United States Oil (USO) Cartel issues internal warning as oil prices slide Rising crude oil inventories and increased output in the U.S. could push oil prices down in the coming weeks, an internal OPEC report said Thursday. A coming “seasonal scale back in refinery demand…could result in oil stock builds,” said an internal market report,…
Gold Higher, USD Higher, Stocks Lower + Commodities $GLD, $SLV, $USD, $USO, $OIL, $SOY, $CORN, $WEAT Gold strengthens on risk-off trade China’s growth slows US Dollar (.DXY) Index up on the week Crude Oil futures fall again on supply/demand issues In Asia Gold prices are higher Friday as Asian shares fell on renewed political and economic concerns including China’s weak…
Australian Dollar: USD/AUD (AUD=X) wedge breakdown points to further downside AUD/USD looks to have broken down from its recent rising wedge pattern, with the break below $0.7112 providing a signal of potential impending downside from here. An impressive fall in unemployment helped the pair rebound overnight, yet this has simply found resistance on the ascending trendline.…
SILVER 1 OZ 999 NY (XAG=X) sideways as we are digesting recent gains Silver markets continue to be very choppy and sideways, and therefore a bit undecided. I think at this point we are just simply deciding whether or not the recent gains are justifiable. If the US dollar strengthens, that will probably drive down the…
GOLD 1 OZ (XAU=X) safe-haven demand for gold Gold prices are trading modestly higher in early-afternoon U.S. trading Thursday. Today, a host of worries on the geopolitical front rose to the surface to put strong pressure on the U.S. stock market and produce some safe-haven demand for gold, which began to surface in late-morning action.…
Japanese Yen: USD/JPY (JPY=X) forming a hammer The US dollar initially fell against the Japanese yen during trading on Wednesday but found the ¥112 level to be supportive enough to turn things around. Towards the end of the day, we are forming a hammer, and the FOMC Meeting Minutes seem to only confirm what we…
Euro: USD/EUR (EUR=X) weakness points towards potential further breakdown EUR/USD managed to break lower from its consolidation yesterday, coming off the back of a rally into the 50% retracement and 200-day simple moving average (SMA). However, given the mixed signals seen in a wider context (higher highs and lower lows), we need to see a break…
British Pound: USD/GBP (GBP=X) falls below key support level GBP/USD has managed to break below the $1.3098 support level, bringing about expectation of further downside from here. Given the failure to create a new high above $1.3299, there is a distinct possibility that we are going to see a further breakdown. However, a break below the…
United States Oil (USO) U.S. benchmark ending below $70 a barrel Oil futures dropped Wednesday, with the U.S. benchmark ending below $70 a barrel for the first time in more than three weeks, as U.S. government data revealed a sizable climb in domestic crude supplies for a fourth week in a row. November West Texas…
The trade spat between the world’s two largest economies — China and the United States — is imperiling the entire Asia-Pacific, regional finance ministers have warned. In a statement, finance ministers meeting in Port Moresby said risks to the global economy had increased thanks to “heightened trade and geopolitical tensions”, a veiled reference to the…