Commodities: all news & analysis

Explore our extensive commodities news, which unveils critical insights into price movements, trends, and expert forecasts in the raw materials market. By examining price actions and understanding the factors influencing commodity values, understand current market dynamics. This page is designed to boost your research on historical trends, identify seasonal patterns, and sharpen your trading strategies across sectors such as energy, metals, and agriculture. Equip yourself with the knowledge necessary to enhance your understanding of the commodities landscape and elevate your trading decisions.

Gold - Edges lower after failing at $1,960 but is the recovery over?

Gold pares gains after post-inflation bounce US yields remain lower, pulling the dollar down with them Resistance levels remain above at key Fibonacci levels Gold has rotated lower over the last couple of days after previously recovering on the back of encouraging US inflation data. The decline in US yields that we've seen since the release has weighed heavily on the US dollar and given the yellow metal a real boost after having endured a pretty torrid May and June. Is the recovery sustainable

17-07-2023 16:39 GMT by Craig Erlam

Brent Crude - Chinese data and resumed Libyan output weigh on oil

Chinese growth underwhelms Libya resumes production after brief outage Key technical support levels still below Oil prices pulled back from last week's highs today, weighed down by the weaker Chinese figures and reports of some Libyan outages being restored. The numbers from the world's second-largest economy are almost certainly the bigger factor here especially against the backdrop of sluggish growth around the globe.

17-07-2023 16:29 GMT by Craig Erlam

Oil tentatively lower on disappointing Chinese data

Goldman Sachs eyes a significant crude deficit in the second half of the year Markets price in 25% chance Fed cuts at December 13th FOMC meeting Bitcoin supporter Novogratz expects Bitcoin ETF gets done by end of year Oil Crude prices are lower as China’s economic recovery stalled and as Libya resumed production at key oil fields. Oil won’t catch a bid unless China finally unleashes meaningful stimulus that propels large parts of the economy. Little rate cuts here and there and support for p

17-07-2023 13:01 GMT by Edward Moya

Week Ahead - UK inflation, earnings, interest rate decisions galore

The week before the July 26th FOMC meeting will contain a handful of key economic reports and several key earnings results. The initial assessment of the economy is somewhat upbeat as CEO Jamie Dimon noted that the US economy continues to be ‘resilient’.

14-07-2023 17:07 GMT by Craig Erlam

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Podcast - UK inflation, gold runs into resistance, US markets

OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the key themes moving markets at the end of the week. They discuss the latest UK data and look ahead to next week's CPI release, gold and how US markets have traded in the aftermath of the inflation numbers.

14-07-2023 13:00 GMT by Craig Erlam

Brent Crude - Incredible gains and major resistance level overcome

Output cuts and inflation data continue to boost crude prices Temporary disruptions could add to the bullishness Potential resistance around $83-$84 Oil is trading relatively flat today but has made tremendous gains over the last couple of weeks and could still add to that over the coming sessions. The price has risen more than 13% from the lows on 28 June and, despite appearing to struggle at times yesterday, still has plenty of momentum.

14-07-2023 08:34 GMT by Craig Erlam

Too early to celebrate disinflation

Current up moves in long-duration equities and fixed income came at the expense of a weaker US dollar. A persistent weak US dollar may lead to an upside revival in commodities prices. Inflationary expectations may creep up again due to higher oil/commodities prices. Disinflationary narrative seems premature and may be mispriced. Market participants have taken a “disinflation ecstasy pill”, bidding up long-duration equities and fixed income in the past two sessions after the latest June US CPI d

14-07-2023 02:50 GMT by Kelvin Wong

Gold - Holding gains but a few big tests lie above

Stalling at $1,960 Key fib levels remain a big test Gold is also trading marginally higher today and struggling around a notable resistance level, $1,960. It broke through $1,940 yesterday on the back of the inflation numbers and has now entered retracement territory where a few key levels will be put to the test. From a technical standpoint, those are the 38.2%, 50%, and 61.8% Fibonacci retracement levels - May highs to June lows - which happen to fall around $1,960, $1,980, and $2,000, respec

13-07-2023 12:49 GMT by Craig Erlam

Brent Crude - Is the oil rally starting to stall around $80?

US inflation data takes Brent above $80 Chinese trade data disappoints again Momentum appearing to wane Oil prices are a little higher again in early trade, seemingly still buoyed by yesterday's US inflation report, and are continuing to push for a convincing break above $80 in Brent crude. It is trading a little above $80 this morning and did at times yesterday, but rather than generating fresh momentum, it seems to instead be running into some difficulty. That would be understandable.

13-07-2023 12:32 GMT by Craig Erlam

Gold - Boosted by US inflation data but recovery still early

Recent range highs broken after CPI release Lower inflation could increase gold's appeal One more rate hike expected from the Fed The US inflation data gave gold just the boost it needed to break back above $1,940 after failing to pierce that level in recent days. The yellow metal has been range-bound in recent weeks between $1,900 and $1,940 and today's report did what the jobs data failed to do; it provided the catalyst for a breakout. Gold Daily Source - OANDA on Trading View There remains

12-07-2023 18:06 GMT by Craig Erlam

Brent Crude - Trying to break $80 after the US inflation report

The prospect of a soft landing lifts oil prices Rally builds on efforts by Russia and Saudi Arabia to boost prices A break of $80 could be another big step Oil prices have been understandably lifted by the US inflation release today as it could be seen to increase the possibility of a soft landing. Brent was already trending higher though and is now at its highest point since April, having already broken out of the range it traded within for the last couple of months. The next level for Brent

12-07-2023 17:00 GMT by Craig Erlam

XAU/USD - Could US CPI data trigger a major breakout in gold?

