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.
With most of the United States indulging in its own turkey vs cranberry sauce arbitrage this week into the Thanksgiving holiday, activity has been noisy but light on substance with a light data week globally.
Gold, silver and platinum have all teased with potential topside breakouts, only to break hearts and give back all their gains. Platinum, in particular, looked poised for new lows whereas gold and silver are making a lot of noise, but within longer-term trading ranges.
Palladium’s chart maintains its long-term uptrend, but the shorter timescale suggests a welcome downside correction could be on the cards.
Copper has formed a descending triangle which implies we could see a 20 cent correction lower.
Natural gas ranges near the top of its multi-month range, but at the end of the day, it’s still a range.
Brent and WTI Crude finally corrected lower and seemed to be consolidating ahead of the 30th November OPEC meeting. The charts suggest thought that the danger is still for deeper corrections to come although both are no longer overbought.
The softs all had short squeezes to varying degrees but are all still stuck in medium-term ranges.
Sugar saw the best of it and continues to look constructive.
Soybeans ran into a brick wall, and the charts suggest there could be worse to come.
Corn’s week-long short squeeze was unwound in one day, and it is now marooned mid-range.
Wheat was perhaps the most underwhelming, capped by Russian exports with an almost flat line chart.
Gold 00:00:00, Silver 00:03:05, Platinum 00:04:50, Palladium 00:07:00, Copper 00:08:50, Natural Gas 00:10:50, Brent Crude 00:12:10, WTI Oil 00:15:00, Sugar 00:16:10, Soybeans 00:17:55, Corn 00:20:00, Wheat 00:21:10