News and Trade Ideas (Commodities)

[MongiIG]

Brent crude oil price rise nears resistance while sugar bounces off nine-month low and corn slips

Outlook on Brent crude oil, corn and sugar futures ahead of the festive season.

Source: Bloomberg

 

 

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 20 December 2023 11:34

Brent crude oil on track for sixth consecutive day of gains

Brent crude oil futures have risen for five straight days as Red Sea shipping concerns unnerve traders and are heading towards the October-to-December downtrend line at 80.62. Further up meanders the 200-day simple moving average (SMA) at 81.64 which may also act as resistance. Support below the 79.18 early November low is seen around the 14 December high at 77.44.

Source:ProRealTime

Corn price slips towards three-year low

Front month corn futures are slipping back towards their November three-year low at 471 as Brazil pulls ahead of the US as the biggest supplier of the commodity to China. A fall through 471 would engage the June 2019 high at 466.7 and mean that the major support zone which has held since August, has finally given way. Minor resistance above the 13 December low at 480 can be seen along the 55-day simple moving average (SMA) at 488.69.

Source:ProRealTime

Sugar #11 recovers from nine-month low

Front month sugar futures prices plummeted from their 12-year high by over 25% over the past few weeks as supply concerns ease, dropping to 20.56, a nine-month low, before trying to regain some lost ground. Short-covering is taking the futures back to Friday’s low at 21.38. While Friday’s high at 22.14 isn’t overcome, though, the steep downtrend remains intact with the psychological 20.00 mark remaining in sight.

Source:ProRealTime

[MongiIG]

Oil drops on Saudi price cuts, gold and silver prices also under pressure

Outlook on Brent crude oil, gold and silver as Saudi Arabia reduces February official selling price for Asia.

Source: Bloomberg

 

Forex Commodities Petroleum Gold Brent Crude Saudi Arabia

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 09 January 2024 11:06

Brent crude oil takes hit on Saudi price cuts

Oil - Brent Crude fell by over 3% on Monday as Saudi Arabia announced a reduction in the February official selling price (OSP) of its primary Arab Light crude oil for Asia by $2 to $1.50 a barrel above the benchmark, its lowest level in 27 months. It did so amid increasing global supply, especially from non-OPEC producers, and dwindling demand.

The front month futures contract held above last week’s 74.81 low, though. Were it to give way, the 7 December low at 73.69 would likely represent the next downside target ahead of the 72.50 December low.

Resistance can now be spotted around Friday’s 77.60 low ahead of the October-to-January downtrend line at 79.22 and last week’s 79.35 high.

Source: ProRealTime

Gold price continues to slide

Spot Gold’s drop from its $2,088 per troy ounce late December high amid an appreciating US dollar has so far taken it to Monday’s $2,017 low from where it is trying to recover. Slightly further down support can be found along the 55-day simple moving average (SMA) at $2,014 and, more significantly, between the October and late November highs at $2,009 to $2,007.

Resistance above the breached October-to-January uptrend line, now because of inverse polarity a resistance line, at $2,038 can be spotted at Friday’s $2,064 high. While remaining below it, downside pressure should retain the upper hand.

Source: ProRealTime

Silver price hovers above support

Spot Silver (5000oz)’s descent from its late December per troy ounce high at $24.60 on the back of an appreciating US dollar took it to last week’s $22.84 low, above which it has been hovering since. Slightly below it remains the $22.51 December low which should act as support, were it to be retested. Further down sits the November low at $21.89.

Minor resistance above Tuesday’s $23.37 intraday high can be seen between Friday’s high and the 55- and 200-day simple moving averages (SMA) at $23.51 to $23.66. While this resistance area caps, downside pressure should continue to dominate.

Source: ProRealTime

 

 

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

[MongiIG]

Gold price rallies while oil & natural gas prices struggle

While gold is moving higher to start the week, oil prices and natural gas prices have seen a more mixed morning of trading.

Source: Bloomberg

 

Commodities Market trend Gold Brent Crude Price of oil Natural gas

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 15 January 2024 11:50

Gold marches higher

The price is making headway to the upside this morning, building on the strong finish to last week.

Last week saw the price bounce off the 50-day simple moving average (SMA), forming a higher low and reviving the uptrend. Friday saw the price close above trendline resistance from the late-December high, bolstering the bullish short-term narrative.

A close back below $2030 would negate this, while a drop back below the 50-day SMA points towards the possibility of additional short-term weakness.

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Source: ProRealTime

Surge in Brent crude knocked back

The volatility in crude oil prices continues. Friday witnessed a spike to $80 for Brent, in anticipation of the US/UK military action against the Houthis in Yemen.

