Oil Pulls Back, Gold Edges Lower
Oil may see a minor correction
Oil prices are pulling back a little today after failing to break through previous highs on Wednesday. WTI is seeing serious resistance around USD54 which may drain momentum out of the rally that was looking in good shape. Perhaps we’re finally seeing some profit-taking...
Oil Dips Lower, Gold Yawns
Oil corrects lower in Asia markets
Oil prices were mostly steady overnight with Brent crude and WTI almost unchanged at USD56.00 and USD53.00 a barrel respectively. In line with the more cautious tone displayed by financial markets today in Asia, both contracts have retreated. Brent crude is down 1.05% to...
WTI Crude Oil Settles Into A Sideways Range
Crude oil prices trade mixed as the developments on the ground unfold. With the new President Biden being quick to rejoin the Paris climate accord, speculators expect further changes on fossil fuel.
President Biden was quick to announce new curbs on the US oil industry. The current sideways range in...
Stocks Cool Off From Record Highs
US futures in the red.
Major events next week could dictate risk sentiment.
Bullish case for equities still valid.
Oil benchmarks pare weekly advance.
The rally in global stocks is taking a breather before the weekend, having posted a new record high on Thursday. Most Asian benchmark indices are...
Crude Oil Price Points Lower Ahead Of EIA Inventories
The New Zealand dollar declined in early trading even after relatively strong inflation numbers from the country. According to the statistics bureau, consumer prices rose by 0.5% in the fourth quarter. This was better than the expected increase of 0.1%. The prices increased by 1.4% on an annualised basis....
Market Morning Briefing: Euro Is Headed Towards 1.22
STOCKS
Dow, DAX and Nikkei remain stable at higher levels. While a sideways consolidation looks like a possibility, it will have to be seen if they can see an extended rise before a correction comes into play. Shanghai is hovering around its crucial resistance level of 3600 which has to...
Central Banks Ready and Willing
Stock markets are broadly flat on Thursday as numerous central banks held their first policy meetings of the year and earnings season continued.
So much focus has been on the transition in Washington and Joe Biden's inauguration but today we've had multiple major monetary policy meetings, albeit no action from...
Crude Oil Steady While Gold Rallies
Oil markets balanced between opposing forces
Oil markets finished almost unchanged overnight, Brent crude ending 0.25% lower at USD55.70 a barrel, and WTI 0.10% lower at USD52.95 a barrel. In Asian trading, markets are equally muted, content to reverse those modest falls overnight, leaving Brent at USD55.90 a barrel, and...
WTI Futures Remain Close To 11-Month High, Indicators Look Weak
WTI crude oil futures are continuing the long-term buying interest, reaching in the previous sessions an eleven-month high of 53.94. However, the upside momentum is a bit weak as the MACD is falling beneath its trigger line in the positive area, while the RSI is flattening below the overbought...
Markets Celebrate The Peaceful Presidential Transition With New Record Highs
Global stocks hit an all-time high early Thursday on optimism that the new US administration will take bold steps in reviving growth and speed up vaccine distribution.
All three major US indices climbed to new records on President Biden's swearing in, with the S&P 500 posting its best Inauguration Day...
WTI Crude Oil Gains Lose Steam Near 53.77
WTI crude oil prices continue to hold a bullish front with price once again testing the 13th January and 15th January highs near 53.77.
However, the strong pace of gains is showing signs of weakening. Price action has failed to make any significant highs beyond this level.
The failure to close...
Japanese Yen Gains After The Bank Of Japan Rate Decision
The price of crude oil declined in overnight trading after a sudden increase in US oil inventories. According to the American Petroleum Institute (API), the number of inventories increased by more than 2.5 million barrels last week. That was higher than the expected drawdown of more than 300k barrels....
Market Morning Briefing: Pound Has Been Steadily Rising Towards 1.37
STOCKS
Equities are regaining momentum as the sentiment is getting a boost as Biden has sworn in as the new US President. Dow, Sensex and Nifty are looking bullish. Dow can test 31500. Nifty can move up to 14800-15000 while the Sensex can target 50300-51000. DAX and Nikkei can consolidate...
Gold Price Struggles Near $1,880, Oil Keeps Rising
Key Highlights
Gold price is facing a strong resistance near $1,875 and $1,880.
Crude oil price is trading well above $50.00 and it seems to be eyeing more upsides.
EUR/USD is struggling to recover above 1.2150, while GBP/USD remained well bid.
USD/JPY is stuck in a major range below...
USD/CAD Technical Outlook: Is it Time for a Long-Term Change in Tend?
As with any currency pair, there are an abundance of factors to consider when trying to forecast price. Those factors can be broken down into technical factors and fundamental factors. On the technical side, price action is paramount. However, for USD/CAD, one must also include the correlation between USD/CAD and...
