US stock indices were drifting lower ahead of Friday’s key Core PCE inflation update. On Thursday, the mid-cap domestically focused Russell 2000 had bucked a negative trend across the major indices. This was another indication that investors are shifting some money out of many of the growth stocks that have led this year’s rally, and into value stocks which look...
Both Brent and WTI continue to frustrate investors. Last week saw both contracts break below significant support in a move which suggested further weakness to come. But prices reversed sharply and rallied back above resistance yesterday, signalling the likelihood of a breakout through the top of a range which has been building since the beginning of this month....
Gold was lower first thing this morning, and had given back most of its gains from Monday and Tuesday. It appeared to have found decent support this week following last week’s aggressive sell-off which saw the metal slump from a record high of $2,450 last Monday to $2,325 by Friday morning. But it still remains some way below $2,400, and even further away from the...
Crude oil has put in quite a turnaround over the last couple of trading sessions. At the end of last week, Brent and WTI had sliced through support and looked as if they were set to head lower. Both had broken down through the lower ends of their respective trading ranges that had been building since the beginning of this month. But prices suddenly turned higher...
Gold was a touch firmer this morning, but it’s hard to say if the price has found a floor yet. It’s been a bad week for the precious metal, even though it rallied on Monday to hit a record intra-day, and closing, high. Since then it’s been all downhill, and sharply. This morning it traded at $2,325 which represented a decline of 5% from Monday’s high. The move has...
Crude oil bounced sharply in early trade this morning, recovering all of yesterday’s losses at one stage. Prices rallied off the lower end of support and pushed back into the trading range which has been building since the beginning of this month. As far as front-month WTI is concerned, there’s a fairly well defined range with the area around $77.00 marking the...
NVIDIA will report its latest earnings and revenues after tonight’s close. The ‘NVIDIA Effect’ has been a feature of the earnings season for about a year now. The semiconductor company is at the forefront of developments in generative AI and is critical in building the infrastructure required to power this technology. It has repeatedly surprised investors by...
Yesterday morning, crude oil was retesting the upper level of a trading range which has been building since the beginning of this month. This meant that it was also continuing to consolidate with front-month WTI trading within a rough range of $80 to $77.50. The MACD on the daily charts for both WTI and Brent showed that downside momentum was flattening out, and...
Gold topped $2,450 overnight to hit a fresh record intra-day high. The move follows on from last week’s gains which were marked by a series of higher highs and higher lows. Five weeks ago, gold shot higher in thin Asian Pacific trade to hit a then-record of $2,430. But this proved unsustainable and prices fell back quickly and then took several weeks to find a...
Gold was a touch firmer in early trade on Friday. Its path towards a fresh record high has certainly been bumpier than it was during the two month rally from mid-February. Back then, gold pushed ahead in a steady and relentless fashion, with a healthy period of consolidation in March. But the last month has seen some heavy setbacks which look likely to have driven...
US stock indices soared yesterday in a move which took both the S&P 500 and NASDAQ 100 to fresh record closing highs. The Dow came within a few points of its own all-time high, falling a tad short of 40,000 this morning. The mid-cap domestically-focused Russell 2000 was also up sharply yesterday, but has since pulled back a touch. It remains around 14% below its...
It’s been a rollercoaster session for precious metals. Both gold and silver were firmer this morning. Gold built on yesterday’s gains and looked quite a bit healthier than it did on Monday. Meanwhile silver was inching closer to $29 per ounce. Less than a fortnight ago, silver had dropped to within a cent of $26, so it has manged to stage an impressive recovery...
US stock indices were a tad firmer this morning following on from yesterday’s mixed session. The main takeaway from Monday’s trade was that the Dow finished a touch lower, and so its run of eight successive positive sessions came to an end. Otherwise, the S&P 500 and NASDAQ 100 continue to consolidate, trading sideways and within spitting distance of their...
Gold dropped sharply this morning, giving back all of Friday’s gains and more. Despite this, gold remains comfortably above $2,300 per ounce. In addition, the MACD on the daily chart suggests that the downside momentum which started to accelerate in mid-April, has begun to flatten out. It’s worth noting that gold has given back a lot of its gains over the last...
Crude prices continued to recover this morning having fallen sharply over the past fortnight. On Wednesday front-month WTI dropped below $77 per barrel to hit its lowest level in two months. There has been a bounce since then, which has taken WTI back up towards $80. The MACD on the daily chart is starting to turn up, suggesting that upside momentum is building...
Earlier today gold was, like US stock indices, continuing to trade in a relatively narrow range. But unlike the indices, it was consolidating at lower levels following a sell-off, rather than at higher levels after a rally. Despite this, gold was managing to hold above $2,300. But there was no immediate indication that momentum, as measured by the MACD, had found...
Crude oil fell relentlessly last week, but managed to post a modest gain on Monday. Prices turned lower once again yesterday, and the sell-off has continued this morning. Front-month WTI has now fallen back below $78 per barrel, a level which acted as resistance back in November, January and February. It’s now apparent that it hasn’t offered any support to prices....
All the major US stock indices were firmer on Tuesday, building on gains from the latter half of last week. Investors were relieved to wave goodbye to April which proved to be an unsettling one in terms of increased volatility. Sentiment soured significantly last month, following an uninterrupted rally since the end of October. But US stock indices have had a...