However, the spike was short-lived, and the close below the 50-day SMA sends a potentially bearish signal. Sellers now need to follow through on this with a break below $75 that will open the way to the lows of December.

Buyers have been unable to hold on to gains over the past few months, and in the short-term a close above $80 and then the late December high at $81.40 would provide a short-term bullish view.

Souce: ProRealTime

Natural Gas gaps lower

After the surge from the December lows, the price has hit a road block, slumping back to the 200-day SMA, though leaving the uptrend from the lows of December intact.

A close below 2670 would be needed to break trendline support from mid-December, which would reinforce the view that a lower high has been created. This might then renew the downtrend from early-November and put the lows of late December in play.

Renewed strength targets last week’s highs around 2975, and a close above 3000 marks a fresh bullish development.

Source: ProRealTime

 

 

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

[MongiIG]

Oil, gold and silver prices slide on greenback strength

Outlook on Brent crude oil, gold and silver ahead of US retail sales publication.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 17 January 2024 12:32

Brent crude oil price slides

The price of Brent crude oil once again slides as a stronger Us dollar and global demand concerns overshadow heightened tensions in the Middle East ahead of Wednesday’s API crude oil inventories. Monday’s low and the December-to-January uptrend line at 76.71 to 76.36 are thus back in play. More significant support comes in at last Monday’s 75.21 low and the previous week’s 74.81 low. Were this support zone to be fallen through, the 7 December low at 73.69 would represent the next downside target ahead of the 72.50 December low. Resistance above Wednesday’s intraday high at 77,71 comes in between Tuesday’s high and the 55-day simple moving average (SMA) at 79.16 to 79.32.

Source: ProRealTime

Gold price pushed lower amid strong greenback

Spot gold’s slide from last week’s $2,062 per troy ounce high amid a strengthening US dollar has taken it back to the 55-day simple moving average (SMA) at $2,019, below which lies last week’s low at $2,014. Were it to give way, the October and late November highs at $2,009 to $2,007 would be back in sight. Minor resistance above Wednesday’s $2,033 intraday high sits at last Wednesday’s $2,040 high with further resistance to be found at Monday’s $2,046 low.

Source: ProRealTime

Silver price slides towards current January low

Spot silver’s descent from last week’s $23.53 per troy ounce high is fast approaching last week’s $22.48 low as a rising greenback makes the purchase of the precious metal less attractive. A drop through the $22.48 current January low would likely engage the November low at $21.89. Minor resistance above Wednesday’s $22.94 intraday high can be seen at Monday’s $23.11 low ahead of the more significant 5 to 12 January highs at $23.51 to $23.53.

Source: ProRealTime

[MongiIG]

Oil price rises on heightened Iran/Pakistan tensions while cotton and orange juice slip

Outlook on WTI, cotton and orange juice.

Source: Bloomberg

 Written by: Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Thursday 18 January 2024 12:53

WTI rises on Iran/Pakistan missile hits

Front month WTI futures swiftly reversed their recent minor downtrend which took these to Wednesday’s 70.61 low as Pakistan has responded to Iran's strikes on terrorist groups inside the former with an attack of its own. Tuesday’s high and the 55-day simple moving average (SMA) at 73.66 to 74.03 are thus back in sight. Further up lurks last week’s 75.27 high which also presents a potential resistance level. Support below Tuesday’s 71.85 low sits at Monday’s 71.38 low and the 71.33 late December low. The December-to-January uptrend line and Wednesday’s low at 70.61 to 70.50 offer further support. While the next lower current January low at 69.41 holds, a medium-term bullish reversal may unfold.

Source: ProRealTime

Cotton price flirts with December high

Front month cotton futures have been steadily rising since the beginning of the year and have now reached the 200-day simple moving average (SMA) at 83.02 which capped on Wednesday. The next higher December high at 83.17 nonetheless remains in sight. If overcome, the 85.00 region could be in focus as well. Medium-term upside pressure should be maintained while the last reaction low on the daily chart at 81.33, made on Tuesday, underpins on a daily chart closing basis. Minor support above this level can be seen at Thursday’s 82.31 intraday low and the early January 82.23 high. Tuesday’s high at 82.04 may also act as support, were it to be revisited at all.

Source: ProRealTime

Orange juice futures approach five-month low

Front month orange juice futures have resumed their descent and are swiftly approaching their May high and August trough at 287.24 to 287.21 which may offer interim support. If fallen through, the April peak at 280.38 would be next in line. Resistance above Thursday’s 293.31 intraday high sits at Friday’s 301.73 low. While Friday’s high at 308.90 caps, downside pressure should prevail.