Oil Rises On Yellen, Gold Steady
Oil rises on Yellen testimony
A downgrade of the global oil consumption outlook by the IEA overnight was not enough to dampen spirits in oil markets, who remain target-fixated on the proposed US fiscal stimulus package to the exclusion of all else. A fall in the US dollar overnight for...
WTI Crude Oil Rebounds, But Can It Post Further Gains?
WTI crude oil prices are posting a strong recovery with price action attempting to retest the previously formed highs.
However, the reversal looks to be a bit fragile at the moment. As a result, if prices fail to break out above the trend line once again and above the previous...
Canadian Dollar in Spotlight, With Eyes on BoC and Oil Price
Canadian Dollar is a main focus today with BoC rate decision featured. Recent strong risk-on markets haven't given the Loonie much lift. It's upside is somewhat capped as oil price turned into consolidation after last week's spike. Also, traders turned cautious before BoC's indication on the chance of a...
Market Morning Briefing: Aussie May Attempt To Rise To 0.78
STOCKS
Equities broadly look mixed while they manage to hover at higher levels. Dow will need a strong rise past 31000 to move further higher. DAX, Nikkei and Shanghai can consolidate sideways for some time. Sensex and Nifty have recovered sharply and can move further up if they can sustain...
Stocks Bounce Back, Yellen Testimony Eyed, BAC Earnings, Euro Holds Gains after ZEW
Stocks bounce back, Yellen Testimony eyed, BAC earnings, Euro holds gains after ZEW, Oil rebounds, Gold higher, Bitcoin's competition.
US stocks are off to a strong start as investors focus on President-elect Biden's COVID relief bill and as earnings season heats up. The US will see more stimulus in Biden's...
Oil Flat, Gold Under Pressure
Oil barely changed in Asia
Oil prices barely moved overnight with trading curtailed by the US public holiday. Like other asset classes, oil has received a gentle US stimulus tailwind in Asia, with both Brent and WTI futures moving modestly higher. Brent crude has risen 0.55% to USD55.00 a barrel,...
WTI Futures Consolidate But Continue To Favour Upside
WTI oil futures appear to be finding a foothold on the 50-period simple moving average (SMA) and the cloud’s upper surface, after the pullback from the 11-month high region of 53.91. The Ichimoku lines are reflecting the sideways edging in the price, while the climbing SMAs are promoting additional...
Oil Prices Attempt A Modest Rebound
WTI crude oil prices posted a rebound following the declines from last week. Prices got a boost early on Monday following stronger GDP numbers out of China.
However, the current retracement remains somewhat subdued. Unless we see a breakout above the previous highs of 53.74, we could expect a continuation...
Market Morning Briefing: Euro Bounced From 1.2053
STOCKS
DAX, Nikkei and Shanghai have bounced-back yesterday thereby easing the danger of falling below their crucial supports. The expected correction seems to be getting delayed again. A sideways consolidation looks like a possibility in the near-term. We will have to wait and watch the price action. Dow was closed...
Quiet Start to the Week
A quiet start to the week, with the US bank holiday meaning trading is likely to remain extremely thin throughout the session.
European stock markets are mixed, lacking any real direction, as has been the case for much of the last week. With so much good news priced in over...
Oil Prices Slide, Gold Range Trades
Oil prices correct lower
Oil prices suffered a sharp fall on Friday, with a rising US dollar enough to see extended speculative longs heading for the exit door. Brent crude fell by 2.90% to USD54.80 a barrel, and WTI fell by 2.95% to USD52.10. In Asia, both contracts have eased...
Oil Prices Give Back Gains
Crude oil prices were down close to 3% on Friday. This comes even as prices attempted to make a rebound earlier in the week on Thursday.
However, this rebound led to a lower high emerging. Following this, prices gave back the gains on Friday and lost the support from the...
Crude Falls As US Rig Count Rises For Eighth Week
The price of crude oil declined in early trading as investors reacted to the rising number of oil rigs in the United States. In total, the number of oil and natural gas rigs increased by 18 to 424. In the Permian Basin, the number of rigs increased by the...
Market Morning Briefing: Pound Is Holding Below 1.37
STOCKS
Equities are showing some sign of weakness. The price action this week will need a close watch to see if the top is in place and the long awaited correction is getting confirmed. 30200-30000 on the Dow, 13600 on DAX, 28000 on Nikkei, 14200 on Nifty and 48000 on...
Stocks Down Despite Fed Assurances
US futures are pointing to a slightly softer open on Friday, ending the week on a slightly negative note despite a massive stimulus proposal and reassuring comments from the Fed.
Joe Biden unveiled his $1.9 trillion stimulus plan on Thursday, a number more or less in line with what had...