Introduction Gold Futures (GC) are still performing well in 2024, up 14.2% YTD and 22% for the past 365 days. The main observations we can look at is the huge divergence between the 50 and 200 SMA. The 200 is steadily rising so long term investments and trades point bullish. At the moment, GC is Read More…
Introduction Crude Oil Futures (CL) for the most part are trading in a consolidation phase. YTD CL is up 15%. However, the performance has been mixed, influenced by a stronger dollar and global economic concerns, such as the rebound in Russian crude exports (Barchart.com) (Barchart.com). Weekly Chart Analysis The weekly chart shows CL recently had Read More…
Oil prices increased slightly on Wednesday as investors worried about supply due to escalating Middle East tensions. These supply worries overshadowed an unexpected jump in US crude inventories last week. Since the start of the war between Israel and Gaza, there has been a risk of escalation that has supported oil prices. Moreover, ceasefire talks Read More…
Introduction Crude oil could be breaking out of a multi-year downtrend and on its way to triple digits once more. This is a big speculation but if you look at the chart below, you will see why it could be a possibility. At least, the support is very strong and even if price does not Read More…
Oil prices fell on Wednesday as a surge in inventories overshadowed demand optimism and supply concerns. However, there was little volatility as US markets were closed for a holiday. According to American Petroleum Institute figures, crude inventories rose by 2.264 million barrels last week. Meanwhile, economists had expected stocks to fall by 2.2 million barrels. Read More…
Introduction Crude Oil Futures (CL) dropped dramatically for five straight sessions last week. CL dropped a total of 10.5% from the high of Wednesday 5th in those five days. There was a support level at around $76 that was taken out which is likely what lead to the sharp decline but the story changed quickly. Read More…