Source: ProRealTime

[MongiIG]

Oil, gold and silver prices rise amid heightened Middle East tensions

Outlook on TI, gold and silver ahead of key US data later this week.

Source: Bloomberg

 Written by: Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 24 January 2024 12:58

WTI rises on heightened Red Sea tensions

Front month WTI futures continue to grind higher as investors weigh up escalating geopolitical tensions around the Red Sea with demand-side uncertainties and recovering global supply. The rise from last Wednesday’s 70.61 low has so far taken the front month futures contract to Monday’s 75.45 three-week high, a rise above which would engage the 76.20 late December peak and the 200-day simple moving average (SMA) at 77.28. The rise in the oil price is underpinned by a one-week uptrend line at 73.86 and the 55-day SMA at 73.75. While Monday’s low at 72.57 isn’t giving way, further upside should be seen.

Source: ProRealTime

Gold price side-lined

Spot gold’s slide from last week’s $2,062 per troy ounce high amid a strengthening US dollar has taken it back to the 55-day simple moving average (SMA) at $2,023 along which it has been trading for the past week while remaining above last week’s low at $2,002. Further range trading between this low and Friday’s high at $2,039 is at hand. More resistance is to be found at last Monday’s $2,046 low.

Source: ProRealTime

Silver price bounces off January trough

Spot silver’s descent from its mid-January $23.53 per troy ounce high rapidly took it to Monday’s $21.93 low which was made marginally above its $21.89 mid-November low. The rise above Tuesday’s daily candlestick Harami high at $22.46 points to a probable bullish trend reversal with the 4 January low at $22.69 representing the first hurdle. Once bettered, the December-to-January downtrend line at $23.14 should be back in sight. Support below Wednesday’s $22.35 low lies in the $21.93 to $21.89 region.

Source: ProRealTime

[MongiIG]

Oil price slides on demand concerns while corn and wheat prices also drop

Outlook on WTI, corn and wheat ahead of Wednesday’s US FOMC meeting.

Source: Bloomberg

 Written by: Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 30 January 2024 12:34

WTI slips on demand concerns

Front month WTI futures swiftly reversed their early Monday morning gains to 78.87 following a deadly drone attack on a US military base in Jordan by Iran-backed militia as China demand concerns outweighed the fear of an escalation in the Middle East. The fall through the 200-day simple moving average (SMA) at 77.27 puts the one-month uptrend line at 76.48 and also the late December high at 76.20 on the map. If slipped through, the 12 and 22 January highs at 75.45 to 75.27 would be eyed next. Minor resistance above the 200-day SMA at 77.27 sits at Friday’s 78.22 high ahead of Monday’s 78.87 near two-month peak.

Source: ProRealTime

Corn price slips to mid-January low

Front month corn futures trade back in three-year lows and have so far fallen to 455, to their mid-January low which was made below the 460.1 July 2019 high, with the November 2020 high at 438 representing the next downside target. Minor resistance sits at the 451.8 low seen on Friday followed by the 22 January high and Thursday’s low at 454.0 to 454.1. More significant resistance lies at last week’s 459.5 peak.

Source: ProRealTime

Chicago Wheat prices resume their descent

Chicago wheat front month futures prices have resumed their descent and are seen sliding back towards their November-to-January uptrend line at 585.5 which lies above the mid-January low at 581. Minor resistance can be spotted along the 55-day simple moving average (SMA) at 607. While last week’s high at 623 isn’t overcome, the medium-term trend remains bearish.

Source: ProRealTime

[MongiIG]

Stronger US dollar sinks gold, WTI and silver prices

Friday’s impressive US jobs report gave the dollar a big lift, while putting fresh pressure on commodity prices.

Source: Bloomberg

Written by: Chris Beauchamp | Chief Market Analyst, London

 

Publication date: Monday 05 February 2024 12:43

Gold goes into reverse

Friday’s strong payroll report bolstered the dollar and hit gold, though it managed to hold its ground above the 50-day simple moving average (SMA). However, it is a different story this morning. The price has fallen sharply in early trading and is now back below the 50-day SMA. It is testing previously-broken trendline resistance from the late December high. If this holds, then buyers will need to push the price on above $2060 to signal a renewed bullish outlook. Conversely, further declines below the mid-January low at $2000 will open the way to the 100-day SMA, and then to the early December low around $1975.

