Gold price is edging lower near the $2,020 area mostly due to the rebound of the US Dollar and strong US Services PMI flash data. The Federal Reserve (Fed) has left interest rates unchanged and emphasized its goal to lower inflation. Economic data, such as the preliminary US Building Permits and Housing Starts for November, will probably help determine future...
US shale oil production is surging, defying earlier predictions and challenging OPEC's efforts to control global oil markets. Despite a decrease in drilling rigs, US drillers have increased production through improved efficiency and technological innovations. This unexpected growth is causing concerns for OPEC's strategy of cutting supply to stabilize prices....
Crude oil is positioned at a strong support area of $70: the declining trend had stopped after Jerome Powell’s dovish message. The net position of commercial traders for WTI futures consistently grows, so it is possible to observe a pullback higher as shown in the chart.
Gold had bounced off the dynamic area of $2000, which confirms a bullish trend. Given the dovish signal from the Fed and a technically strong trend, it is possible to observe a continuation of the uptrend.
Oil prices temporarily rebounded from the low set on December 7th, driven by several bullish fundamentals from the US. Nevertheless, they are restrained by weaker demand, as confirmed by a downward price channel and other technicals. The US economy added 199,000 jobs, leading to a decrease in the unemployment rate to 3.7%. This, coupled with the US acquiring 3...
Gold prices rose on Tuesday after reaching a three-week low in yesterday's session. The increase came as the dollar weakened, making gold more affordable for other currency holders. Investors are awaiting key U.S. inflation data and central bank meetings for clues on interest rates policy. The Federal Reserve's two-day monetary policy meeting will conclude on...
The Euro-Dollar took a halt on its bearish trend after some very bullish data for the Dollar last week. The US job report came out to be even better than expected with unemployment at 3.7% (expected was 3.9%) and the non-farm payrolls at 199,000 (expected was 180,000). Investors and traders are looking forward to various events on the economic calendar this week...
Gold prices rose on Tuesday after reaching a three-week low in yesterday's session. The increase came as the dollar weakened, making gold more affordable for other currency holders. Investors are awaiting key U.S. inflation data and central bank meetings for clues on interest rates policy. The Federal Reserve's two-day monetary policy meeting will conclude on...
Shares of Adobe Inc. (symbol ‘ADBE’) have performed exceptionally well over the last 3 months, reaching a 2-year high. The company’s earnings report for the fiscal quarter ending November 2023 is due for release on Wednesday 13th of December, after market close. The consensus EPS is $3.32, well up from $2.78 in the same quarter last year. ‘ The company's share...
Gold prices reacted to stronger jobs and consumer sentiment data and declined to less than $2,000 at the time of this report being written.. However, the downside may be limited if inflationary pressures decrease with the upcoming CPI report and FOMC meeting determining to a high degree the Fed's stance on rate cuts. The release of the inflation report on Tuesday...
Oil prices remained steady on Monday as the US sought to replenish strategic reserves, providing support from further decline. However, concerns persist about oversupply and weaker fuel demand growth in the coming year. Despite OPEC+ pledging to cut production in the first quarter, investors remain skeptical about compliance, as non-OPEC output growth is expected...
The pound strengthened against the dollar and euro but dropped against the yen as investors anticipated the Bank of Japan signaling an end to its easy monetary policy. The pound's largest one-day drop against the yen in five months occurred, while it remained steady against other major currencies. The pound's price action has also been influenced by expectations...
Negativity on the greenback in the last few weeks as the Fed’s expected pivot began to be plotted much earlier has given way in the last few sessions to renewed strength in various pairs including USDCAD. Oil meanwhile has made very strong losses this week, with American light oil reaching five-month lows below $70 a barrel. TA seems to support the positive...
The situation for euro-loonie is somewhat different because there’s also evidence that most of the major economies in the eurozone, especially Germany, are struggling to a degree. However, from a technical perspective, the potential entry to buy here seems to be better than for USDCAD. The price has yet to emerge from oversold based on the slow stochastic but it’s...
The XAG/USD (silver/US dollar) pair experienced mild losses, trading just below $24. Negative figures from the US labor market, including lower-than-expected employment change and a downward revision in Q3 unit labor costs, could lead to further dovish bets on the Federal Reserve. This may push US yields down and limit the downward movements in XAG/USD. The...
The pound strengthened against the dollar and euro but dropped against the yen as investors anticipated the Bank of Japan signaling an end to its easy monetary policy. The pound's largest one-day drop against the yen in five months occurred, while it remained steady against other major currencies. The pound's price action has also been influenced by expectations...
Shares of Adobe Inc. (symbol ‘ADBE’) have performed exceptionally well over the last 3 months, reaching a 2-year high. The company’s earnings report for the fiscal quarter ending November 2023 is due for release on Wednesday 13th of December, after market close. The consensus EPS is $3.32, well up from $2.78 in the same quarter last year. ‘ The company's share...
Oil prices fell on Monday due to concerns about a drop in demand and uncertainty surrounding OPEC+ supply cuts. This decline follows a 2% drop last week after OPEC+ announced voluntary production cuts while traders are skeptical about the impact of these cuts and uncertain about how they will be measured. Global manufacturing activity remains weak, and there are...