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Gold Plunges 1% on Stock Market Rally, COVID-19 Vaccine Candidate

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Gold futures are slumping more than 1% on Monday as the US stock market rallies to kick off the trading week. The yellow metal had been trading at its best level in one month on bearish sentiment and inflation concerns, but after the US central bank suggested a vaccine will be the only way to initiate a recovery, investors hit the buy button. June gold futures tumbled $22.30, or 1.27%, to $1,734.00 per ounce at 16:59 GMT on Monday on the Comex division of the New York Mercantile Exchange. Gold prices just came off a 3% weekly increase, bringing their year-to-date gains to around 15%. Silver, the sister commodity to gold, is maintaining the momentum it had at the start of the trading session. July silver … [Read More...]

Soybeans Retreat From One-Week High Despite Bullish Developments

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Soybean futures are retreating from their best levels in a week after the US government reported that domestic crop plantings fell below expectations. With China renewing its demand for the agricultural commodity, could soybean prices rally in the coming weeks? It depends on Brazil and how it responds to the coronavirus pandemic after becoming a hotspot. July soybean futures tumbled $0.045, or 0.53%, to $8.405 per bushel at 16:57 GMT on Tuesday on the Chicago Board of Trade (CBoT). Soybean prices recently touched one-week highs on supply developments, but they are still down more than 12% year-to-date. According to the US Department of Agriculture (USDA), American farmers planted 53% of their intended soybean acreage, falling short of the median estimate of 56%. Corn witnessed similar … [Read More...]

Wheat Tops One-Week High of $5 Despite Global Supply Glut

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Wheat futures are trading at their best levels in a week as the agricultural commodity topped $5. Despite the industry facing a global supply glut, wheat prices are rising higher on an increase in net-long positions and a boost in buying across international markets. But the consensus is that this rally will be short-lived due to immense stockpiles. July wheat futures picked up $0.05, or 1.00%, to $5.0375 per bushel at 15:22 GMT on Wednesday on the Chicago Board of Trade (CBoT). Wheat has risen to a one-week high, but it remains down 10% year-to-date. Japan’s Ministry of Agriculture announced on Wednesday that it is purchasing 110,573 tons of food-quality wheat from the US, Canada, and Australia as the world’s sixth-largest importer … [Read More...]

Natural Gas Slumps as US Supplies Climb, Rig Count Dips

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Natural gas futures are slumping on Thursday after the US government reported that domestic inventories climbed. This is terrible news for an industry that is facing a record decline in global demand, and analysts say the decline in production may not be enough to rebalance the market. How low could natural gas go? June natural gas futures tumbled $0.046, or 2.6%, to $1.725 per million British thermal units (btu) at 15:39 GMT on Thursday on the New York Mercantile Exchange. The energy commodity has had a decent week, advancing about 3%. However, year-to-date, prices are down nearly 21%. According to the US Energy Information Administration (EIA), domestic stockpiles of natural gas increased by 81 billion cubic feet for the week ending May 15. In total, inventories stand at 2.503 … [Read More...]

Bitcoin Dips Below $9,000 and Drags Market Down with It

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Bitcoin prices dropped below $9,000 yesterday, having hit $10,000 resistance earlier in the week. The world’s largest cryptocurrency has rebounded and is now trading at $9,100. Meanwhile, Tether and Ripple are duking it out to be the third biggest cryptocurrency by market capitalization. Stablecoin Tether overtook Ripple yesterday but has since fallen back; both coins have a total market capitalization of just over $8.9 billion, and only $20 million stands between their total capitalization. The world’s largest cryptocurrency has spent most of the time since April 30 above $9,000 and has, on several occasions, tested psychological resistance at $10,000. It breached the level on May 8, and made further attempts on May 14 and May 18 but couldn’t sustain the push. The bulls appear to be running out … [Read More...]

Commodities Technical Analysis, May 25th — May 29th

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The technical analysis, that includes the indicator data and major pivot points for WTI Oil, Gold, Silver, Copper, and Natural Gas in continuous charts as of May 24th, 2020: Crude Oil Indicators Moving Averages RSI Parabolic SAR CCI Long Neutral Long Neutral Floor pivot points 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res 26.82 28.61 31.03 32.82 35.24 37.03 39.45 Woodie’s pivot points 2nd Sup 1st Sup Pivot 1st Res 2nd Res 28.77 31.34 32.98 35.55 37.19 Camarilla pivot points 4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res 31.12 32.28 32.67 33.05 33.83 34.21 34.60 35.76 Fibonacci retracement levels 0.0% 23.6% 38.2% 50.0% 61.8% 100.0% 30.41 31.40 32.02 32.52 33.01 34.62 Gold Indicators Moving Averages RSI Parabolic SAR CCI Long Neutral Long Neutral Floor pivot points 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res 1665.06 1691.00 1713.08 1739.02 1761.10 1787.04 1809.12 Woodie’… [Read More...]

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