Source: ProRealTime

WTI pullback reaches trendline support

Friday’s sharp losses built on the existing weakness in oil prices, and took WTI back below the 50-day SMA. This has reversed almost all of the bounce seen since mid-January, and fresh losses appear to beckon. This then takes the price on towards $70.45, an area of support during the first half of January. Below this lies the lows of December around $68.40. Buyers will need a recovery above $74 to suggest that a low has formed for now. One hope for a recovery remains in the form of potential trendline support from the December low.

Source: ProRealTime

Silver price slump intensifies

Silver prices suffered a reverse on Friday, and have taken further losses this morning, like gold. Having rallied from their mid-January low, the price hit resistance around $23.25 as they did earlier in January. A turn lower has taken the price back below trendline resistance from early December, and now a move to the $22 low of January. Notably, this was also the low from mid-November, before the price began its sharp ascent into the December high. A close below these lows could see further losses towards October’s bottom around $20.80.

Source: ProRealTime

[MongiIG]

Gold, Brent and natural gas prices all struggle

Commodity prices have been unable to make much headway this morning, with even oil prices seeing their recent rally begin to falter.

Source: Bloomberg

 

 

Written by: Chris Beauchamp | Chief Market Analyst, London

 

Publication date: Monday 12 February 2024 12:09

Gold clings to trendline support

Gold’s period of disappointing performance continues, though it has been able to hold rising trendline support from early December. A close back above the 50-day simple moving average (SMA) would open the way to another test of recent highs at $2060, and then on to $2070 and then the December high at $2086. A close below the trendline would mark a bearish development and suggest a move towards $2000, or down to the December lows.

Source: ProRealTime

Brent rally stalls

After four days of gains, the price has returned to the 200-day SMA. Friday saw the price move above this level and just about hold above it, but the 100-day SMA appeared to act as a resistance. A close back below $80 could signal that the price has formed a lower high, and that a return to the lows of last week could develop. A close above the 100-day SMA would help maintain the bullish outlook and open the way to the $84, the late January high.

Source: ProRealTime

Natural Gas slumps

The major decline in natural gas prices goes on. The price has broken through the early 2023 lows, and now further declines towards the 1644 support level beckon, while beyond this lies the 1517 low from mid-2020. After such sharp losses over the past week, a rebound could develop, but for now trendline resistance from early January stands in the way of any further upside.

Source: ProRealTime

[MongiIG]

Gold, Brent and natural gas prices all struggle

Commodity prices have been unable to make much headway this morning, with even oil prices seeing their recent rally begin to falter.

Source: Bloomberg

Written by: Chris Beauchamp | Chief Market Analyst, London

 

Publication date: Monday 12 February 2024 12:09

Gold clings to trendline support

Gold’s period of disappointing performance continues, though it has been able to hold rising trendline support from early December. A close back above the 50-day simple moving average (SMA) would open the way to another test of recent highs at $2060, and then on to $2070 and then the December high at $2086. A close below the trendline would mark a bearish development and suggest a move towards $2000, or down to the December lows.

Source: ProRealTime

Brent rally stalls

After four days of gains, the price has returned to the 200-day SMA. Friday saw the price move above this level and just about hold above it, but the 100-day SMA appeared to act as a resistance. A close back below $80 could signal that the price has formed a lower high, and that a return to the lows of last week could develop. A close above the 100-day SMA would help maintain the bullish outlook and open the way to the $84, the late January high.

Source: ProRealTime

Natural Gas slumps

The major decline in natural gas prices goes on. The price has broken through the early 2023 lows, and now further declines towards the 1644 support level beckon, while beyond this lies the 1517 low from mid-2020. After such sharp losses over the past week, a rebound could develop, but for now trendline resistance from early January stands in the way of any further upside.

Source: ProRealTime

[MongiIG]

Gold and oil prices still rising but cocoa comes under pressure

While gold and WTI have moved higher in recent sessions, cocoa prices have fallen back from record highs.

Source: Bloomberg

Written by: Chris Beauchamp | Chief Market Analyst, London

 

Publication date: Monday 19 February 2024 12:30

Gold still rising

The price continues to gain, rallying off the lows seen last week, and could now push higher and challenge previously-broken trendline support. Beyond this would like trendline resistance from the early December record high, which held back progress at the beginning of February. From there the price would target horizontal resistance at $2060. A reversal back below the 100-day simple moving average (SMA) might indicate that another test of last week’s low at $1984 was possible.

