
Gold Price Forecast: XAU/USD Jumps to $1,850 Region, Focus Remains on US CPI
Falling US bond yields weigh on the USD and help gold gain traction on Wednesday. Concerns about weakening global growth offer additional support for the yellow metal as a safe haven. Expectations of an aggressive Fed rate hike could cap gains ahead of the US CPI release. The price of Gold (XAU/USD) has rebounded from […]
Forex Today: Markets turn cautiously bullish as focus shifts to US CPI.
This is what you need to know to trade today Wednesday May 11: The observed positive change in risk sentiment in the middle of the week makes it difficult for the dollar to continue to outperform its rivals. As investors await data from the US CPI consumer price index, expected to decline to 8.1% y/y […]
Silver Price Analysis: XAG/USD bears in control below $22.00
Silver price gives back its modest intraday recovery gains and approaches the yearly low again. The break below the $22.00 level could have already set the stage for further losses. The oversold of the RSI (14) on the daily chart warrants some caution before opening new bearish positions. Silver price (XAG/USD) struggled to capitalize on […]
Gold Price Forecast: XAU/USD moves higher but lacks bullish conviction
A drop in US bond yields weighs on the USD and helps gold regain positive traction on Tuesday. Expectations of an aggressive Fed rate hike and risk appetite prevented the yellow metal from gaining ground. Market attention will continue to be focused on the release of Wednesday’s US consumer inflation figures. The gold price (XAU/USD) […]
Forex Today: No Reprieve for Risky Assets
This is what you need to know to trade today tuesday may 10: Wall Street’s main indices suffered heavy losses on Monday and the S&P 500 hit its lowest level in a year below 4,000 points. Although markets remain relatively quiet early on Tuesday, US stock index futures are down 1.3%-1.7%, while the DXY dollar […]
