Agriculture
Price rises Whether it’s corn, iron ore, lumber or oil, commodity prices are surging as large parts of the global economy reopen after the pandemic.
Currencies
The New Zealand dollar is also inside yesterday’s range (~$0.7115-$0.7205) but has resurfaced above the 20-day moving average, which it settled below yesterday for the first time since mid-April. I noted in yesterday’s US Dollar forecast that eclipsing this barrier could open up the door to have a look at the 50-day simple moving average. The dollar index fell 0.1% against its rivals and made the yellow metal less expensive for investors using other currencies.
Perhaps watching the generally strong positive relationship between the DXY Index and Treasury yields may serve as a useful gauge to where the US Dollar heads next. less Gold prices inched higher on Wednesday after the U.S. dollar eased off a two-week peak. The dollar though had a hard time reversing Monday‘s losses that were virtually guaranteed once the 2021 mini-taper tantrum played out on Friday in currencies. The Bloomberg survey median forecast was for a 3% gain, but the Australian dollar is within yesterday’s range (~$0.7675-$0.7765).
The dollar weakened, while gold futures were slightly higher. The U.S. dollar weakened, while gold futures were slightly higher. US Dollar bulls must first overcome daunting technical resistance posed by the 91.40-price level.
Perhaps watching the generally strong positive relationship between the DXY Index and Treasury yields may serve as a useful gauge to where the US Dollar heads next. less Gold prices inched higher on Wednesday after the U.S. dollar eased off a two-week peak. The dollar though had a hard time reversing Monday‘s losses that were virtually guaranteed once the 2021 mini-taper tantrum played out on Friday in currencies. The Bloomberg survey median forecast was for a 3% gain, but the Australian dollar is within yesterday’s range (~$0.7675-$0.7765).
The dollar weakened, while gold futures were slightly higher. The U.S. dollar weakened, while gold futures were slightly higher. US Dollar bulls must first overcome daunting technical resistance posed by the 91.40-price level.
Metals
Spot gold is currently trading at $1,776.47 per ounce as of 0831 GMT (GLD). Barrick Gold Corp: The company reported a 78% rise in first-quarter profit helped by rising gold and copper prices, and said it was on track to meet annual guidance. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. The rebound in Gold and gold mining stocks has been weak. GDX & GDXJ Weekly Candles Sure, gold stocks have outperformed gold, but their other metrics have been weak.
Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools. From a technical standpoint, Tuesday’s downside reversal reinforces that the oversold rebound in the gold stocks could be over. In the old days, this was accomplished by substituting base metals for silver or gold in the minting of coinage. GDX has outperformed the S&P 500 only slightly, while Gold made a new low relative to the stock market in April.
Gold hasn’t even hit $1800 yet, and GDX and GDXJ sputtered at the first sign of resistance.
Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools. From a technical standpoint, Tuesday’s downside reversal reinforces that the oversold rebound in the gold stocks could be over. In the old days, this was accomplished by substituting base metals for silver or gold in the minting of coinage. GDX has outperformed the S&P 500 only slightly, while Gold made a new low relative to the stock market in April.
Gold hasn’t even hit $1800 yet, and GDX and GDXJ sputtered at the first sign of resistance.
Oil
Oil prices traded higher as Brent crude futures rose 1.2% to trade at $69.73 per barrel, while US WTI crude futures rose 1.2% to trade at $66.45 a barrel. Marathon Oil Corp: JPMorgan raises target price to $73 from $70, after the company reported strong first-quarter earnings across all segments led by refining. Pioneer’s total average realized price surged about 41% from the previous three months to $42.75 per barrel of oil equivalent in the quarter. That was when oil was well above $100 per barrel.
A steep drop in U.S. crude inventories also supported prices after data from an industry body showed stockpiles fell by 7.7 million barrels in the week ended April 30. A sharp fall in US oil inventories, according to API, is helping oil continue its rally. Oil prices rallied, as lockdowns in the U.S. and parts of Europe were eased, boosting demand outlook. “The jump in oil prices came amid expectations of strong demand as Western economies reopen. Last night’s surprisingly large crude draw (reported by API) also helped support prices and traders will be looking at the official data to confirm the trend.
