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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.

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WTI Oil Technical: Recent plunge seems to have found a floor ahead of OPEC+
The 7-week decline of -23% in WTI crude oil has started to stabilize in the last two days. The recent rebound of +8% from last Friday, 17 November low has been driven by anticipation of an extension of oil supply cuts into 2024 by OPEC+. Watch the US$75.60 key short-term support in WTI crude oil. In the past four weeks, oil prices have been hammered to the downside due to waning external global demand as the past year of tight monetary policies enacted by developed nations’ central banks (excep
22-11-2023 04:39 GMT by Kelvin Wong
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Gold Technical: Potential multi-week bullish movement kickstarts
Spot Gold (XAU/USD) minor corrective pull-back of -3.8% from the 27 October 2023 high to 13 November 2023 low may have ended. Potential start of another multi-week bullish up move for Spot Gold (XAU/USD). A further slide in the 10-year US Treasury real yield supports a bullish narrative for Gold. Watch the key short-term support at US$1,972. This is a follow-up analysis of our prior report, “Gold Technical: At the risk of further corrective decline before potential recovery” published on 9 Nove
21-11-2023 00:01 GMT by Kelvin Wong
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WTI Crude - Will oil prices encourage Russia and Saudi Arabia to extend cuts?
Growth concerns weigh on demand expectations OPEC+ meeting later this month eyed for further cuts WTI hits lowest level since July Oil prices have been trending lower again in recent days after rebounding on Tuesday, around the October lows in the case of WTI. There are clearly concerns around demand going into next year, particularly around China, which OPEC this week sought to relieve, to no avail.
16-11-2023 12:39 GMT by Craig Erlam
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Gold Technical: At the risk of further corrective decline before potential recovery
Gold’s stagflation hedge purpose has been negated after a rotation back into long-duration risk assets/equities. Watch the US$1,972 key short-term resistance on spot Gold (XAU/USD) to maintain on-going corrective decline structure. Medium-term uptrend remains intact as long as US$1,903 support holds. In the past two weeks, the price actions of Spot Gold (XAU/USD) have started to lose some of their glitter as a safe haven play due to the “status quo” situation in the ongoing Israel-Hamas conflic
09-11-2023 02:17 GMT by Kelvin Wong
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USD/CAD: Surges to highest levels since October 2022; Commodity prices remain volatile on geopolitical headlines
Loonie lower as oil prices pare earlier gains Overnight Index Swaps eye BOC's next move as a rate cut in H2 2024 Fed funds futures see a 31% chance of a rate by the January 31st FOMC meeting The US dollar is rallying against the Canadian dollar as the odds of one more rate hike seem more likely with the Fed than with the BOC.  After the BOC's October 25th meeting, traders appear convinced that the bank is done raising rates. Today's impressive US  economic data showed core PCE came in a little
27-10-2023 13:03 GMT by Edward Moya
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Brent Crude - Oil remains volatile amid economic uncertainty
Economic fears mounting Concerns of wider conflict in Middle East abating Brent may have entered consolidation It's been a volatile week in the oil market, with prices today down around 2% after rebounding a similar amount a day earlier. The economy remains a downside factor for oil prices, with traders clearly concerned about growth prospects amid high interest rates.
26-10-2023 14:18 GMT by Craig Erlam
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Gold Technical: Bullish impulsive up move may have resumed
The minor pull-back of Spot Gold (XAU/USD) from last Friday, 20 October high of US$1,997 may have ended on Tuesday, 24 October with an intraday low of US$1,953. Daily and 1-hour RSI indicators are showing a revival of bullish momentum. Next intermediate resistances are at US$2,006 and US$2,028/2,037. This is a follow-up analysis of our prior report, “Gold Technical: At the risk of a minor pull-back before potential new upleg” published on 23 October 2023. Click here for a recap. Spot Gold (XAU
26-10-2023 01:24 GMT by Kelvin Wong
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USD/CAD: BOC's hawkish hold provides little relief for loonie
Bank of Canada holds rates steady at 5.00% for a second straight meeting; keeps door open for future hikes Canadian dollar initially falls to a 7-month low against the greenback Easing war fears keep oil prices remain heavy but they are off session lows The Bank of Canada kept rates on hold at 5.00% for a second straight time. The bank upgraded their inflation forecast, which means they are maintaining a tightening bias going forward.  The BOC statement noted that the council is “concerned that
25-10-2023 12:09 GMT by Edward Moya
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Gold Technical: At the risk of a minor pull-back before potential new upleg
The recent three weeks of rally seen in spot Gold (XAU/USD) has been driven by geopolitical risk premium and positive momentum. The rise in the price actions of spot Gold has ignored the increase in the long-term opportunity cost of holding gold as the US 10-year Treasury yield rallied in tandem. Heightened stagflation risk is likely the cause of the ignorance of higher holding costs in Gold. The current short-term uptrend phase of spot Gold (XAU/USD) has reached an “overstretched condition” whi
23-10-2023 01:25 GMT by Kelvin Wong
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Reality has started to sink in for richly valued US long-duration and growth equities
Rising geopolitical risk premium may override the historical positive seasonality in the S&P 500 for the months of October and November. The US 10-year Treasury yield is now just a stone-throw away from 5.20% and a break above it may spiral towards 6.87% next. S&P 500’s market breadth has continued to deteriorate as only 38% of its component stocks are above their respective key 200-day moving averages. A bearish breakdown below 4,140 key support on the S&P 500 may trigger a major downtrend phas
19-10-2023 05:37 GMT by Kelvin Wong
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