Source: ProRealTime

WTI holding above 200-day moving average

Last week saw the price push on and close above the 200-day SMA for the first time in three weeks. Further gains now target the late January high at $78.94, and then on to the $80 high that marked the peak in November. A Overall a short-term bullish view continues to prevail, with the price having created higher highs and higher lows since the December low. With this in mind, a pullback towards trendline support from December could see the price head back below $74 and the 50-day SMA but leave the bullish view intact. A close below $73 might begin to suggest a fresh bearish view, targeting the February low at $71.30.

Source: ProRealTime

Cocoa prices drop back

Cocoa prices have finally seen a pullback from their record highs, though this only takes them to a one-week low. Short-tern trendline support from the January low comes into view around 5280. A break below this could see the price head back to 4755, or on to the rising 50-day SMA. The solid uptrend seen since the end of 2022 has recently morphed into a more dramatic move higher, though the price could drop back towards 4500 without even beginning to imperil the overall move higher.

Source: ProRealTime

[MongiIG]

Gold price and silver price look for gains but Brent crude price under fresh pressure

While precious metals have seen some renewed upside, oil prices have taken a hit in early trading.

Source: Bloomberg

Written by: Chris Beauchamp | Chief Market Analyst, London

 

Publication date: Monday 26 February 2024 11:42

Gold back at trendline resistance

The price rallied over the past two weeks, and has now returned to trendline resistance from the December record high. A close above $2040 would help to suggest a break of trendline resistance, which then opens the way to the early February high around $2064, with horizontal resistance at $2060 just before this. A close back below $2030 would begin to suggest a new lower high has been created and that a push back to the February low at $1984 could now begin.

Source: ProRealTime

Brent crude heads lower

Oil prices fell sharply on Friday, and the new week has begun with fresh losses. Mid-February saw Brent’s rally falter around $83, and this topping out appears now to have given way to a turn lower. The price has broken below trendline support from the December low, though this also happened earlier in February and was followed up by a recovery. Further declines would take the price to the 50-day simple moving average (SMA), and then beyond this lies February’s low around $77. Bulls will need a close back above $81.50 to indicate that trendline support has been recovered.

Source: ProRealTime

Silver losses halted

The selling in silver was stemmed on Friday, as the price rebounded after a tough week. The price is pushing higher off its overnight lows, with short-term gains above $23.20 helping to support a cautiously bullish view. The next target becomes the mid-February high at $23.50. A close above this could mark the end of the consolidation in silver that has been ongoing since the beginning of the year. Alternately, a close back below $22.50 would open the way to the 2024 lows at $22.

Source: ProRealTime

[MongiIG]

WTI recovers on supply worries, cotton price nears 1 1/2 year high as Arabica coffee price falls

While oil and cotton price rise, Arabica coffee prices fall ahead of this week’s US GDP estimate and inflation data releases.

Source: Bloomberg

Written by: Axel Rudolph FSTA | Senior Financial Analyst, London

 

Publication date: Tuesday 27 February 2024 12:30

WTI recovers from Monday’s low

Front month WTI futures are recovering from Monday’s 75.77 low amid ongoing shipping disruptions and repeated breakdowns in talks for a Gaza cease fire that raise supply worries. The 200-day simple moving average (SMA) at 77.68 is being retested, a rise above which would have the November-to-February resistance line and last week’s high at 78.80 to 78.84 in its sights. Minor support sits at the 21 February 76.31 low ahead of Monday’s 75.77 low.

Source: ProRealTime

Cotton price rises to near 1 ½ year high

Front month cotton futures have resumed their ascent to their 96.38 near one-and-a-half-year high above which sits the psychological 100.00 mark. Immediate upside pressure should be maintained while Monday’s low at 92.50 underpins. Below it lies last week’s low at 90.89. Only a currently unexpected bearish reversal and fall through that low would indicate a topping formation. As long as it holds, the medium-term bullish trend will stay firmly entrenched.

Source: ProRealTime

Arabica coffee futures prices slip through uptrend line

Front month Arabica coffee futures topped out at their 194.06 to 194.32 late January and early February highs and are now trading in near six-week lows, having last week fallen through their October-to-February uptrend line. The 8 January low at 178.56 is now in sight, a drop trough which would engage the 174.03 January trough. Minor resistance sits at last week’s 182.39 low and can also be seen along the breached uptrend line at 185.45. Further up meanders the 55-day simple moving average (SMA) at 186.63.

