- James HyerczykCrude Called $5 to $10 Higher After Drones Attack Saudi Crude Facilities
Saudi Arabia has yet to comment on the extent of damage on its oil production but industry sources have said some 5-6 million barrels per day (bpd) or 5-6% of global supply have been affected.
- Mauricio CarrilloNegative Week for Grain Prices Due to Weather and Optimism in Trade
On the week, soybean is ready to close its third negative week in the last four, wheat is fighting to close the period in a positive manner, while corn resumed its free-fall from 3.76 after last week’s recovery.
- Mauricio CarrilloGold and Silver Recover After Lower Than Expected NFP
Gold reacted positively after the weak nonfarm payrolls data in the U.S. and it is recovering almost all its daily losses. Silver just exploded to the upside.
- Mauricio CarrilloSoybeans, Corn Collapsed After a Good AMIS Report
AMIS also highlighted that money managers liquidated long positions in wheat and corn, “establishing modest short holdings for both.” However, in the case of soybeans, “it added to its net short position m/m.”
- Mauricio CarrilloGold Down Amid Trade Optimism, Copper Recovers From a 2-year Low
Metals are mixed on the day, gold and silver are posting losses, but copper is extending its recovery from 2-year lows, while palladium and platinum are consolidating highs.
- Mauricio CarrilloGrains Mixed on Better Crop Conditions and Hopes for US Grains Demand
Technical indicators are signaling a bullish extension is gaining momentum in the daily chart. The positive sentiment is even more prominent in the 1-hour chart with oscillators and moving average pointing to the upside too.
- Mauricio CarrilloGold Pared Gains at $1,550, Will It Explode? Expert Believes in $1,900
XAU/USD is currently trading at 1,540, 0.53% negative on the day. The hourly chart looks bearish in the short term, but some signals of recovery are appreciated in the technical indicators.
- Mauricio CarrilloSoybeans, Corn down; Wheat at 4-month lows
The trend in futures of wheat is clearly bearish with the unit extending declines steadily from the 4.77 area traded on August 29. Earlier in the day, the unit broke below the 4.62 area and after a small pullback, it extended loses to test the 4.56 level.
- Mauricio CarrilloGold, Silver Up Amid Trade War, Brexit Concerns, Dollar Contains Gains
Gold is currently trading 0.25% positive on the day at 1,535. The unit is consolidating levels above the now critical 1,520 support. Technical conditions in the short term suggest a consolidation phase in the next hours. But the overall picture suggests additional gains.
- Mauricio CarrilloGrains to Close Week, Month With Losses, All About Trade War
Despite the conciliatory tone, the market is reluctant to believe in everything China and the United States said, as it seems they want to have a prolonged trade war. Farmers, then, are suffering the consequences.
- Mauricio CarrilloGold Ready to Close Its Best Month in Three Years
XAU/USD is trading sideways between 1,520 and 1,530. It seems that investors did the end-month rebalancing and profit-taking on Thursday, as the unit declined from highs at 1,550 and tested the 1,520.
- James HyerczykStrong Cash Prices Offset Bearish Natural Gas Report; Big Inventory Drop Continues to Underpin Crude
There are a record number of shorts in the natural gas market and they have to either rollover into the October futures contract, hoping for a bearish September, or they have to start covering while preparing for the Fall Shoulder Season. It looks like some have decided to lighten up
- Mauricio CarrilloSoybeans Extend Gains, Wheat Down but Signaling a Bullish Recovery
Soybeans accelerated in the last few hours to break above the 8.68 short term resistance, and it is now trading at 8.70, its highest level since August 26. Improvements in the trade war and new commercial options for US grains lifted the unit.
- Mauricio CarrilloGold down as US and China Agree on a ‘Calm Attitude,’ Silver Extends Rally
XAU/USD advanced to break a short term resistance at 1,545 and to trade at highs since August 25 at 1,550. However, Feng remarks sent the metal down. The unit is now trading 0.24% negative in the day at 1,536.
- Mauricio CarrilloSoybeans, Corn Down, But Wheat is Giving a Possible Bullish Signal
Futures of wheat are now trading on recovery mode, but it is facing the 4.74 short term resistance at this moment. Currently, the unit is still 0.70% negative on the day. However, a potential bullish movement is now on the cards.
- Mauricio CarrilloGold Flirts With 1,550, Where Is Gold’s Top? Silver at 18.50
Gold is heading to close its fifth straight week with gains. Just in August, XAU/USD advanced over 9% in a month that is heading to become the biggest monthly increase since February, and it seems the rally won’t stop anytime soon.
- Mauricio CarrilloSoybeans, Corn, Recovers Ground on Improved Crop Rate and Trade War
Early in the day, soybeans, wheat and corn traded sideways or negative but grains recovered ground in an improved sentiment. However, rising USD/CNY is adding more risks to farmers’ sales to China due to an expensive dollar.
- Mauricio CarrilloGold Positive on Trade War and Germany Recession Concerns, Silver Rallies
Metals are trading positive on Tuesday as investors are digesting economic data in Germany and the news about the trade war between the US and China. Besides, a cheaper dollar is making holding in gold more attractive.
- Mauricio CarrilloSoybeans lead grains, rollercoaster with buying zone Opportunity
Technical conditions suggest a potential bullish outbreak with the 8.60 area as a buying zone. MACD seems to be ready to go above the zero line with the faster line going above the slower one. Also, the 8.60 level looks like strong short term support.
- Mauricio CarrilloGold Back From Highs Since April 2013, Trade War, Dollar-Yuan Catalysts
Sentiment rollercoaster remains alive. Gold is trading backed on fundamental news, technical studies are limited due to the current global situation, and all the moves are clearly risk aversion/appetite, and US bond yields influenced.