Commodities News

On Thursday, gold extended declines until it found support at the mentioned 1,410. It is now trading 0.26% negative at 1,415.

Any development on Friday’s US employment report and non-farm payrolls’ release will produce a violent reaction in the investment market due to the lack of volatility. So, they do believe it is better to book profits and come back on Monday.

Although technical studies suggest more declines in the middle term, chart pattern still shows a bullish consolidation above the 1,380 area with the 1,440 level acting as a container.

Currently, coffee is trading at 111.00, still posting a rise of 1.0% from the previous close. A close above the 110.00 level will be key to extend gains in the middle term.

The market is expecting a slow and long week as the United States will be on vacation from Wednesday night until the weekend as the Fourth of July day will be on Thursday.

According to the USDA annual acreage report, farmers seeded 91.7 million of acres of corn and 80 million acres of soybeans, well-below of government forecast of 92.8 million corn acres and 84.6 million acres of soybeans.

Earlier in the day, gold dropped deeper to test the 1,380.00 area for the first time since June 21. With today’s decline, gold is extending its rejection from the 1,440.00, highs since May 2013, reached on June 25.

Recent geopolitical events have helped generate an upside bias in crude oil. Gold started the week strong but ran into a wall of sellers after Fed officials dampened hopes of a 50 basis point rate cut by the central bank in late July. Natural gas futures posted a strong performance

Weather is still a concern for agricultural investors as heavy rains remain in the farm belt of the United States, but dry conditions in Canada. Also, hot temperatures in Europe and a weak monsoon season in India are raising concerns about a grains supply crisis in the months to come.

In the month, gold is closing its best month since 2016 with over 8.0% gains and logging its second consecutive month of gains. On the quarter, XAU/USD recovered itself from early losses, and it is posting near 9.5% gains in the last three months.

Prices for grains are supported by wet weather in the United States, hot temperatures in Europe, a lower than expected plating in Canada and heavy monsoon rains in India.

Gold is trading down for the second day in a row as investors are digesting the news that the United States and China are in talks to avoid the next round of tariff measures.

Soybeans and corn are trading positive on the day but moving with caution as market are digesting both sides reports.

Gold is down on Wednesday amid Fed’s moderation on rate cuts. Also, sentiment market has improved.

Soybeans and other grains are trading positive on Tuesday amid a weaker crop progress report. However, gains are limited as prices topped at key resistance levels.

Gold jumped to fresh highs since May 2013 as dollar is trading weak. However, as market is fully priced on a Fed’s rate cut, the risk now is to the downside with any possible Dollar strength.

Soybean is trading higher on Monday but more significantly is that the scoop is that the grain is building up a solid run for the next days.

Gold is trading higher for the fifth day amid a weak dollar and a possible rate cut by the fed in its FOMC meeting this July.

U.S. West Texas Intermediate and international-benchmark Brent crude oil soared last week as a number of bullish factors combined to drive prices to levels not seen in nearly a month. Gold prices rose to a multi-year high after the U.S. Federal Reserve signaled the possibility of a rate cut later

grains are closing the week mixed amid weather conditions in the United States and Russia. Corn retreats from highs but remains positive.