Daily Market Update identifies accurate price targets and turning points for indices, forex, cryptocurrencies, commodities, oil, gas, and stocks.
A steep drop in U.S. crude inventories also supported prices after data from an industry body showed stockpiles fell by 7.7 million barrels in the week ended April 30. A sharp fall in US oil inventories, according to API, is helping oil continue its rally. Oil prices rallied, as lockdowns in the U.S. and parts of Europe were eased, boosting demand outlook. “The jump in oil prices came amid expectations of strong demand as Western economies reopen. Last night’s surprisingly large crude draw (reported by API) also helped support prices and traders will be looking at the official data to confirm the trend.
Daily Market Update identifies accurate price targets and turning points for indices, forex, cryptocurrencies, commodities, oil, gas, and stocks.
United States
She later said that it does not predict nor recommend raising rates and also said it is the Fed’s job, highlighting the bank’s independence. Investors also reacted negatively to Treasury Secretary Janet Yellen’s comments that the Fed may have to raise rates if Biden’s spending plans go forward. Even a decade after the last turning point, when Paul Volcker, Fed chairman, quashed inflation at the expense of a deep recession, annual price rises again passed 6%.
The index-extension in SGBs is however huge and will for Nasdaq OMX take place in late May while for HB bond index it will take place 7th May. The first quarter looked good from all angles, with revenue and adjusted earnings before interest, taxes, depreciation and amortization both coming in above Wall Street’s expectations. Still, declining birth rates are a problem across the developed world, and the US is no exception. less The Nasdaq 100 had a very rough trading session during the trading session on Tuesday to fall all the way down to the 13,500 region.
in Computer Science from Ben Gurion University less U.S. stock futures traded higher in early pre-market trade after the Nasdaq dipped more than 260 points in the previous session. The Fed has adopted a new, softer target of average inflation of 2%, meaning it can overshoot for years to make up for the past decade’s misses. The price of bitcoin has also surged, hitting a record near $65,000 in April, sparked by large-scale investments from Wall Street and interest among professional traders.
The index-extension in SGBs is however huge and will for Nasdaq OMX take place in late May while for HB bond index it will take place 7th May. The first quarter looked good from all angles, with revenue and adjusted earnings before interest, taxes, depreciation and amortization both coming in above Wall Street’s expectations. Still, declining birth rates are a problem across the developed world, and the US is no exception. less The Nasdaq 100 had a very rough trading session during the trading session on Tuesday to fall all the way down to the 13,500 region.
in Computer Science from Ben Gurion University less U.S. stock futures traded higher in early pre-market trade after the Nasdaq dipped more than 260 points in the previous session. The Fed has adopted a new, softer target of average inflation of 2%, meaning it can overshoot for years to make up for the past decade’s misses. The price of bitcoin has also surged, hitting a record near $65,000 in April, sparked by large-scale investments from Wall Street and interest among professional traders.
China
The board was launched in 2019 with backing from President Xi Jinping, as a fundraising base for China’s homegrown technology champions.
Europe
France s maritime minister suggested her government could cut off electricity to the Channel island of Jersey, amid a row with the U.K. over post-Brexit fishing rights.And finally … Meanwhile, the EU is backing intrusive rules to prevent foreign state-funded firms such as those from China from undercutting EU rivals. Meanwhile, Brussels is backing intrusive rules to prevent foreign state-funded firms such as those from China from undercutting EU rivals.
The European Union is planning new carbon tariffs, while the U.K. has new restrictions even on trade with parts of itself thanks to its botched exit from the EU. Even as an end to lockdowns approach, Brexit means London may not spring back to life. His feature articles have been published on: FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc.
0 The European Union is planning new carbon tariffs, while the U.K. has new restrictions even on trade with parts of itself thanks to its botched exit from the EU. Even as an end to lockdowns approach, Brexit means London may not spring back to life. His feature articles have been published on: FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc.
