Our weekly journey through the precious metals and commodities CFD’s available with OANDA. Jeffrey analyzes each using a combination of technical and fundamental analysis.
Life has been dull on precious metals to start the week as financial markets and currencies, in particular, await the buildup to a heavy data end of the week. The passage (or not) of the U.S. tax bill is being awaited with eager anticipation. Precious metals have been range bound with gold lacking conviction but silver and platinum attempting quiet recoveries. Palladium seems set for a slight downward correction of its mega-bull trend.
Copper has an interesting triangle formation that suggests some temporary downward pressure may be to come.
Natural gas traded much higher in anticipation of colder weather in the U.S. but gave back its gains with a whimper. That said, it does appear to be gathering its strength as winter is coming!
Brent and WTI’s severely overbought RSI on both have eased somewhat, but the charts suggest the danger still lies in the possibility of a correction lower within their overall bullish uptrends. The Crude Inventory data should be the first test of this theory.
Over on the soft commodities, sugar has rallied as the Brazilians cut 2018’s harvest forecasts.
Brazil is at it again in corn and soybeans but for different reasons this time. Rain in Brazil has produced optimum growing conditions pushing down North American prices.
Wheat feels the heat of Russia’s Black Sea region harvest and a weaker rouble making their exports more appealing than strong U.S. dollar North American ones.
Gold 0:0:00, Silver 00:02:40, Platinum 00:04:35, Palladium 00:06:10, Copper 00:08:30, Natural Gas 00:10:15, Brent Oil 00:12:15, WTI Oil 00:16:10, Sugar 00:18:15, Corn 00:20:25, Soybeans 00:21:50, Wheat 00:23:50.