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- Nov, 21 Oil Extends its Pull Back as Risk Aversion Looks to Close the Week
- Nov, 20 Oil, Metals Focus on Risk Trends, US Dollar into Week-End
- Nov, 19 Oil Tumbles from its Prominent Technical Ceiling Despite an Upgrade to Growth
- Nov, 19 Oil and Metals Look to OECD Outlook, Geithner Testimony as Catalysts
- Nov, 18 A Drop in Crude Inventories Pushes Oil to the Brink of a Breakout but Hesitation Persists
- Nov, 17 Oil Rally Stalls ahead of Inventory Numbers at the Border of a Prominent Trend Channel
- Nov, 16 Oil Surges through Monday’s Session as Risk Appetite, Macro Data Spark Buying
- Nov, 14 Oil Finally Marks a Critical Break but Risk Aversion will have to Step up for a Bearish Trend
- Nov, 12 Oil Plunges as Risk Appetite Ebbs and Inventories Rise
- Nov, 12 Oil Looks to Jobless Claims, Earnings. Gold Outlook Darkens
- Nov, 12 The Divergence Between Gold and Silver is too Remarkable to Ignore
- Nov, 11 Oil May Rise on Chinese Data, Gold Technicals Point Lower
- Nov, 10 Crude Exhibits a Constrained Decline Despite the IEA’s Reduced Forecast for Long-Term Demand
- Nov, 09 Crude Rallies as the Risk Appetite Rallies and Ida Threatens the Gulf of Mexico
- Nov, 07 Gold Rallies to a Fresh Record High after a Sharp Jump in US Unemployment
- Nov, 05 Gold’s Bullish Momentum Stabilizes ahead of US Employment Report
- Nov, 06 Oil, Metals Look to US Jobs Report to Set Trajectory
- Nov, 04 A Surprise Drop in Crude Inventories and Advance in Risk Appetite Leads Oil to a Bullish Breakout
- Nov, 03 Gold Extends its Rally to a Record High following the Indian Central Bank’s 200 Ton Bid
- Nov, 03 Oil, Metals to Trade With Stocks as Risk Trends Dominate
Technical positioning hints that oil, gold and silver are likely to retrace recent gains. US intial and continuting jobless claims are key to watch ahead of Friday's all-important NFP report.
Commodities – Energy
Crude Oil Retests $80 Once Again, Jobless Claims in Focus Ahead of NFP
Crude Oil (WTI) $79.95 -$0.45 -0.56%
Oil continues to consolidate in familiar ranges, with prices once again testing resistance just below the psychologically significant $80/barrel level. Negative divergence on the RSI oscillator hints at a move lower from here, with initial support at $78.28. Fundamentally, US Initial Jobless Claims and Continued Claims data is likely to command the markets’ attention as traders brace for tomorrow’s all-important NFP jobs report from the world’s largest crude consumer. As always, broad trends in risk sentiment and with the trajectory of the US Dollar will be important as well, and to that effect, traders will be on the lookout for any relevant reverberations from the ECB and BOE interest rate decisions.
Commodities – Metals
Metals Push Higher as Fed Keeps Dovish Posture, Jobs Data Key Ahead
Gold $1090.19 -$2.00 -0.18%
Gold prices pushed higher to break out a minor rising channel, clearing triple top resistance just below $1070 to test new record highs near the $1100 level. Prices are now re-testing resistance-turned-support at the channel’s top with negative divergence on the RSI oscillator pointing to a likely turn downward. A break below current support opens the door for a test of the channel’s bottom below $1080. Fundamentally, the outlook for the US Dollar and things that affect it are likely to be of greatest interest, which primarily amounts to the US jobless claims data and to a lesser extend the ECB and BOE rate decisions.
Silver $17.41 -$0.05 -0.26%
Silver followed gold higher out of the narrow range between $16.11 and $16.75 to find resistance before $17.50. On the fundamental front, the outlook for the greenback and the overall trajectory of risky assets will likely prove most market-moving, putting the onus once again on US data.
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