Source: ProRealTime

[MongiIG]

WTI slips on large US stock build while silver price falls and Chicago wheat stays range bound

 

Source: Bloomberg

Written by: Axel Rudolph FSTA | Senior Financial Analyst, London

 

Publication date: Thursday 29 February 2024 11:47

WTI declines on large US stock build

Front month WTI futures have once again been rejected by their mid-November to February 78.87 to 79.62 resistance zone amid a large US stock build. The oil price slid back to the 200-day simple moving average (SMA) at 77.73 around which it is expected to oscillate over the coming days. While this week’s low at 75.77 underpins, the medium-term uptrend will remain intact, though. Minor support ahead of this level sits at the 21 February 76.31 low.

Source: ProRealTime

Silver price remains under pressure

Spot silver’s descent from its $23.50 per troy ounce February peak is taking it back to its January and February lows at $21.94 to $21.93. On the way down lies the 8 February low at $22.15. Minor resistance above the February downtrend line at $22.67 sits at the 4 January low at $22.69.

Source: ProRealTime

Chicago Wheat prices still hover above major support

Chicago wheat front month futures continue to hold above their key 557 to 552 September and November lows which offered support in February. Further sideways trading above this key support zone and below last week’s 594 high remains at hand. Above it the December-to-February downtrend line can be spotted at 600. Support above the 557 to 552 area lies at last week’s 561 low.

Source: ProRealTime

[MongiIG]

Gold price enjoys surge, while WTI crude price recovers $80 and silver price moves higher

Gold has returned to its previous highs from December, while oil is back at levels last seen in late December. While silver has rebounded, it lags far behind gold.

Source: Bloomberg

Written by: Chris Beauchamp | Chief Market Analyst, London

 

Publication date: Monday 04 March 2024 11:44

Gold soars

Gold prices took off on Friday, rallying to their highest level since late December. This puts the price squarely on a bullish footing, continuing the recovery from the lows of mid-February. A close above $2088.60, the high from late December, leaves the price on course to test the record intraday high from early December. A reversal back below $2035 would be needed to put this bullish outlook on pause.

Source: ProRealTime

WTI back at $80

The recovery from the December low continues, and now the price is testing $80 once more. A close above $81 would put the price back above the November and December high, and then open the way to further gains, towards $84. A reversal back below $76 is needed to negate tis near-term bullish view.

Source: ProRealTime

Silver rallies, but lags behind gold While gold soars, silver has managed only a modest rally.

The consolidation pattern of the year so far continues; rallies towards $23.50 tend to peter out, while on the downside the buyers have defended $22. Notably last week’s low found support at a higher low, which could provide a foundation for a new push on above $23.50.

Source: ProRealTime

[MongiIG]

Gold price and natural gas price falls back but Brent crude moves higher

Gold’s huge rally has finally stalled, while natural gas is also falling once more. Meanwhile, Brent crude is attempting to clear the 200-day moving average again.

Source: Bloomberg

Written by: Chris Beauchamp | Chief Market Analyst, London

 

Publication date: Wednesday 13 March 2024 12:57

Gold’s rally finally hits a bump

Gold prices finally fell back yesterday after a huge rally from the February low that carried them to a record high. In the short-term, the price may drop back towards the previous record high at $2121. Below this comes the late December high at $2088.

Source: ProRealTime

Natural Gas heads lower

Losses have continued here, with yesterday’s price action seeing the price ending up near the lows of the day. Additional declines now take the price on towards the late February lows around 1600. It would require a close back above last week’s highs at 2000 to suggest a new attempt to push higher.

Source: ProRealTime

Brent edges higher around 200-day moving average

The price continues to struggle around the 200-day SMA, with an indecisive day yesterday giving way to fresh gains in early trading today. Once more a dip towards $80 has found buyers, but a longer-term move to the upside would need a close above $84.

Source: ProRealTime

[MongiIG]

Silver and WTI crude prices rally, while natural gas price struggles

While silver and WTI have made gains, the former to a three-month high, natural gas prices remain under pressure.

Source: Bloomberg

Written by: Chris Beauchamp | Chief Market Analyst, London

 

Publication date: Thursday 14 March 2024 11:40

Silver at new three-month high

Silver surged yesterday, rallying to its highest level since early December and continuing the bounce from the low at the end of February. December’s peak at $25.77 continues to be the next upside target, now that the price has breached the late December high around $24.55.

Source: ProRealTime

Natural Gas keeps falling

Renewed losses on Wednesday maintained the bearish view here, targeting the lows from the middle of February around 1600. If the price can manage a close back above 1800 then a short-term positive view might emerge, especially if a higher low can be established. Then the price may target the early March high at 2000, and then on to the 50-day simple moving average (SMA).

Source: ProRealTime

WTI rallies through $80

After a strong up day yesterday, the price has made further gains in early trading this morning. This put it above the $80 level, which has marked resistance since November. Additional upside targets $81 and then $83.40. A short-term rally since early February has seen any weakness towards $76.50 met by buying.