Traders appear bullish ahead of CPI release A number of resistance levels above Could a stronger inflation report push gold below $1,900? Gold is edging higher again today but there is clearly an element of caution in the move. Perhaps traders are hopeful of a favorable CPI figure from the US but they're clearly not that confident with the price remaining below $1,940 where it has repeatedly run into resistance. Gold Daily Source - OANDA on Trading View A break above here today could be a bull

12-07-2023 07:12 GMT by Craig Erlam

Stocks gain ahead of June CPI report

US June CPI M/M: 0.3%e v 0.1% prior; Y/Y: 3.1%e v 4.0% prior; Core CPI (ex food and energy)M/M: 0.3%e v 0.4% prior; Y/Y: 5.0%e v 5.3% prior Microsoft gets go-ahead to buy Activision; prompts excitement for further deal making. Impressive demand for 3-year note auction US stocks rose as bond yields remained capped as Wall Street looks like it is ready to move beyond a pivotal inflation report that should suggest interest rates will stay higher for longer. Headline CPI might fall to 2.9% and co

11-07-2023 16:10 GMT by Edward Moya

Gold - Edging higher ahead of the US inflation report

Gold appears to have found some support again in recent days after rebounding twice around $1,900. The US jobs report was one possible risk event that could have triggered a big move in gold, one way or another, and the other is due tomorrow in the shape of the US inflation report. It seems gold bulls are feeling a little more confident, although $1,940 still poses a test having been a notable area of support in late May and the first half of June. Gold Source - OANDA on Trading View We could j

11-07-2023 10:08 GMT by Craig Erlam

Brent Crude - Oil steadies after hitting one-month high

Brent hits one-month high Saudi and Russian cuts supporting recent moves Major barriers of resistance above Oil prices are a little flat today after paring earlier gains. Brent hit a one-month high on Monday after breaking above the 21 June peak, bringing an end to a series of lower highs that had contributed to the consolidation we've seen in recent months. While it is still trading around the range highs since early May, the break of the recent high could be viewed as a bullish step that coul

11-07-2023 09:50 GMT by Craig Erlam

Resilient gold is supported by geopolitical risk

Historical tightly inverse correlation between gold (XAU/USD) and US Treasury 10-year real yield (TIPS) has started to wane in the past four weeks. An uptick in geopolitical risk may be the factor that is supporting a resilient movement in gold despite higher 10-year TIPS. Watch the US$1,940 key intermediate resistance on gold (XAU/USD) for a potential bullish breakout. In the past week, a higher momentum movement is seen in longer-term sovereign yields over their shorter-term durations where t

11-07-2023 06:01 GMT by Kelvin Wong

Oil weakens on weaker global growth outlook, Gold and Bitcoin unfazed

Commodities get little support from a weaker dollar Demand destruction likely to force Saudis to extend cuts Bitcoin holds onto the $30,000 level Oil Crude prices are weakening as concerns mount that the global growth outlook is getting uglier by the day. China is rushing to deliver more support to their real estate crisis, while the US starts to grow more nervous about a potential recession. Oil will struggle this week if inflation readings in the US support the hawkish case for a couple mor

10-07-2023 13:42 GMT by Edward Moya

Oil breaks higher, gold choppy after nonfarm payrolls

Oil finally breaks higher and with decent momentum Another strong showing on Friday saw oil prices finally make a significant move higher, with Brent breaking above $77 and ending the series of lower highs in price. There still remain obstacles above but this could be a very significant breakout in the price after such a long period of consolidation. What's more there doesn't appear to be any shortage of momentum behind the move; in fact, it has seemingly increased which could be another bullish

10-07-2023 12:15 GMT by Craig Erlam

Oil prices climb, gold eyes nonfarm payrolls

Oil continues higher despite setbacks this week Could we finally be about to see a breakout in oil prices after two months of consolidation? The rally over the last week or so from the range lows has been quite strong and backed by momentum - as well as fresh cuts from Saudi Arabia and Russia - and despite being pushed back from the recent highs over the last couple of days, it's continued to drive higher in a way that could see the upper boundary buckle. Yesterday's ADP number appeared to wipe

07-07-2023 07:34 GMT by Craig Erlam

Oil prices in retreat, gold vulnerable after ADP report

Despite positive momentum, oil falls short once more Oil prices are retreating in risk-averse trade today. The ADP report has clearly had a negative impact given it likely means we're facing another red-hot jobs report tomorrow and the prospect of higher rates for longer. It also came at an opportune time, with the price flirting with the peak from two weeks ago, only to turn south having fallen just shy of surpassing it.

06-07-2023 10:27 GMT by Craig Erlam

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