Precious Metals and Commodities Weekly 14th November

Our weekly journey through the precious metals and commodities CFD’s available with OANDA. Jeffrey analyses each using a combination of technical and fundamental analysis.

Life has been dull on precious metals to start the week as financial markets and currencies, in particular, await the buildup to a heavy data end of the week. The passage (or not) of the U.S. tax bill is being awaited with eager anticipation. Precious metals have been range bound with gold lacking conviction but silver and platinum attempting quiet recoveries. Palladium seems set for a slight downward correction of its mega-bull trend.

Copper has an interesting triangle formation that suggests some temporary downward pressure may be to come.

Natural gas traded much higher in anticipation of colder weather in the U.S. but gave back its gains with a whimper. That said, it does appear to be gathering its strength as winter is coming!

Brent and WTI’s severely overbought RSI on both have eased somewhat, but the charts suggest the danger still lies to a correction lower within their overall bullish uptrends. The  Crude Inventory data should be the first test of this theory.

Over on the soft commodities, sugar has rallied as the Brazilians cut 2018’s harvest forecasts.

Brazil is at it again in Corn and Soybeans but for different reasons this time. Rain in Brazil has produced optimum growing conditions pushing down North American prices.

Wheat feels the heat of Russia’s Black Sea region harvest and a weaker Rouble making their exports more appealing than strong U.S. dollar North American ones.

Gold 0:0:00, Silver 00:02:40, Platinum 00:04:35, Palladium 00:06:10, Copper 00:08:30, Natural Gas 00:10:15, Brent Oil 00:12:15, WTI Oil 00:16:10, Sugar 00:18:15, Corn 00:20:25, Soybeans 00:21:50, Wheat 00:23:50

 

 

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Jeffrey Halley

Jeffrey Halley

Senior Currency Analyst
Based in Singapore, Jeffrey has over 25 years experience in the financial markets, having traded currencies, options, precious metals and futures. Jeffrey started his career at Barclays Bank in New Zealand. However he has spent most of it in London and Asia.Jeffrey focuses on the Asia time zone across asset classes. A regular commentator on business news TV and Radio, he is originally from New Zealand and holds an MBA from Cass Business School, London.