Gold remains under distribution with resistance falling from $1,150 toward $1,140 while RSI under 50 and falling confirms downward pressure increasing. Next potential support near $1,136 then $1,126 a Fibonacci level. Crude Oil WTI continues to struggle with $46.60 Fibonacci resistance but it also continues to hold on to most of last week’s breakout gains • Read More »
Archives: Commodity News
Gold has successfully retested $1,160 Fibonacci support again but continues to struggle with resistance at a lower high near $1,170. RSI drifting back toward 50 indicates upward momentum slowing. Potential support on a breakdown may appear in the $1,150 to $1,152 area. Crude Oil WTI is breaking down today, taking out $43.00 former channel support • Read More »
US markets spent the day in retreat, dragging European indices down for the ride as disappointing US economic data dragged on sentiment. Durable goods were particularly poor, coming in below expectations for September and August being revised even deeper into the red, while consumer confidence took a tumble as well. In recent years, this kind • Read More »
US stocks have taken a turn for the worse this morning due to a dismal durable goods orders report that not only missed expectations by a wide margin for September, but saw August orders revised sharply downward, a sign of a struggling industrial/manufacturing sector. Durable goods weakness continues a steady stream of data disappointments this • Read More »
This was a very intensive week on the oil market. At the beginning of this week, there were news regarding problems in Chinese economy, and the expectations that the growth of world economy will slow down had prevailed. But during this week, other important data was published – the US GDP had been significantly increasing, • Read More »
Oil futures settled firmer on Thursday, building on the previous day’s gains that came after the US government data showed sizable weekly declines in crude supplies and production.
Oil futures settled firmer on Thursday, building on the previous day’s gains that came after the US government data showed sizable weekly declines in crude supplies and production. Crude also saw support from news that Saudi Arabia plans to trim oil production after this summer. West Texas Intermediate crude for September delivery added $0.22 to • Read More »
Gold prices ended modestly lower on Thursday and not far above the recent 5.5-year low. The price was pressured by a rebound in the US dollar index. December gold was down $3.90 at $1,089.40 per ounce. September silver was down $0.043 at $14.70 per ounce.
The large Oil giant Royal Dutch Shell just posted its Q2 results and surprisingly they’re better than expected. Despite that they are still going to make massive cuts to staff and assets. Adjusted earnings have slumped from last year, down 37% to $3.8 billion. Still an improvement from the $3.4 billion analysts expected. Revenue for the first • Read More »
Oil prices jumped this Friday as the news spreads about the death of Saudi Arabia’s king Abdullah. This added to the uncertainty on the energy markets. Abdullah’s brother Salman will become the new king in the world’s top oil exporter.