Source: ProRealTime

[MongiIG]

Gold and oil prices volatile after Middle East news, while natural gas price moves higher for a fourth day

News of a possible Israeli counter-strike against Iran lifted oil and gold prices before both rapidly retreated, while natural gas is continuing to edge higher.

Source: Bloomberg

Written by: Chris Beauchamp | Chief Market Analyst, London

 

Publication date: Friday 19 April 2024 10:48

Gold knocked back from $2400 again

Gold prices once again attempted to clear $2400, but ran into selling pressure for the second time. This pause to upward progress might signal that some short-term weakness is at hand, though there is at present little sign of any renewed downside. Buyers need a a close above $2400 to open the way to additional upside.

Source: ProRealTime

Brent spikes on Middle East tensions

Oil prices had been under firm pressure in the previous two days, but spiked higher on news of a possible Israeli strike in Iran. The limited nature of the strike, and the muted Iranian response, meant that the price could not sustain gains, and the price fell back from its highs. However, if the $86 low can hold from Thursday then a short-term move higher may develop, particularly if tensons in the Middle East continue to rise.

Source: ProRealTime

Natural Gas moves higher

Natural gas prices have edged higher over the past four sessions, rallying off the 50-day SMA. Further gains would target the $2000 level, and then on the 100-day SMA at $2138. A more bearish view would require a close back below the 50-day SMA.

Source: ProRealTime

[MongiIG]

While the price of crude oil stabilises, gold and silver prices fall sharply

De-escalation in the Middle East leads to risk on sentiment and flows out of save haven commodities such as precious metals.

Source: Getty Images

Written by: Axel Rudolph FSTA | Senior Financial Analyst, London

 

Publication date: Tuesday 23 April 2024 13:23

Brent crude oil price recovers slightly from near one-month low

The Brent crude oil price’s sharp decline from its 91.67 mid-April high to Monday’s 85.21 near one-month low amid de-escalation in the Middle East has been followed by a minor bounce which so far remains tepid and below the 87.11 mid-March high, though.

Were 85.21 to give way, the key mid-November-to-early March previous resistance area, now because of inverse polarity a support zone, at 84.58 to 83.79 would probably be tested.

Source: ProRealTime

Gold price plunges to three-week low as geopolitical tensions ease

Spot gold is on track for its second straight day of losses, having so far fallen by around 5% from its mid-April $2,431 per troy ounce record high, as tensions in the Middle East ease.

A potential downside target is seen at the 5 April low at $2,268. If fallen through, a more significant correction might take the precious metal price to its 20 March $2,223 high.

Minor resistance sits between its mid-April low and Tuesday’s intraday high at $2,335. Further minor resistance can be spotted at the 17 April $2,354 low.

Source: ProRealTime

Silver price comes off its three-year high

The spot silver price is seen coming off its $29.79 per troy ounce mid-April high, a level last traded in February 2021, towards its 5 April low and the February-to-April uptrend line at $26.29 to $26.16 as geopolitical tensions in the Middle East abate. Another potential downside target is the 21 March high at $25.77.

Minor resistance above Tuesday’s intraday high at $27.36 can be seen at the 10 April low at $27.53.

Source: ProRealTime

[MongiIG]

Gold price drifts down, while WTI crude price and natural gas price move higher

Commodities recovered overnight, as natural gas prices rallied to their highest level since February, while oil prices surged off Tuesday’s low. Meanwhile, the gold price drifts downwards.

Source: Getty Images

Written by: Chris Beauchamp | Chief Market Analyst, London

 

Publication date: Wednesday 24 April 2024 13:33

Gold struggles to hold its ground

Gold prices found buyers yesterday as it dipped below $2300, briefly hitting a three-week low.

Early trading this morning has seen a cautiously-positive start, and further gains above $2350 may suggest that a low is in place.

Sellers will look for a reversal back below $2300 in order to open the door towards the 50-day simple moving average (SMA).

Source: ProRealTime

WTI forms a higher low?

Oil prices staged an impressive bounce off the 50-day SMA on Tuesday, having spent the previous three sessions forming a short-term low above $81.

A higher low looks to be in place for the time being, which then opens the way back to the peak from early April above $87.

A fresh bearish view would require a reversal back to $81, and then a close below the lows of last week.

Source: ProRealTime

Natural Gas rallies to three-month high

Natural gas has finally enjoyed a strong rally over the week so far, moving above 2000 at last and returning to the 100-day SMA for the first time since the beginning of the year.

