Precious Metals and Commodities Weekly 8th November
Our weekly journey through the precious metals and commodities CFD’s available with OANDA. Jeffrey analyses each using a combination of technical and fundamental analysis.
Its been all action this week as crude oil maintains its charge higher as Brent and WTI make 2-year highs. This has also woken Natural Gas from its long slumber and dragged base metals higher.
Copper continues to impress along with base metals in general.
Precious metals also rallied as Saudi Arabia rounds up princes and ministers. Gold, silver and platinum all staged dead cat bounces, but the rallies were underwhelming and likely to be short-term in duration.
With the world economy seemingly firing on all cylinders, stocks at record levels, OPEC’s production cuts apparently turning the black gold tide on oil, the question is will the music stop? Most especially in oil, the scene of much heartache for traders over the last few years. Jeff attempts to answer this question. (spoiler: yes and no)
The soft remained sort of, soft this week. The agricultural CFD’s have been unmoved by the hard commodities rallies. The exception being our old friend soybeans which is showing some signs of life again.
Gold 0:0:00, Silver 00:04:15, Platinum 00:06:15, Palladium 00:08:35, Copper 00:10:40, Natural Gas 00:13:10, Brent Oil 00:14:40, WTI Oil 00:18:00, Corn 00:20:00, Soybeans 00:22:15, Sugar 00:23:40, Wheat 00:24:45
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