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 Market Analyst, Asia Pacific
With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley is OANDA’s senior market analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes. He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays. A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV, Channel News Asia as well as in leading print publications including the New York Times and The Wall Street Journal, among others. He was born in New Zealand and holds an MBA from the Cass Business School.
Jeffrey Halley
Jeffrey Halley

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