Of course, all this merely results in a substantially lower high relative to January, though the move above the February high at 2068 does help to bolster a short-term bullish view. The 2200 low from December becomes the next target.

Meanwhile, sellers will be looking for a reversal back below the February high to suggest that a new leg lower has begun.

Source: ProRealTime

[MongiIG]

Gold and silver losses pause, while Brent crude oil tiptoes higher

Gold and silver continue to form an apparent higher low, while oil prices are aiming to resume their move higher.

Source: Getty Images

Written by: Chris Beauchamp | Chief Market Analyst, London

 

Publication date: Thursday 25 April 2024 14:02

Gold selling halted for now

For the moment the price has managed to halt any further declines. Early trading has seen the price attempting to move higher, having found buyers at the lows just above $2300.

A close above $2340 could trigger a new move to the upside that would target $2400.

Sellers will want to see a close back below $2300 and then below $2291, the low from Tuesday, though the broader uptrend is still firmly intact.

Source: ProRealTime

Brent edges higher

Oil prices wobbled yesterday after the solid gains seen on Tuesday, but have put their best foot forward in early trading this morning.

A higher close today would help to reinforce the view that a higher low was created last week when the price bounced off the 50-day simple moving average.

Further gains would head towards $90, and then on to the early April high around $91.50.

Source: ProRealTime

Silver stabilises above $27

Silver prices have also stemmed the losses over the past week, holding above $27.

A higher close today will help bolster the bullish outlook and suggest that a higher low has formed around $27. Additional gains target the mid-April highs at $29.

A close below $26.50 would mark a bearish development and, as with gold, suggest a deeper retracement in a broader uptrend.

Source: ProRealTime

[MongiIG]

Gold price, Brent crude price and natural gas price rise in early trading

Commodity prices have gained in early trading, recovering from the lows seen earlier in the week.

Source: Getty Images

Written by: Chris Beauchamp | Chief Market Analyst, London

 

Publication date: Friday 26 April 2024 13:25

Gold up as price recovers from late April weakness

The price has pushed higher in early trading, reinforcing the view that a higher low has been formed.

Additional gains would head towards the $2400 highs from the middle of April, and then on to $2425.

For the moment, $2300 appears to have been established as a higher low, so a close back below this level would be needed to open the way to the 50-day simple moving average (SMA).

Source: ProRealTime

WTI higher for a second day

After bouncing off the 50-day SMA earlier in the week the price has continued to push higher, with further gains in early trading this morning.

A higher low appears to have formed, and now the price is testing trendline resistance from the early April high. A breakout above this would target $85.72, last Friday’s high, and then on to $87, the highs from the beginning of April.

A reversal back below $82 might result in a test of the 50-day SMA and last week’s low.

Source: ProRealTime

Natural Gas gains continue

Despite a sudden drop on Wednesday the price has maintained the move higher from the beginning of April.

Trendline support from the end of March continues to underpin the price action, and continued gains will target the 100-day SMA and the highs from the beginning of the week at 2130.

Sellers will want to see a close below Thursday’s low and below trendline support to mark a more bearish development.

Source: ProRealTime

[MongiIG]

Brent crude oil, gold and silver prices slip

Further de-escalation in the Middle East leads to flows out of save haven commodities such as precious metals.

Source: Getty Images

Written by: Axel Rudolph FSTA | Senior Financial Analyst, London

 

Publication date: Tuesday 30 April 2024 13:20

Brent crude oil price slips

The Brent crude oil price is seen coming off Friday’s 88.72 high amid ample supply with the February-to-April uptrend line at 86.16 representing a possible short-term downside target. If fallen through, last week’s low at 85.21 may also be revisited.

Minor resistance above last week’s high at 88.72 sits at the 19 April peak at 90.10.

Source: ProRealTime

Gold price gradually slips

The spot gold price is gradually slipping towards Thursday’s low at $2,306 below which lies last week’s trough at $2,292. While this level holds, further sideways trading remains on the cards.

A rise above last week’s high at $2,352 is needed, for the $2,400 region to be back in play.

Source: ProRealTime

Silver price weighs on uptrend line

The spot silver price’s descent from its $29.79 per troy ounce mid-April high, a level last traded in February 2021, has taken it to the February-to-April uptrend line at $22.67 which offers support. If slid through, the 5 April low at $26.29 would be next in line, ahead of the $25.77 December and late March highs.

Immediate downside pressure will remain in play while no bullish reversal above Friday’s high at $27.73 is taking place.

Source: ProRealTime