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Gold Pulls Back From Six-Year High, Still Poised to Book a Weekly Gain

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Gold futures are pulling back from their best levels in six years, though they are still on track to record a weekly gain. Traders were ostensibly taking profits on Friday and diving back into equities, but the consensus is that the yellow metal has plenty of legs in its current bull run amid the lingering US-China trade war and central bank easing. December gold futures tumbled $7.10, or 0.46%, to $1,524.10 per ounce at 13:49 GMT on Monday on the Comex division of the New York Mercantile Exchange. Gold prices are poised for a weekly jump of 1%, lifting their year-to-date increases to 18.5%. Silver, the sister commodity to gold, is also trading in the red and will post a stellar weekly boost. September silver … [Read More...]

Natural Gas Surges 4% on Smaller-Than-Expected Supply Jump

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Natural gas futures had one of their best trading sessions in recent months after the US government reported a smaller-than-expected build in domestic inventories. Natural gas has enjoyed the last few trading sessions higher, but the consensus is that prices will eventually dip below the crucial $2 threshold. October natural gas futures surged $0.10, or 4.58%, to $2.24 per million British thermal units (btu) on Thursday on the New York Mercantile Exchange. Although prices are down 22% year-to-date, natural gas is poised for a strong weekly gain of about 8%. This is a welcome reprieve for the energy commodity that has been drowning in an ocean of red ink throughout 2019. According to the US Energy Information Administration (EIA), domestic inventories of natural gas … [Read More...]

Wheat Edges Up on Flurry of Industry Activity

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Wheat futures finished the Wednesday trading session in positive territory, somewhat rebounding from the downward trend that has plagued the agricultural commodity for much of the year. Wheat prices posted tepid gains on a flurry of industry activity, but investors might be more concerned about President Donald Trump’s recent remarks about US wheat. September wheat futures tacked on $0.03, or 0.64%, to $4.75 per bushel at 19:42 GMT on Wednesday on the Chicago Board of Trade (CBoT). Wheat prices have slipped more than 3% over the last five trading sessions, driving down their year-to-date losses to more than 5.5%. Addressing supporters at an event Tuesday at a Pennsylvania factory on Tuesday, President Trump slammed the nation’s trade deficit with Japan. He grieved that car imports are … [Read More...]

Bullish This Week for Banks and Silver, Bearish for Crude

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Apologies for missing my usual weekly post early this week. Easter festivities got in the way.I did, however, update my latest signals table with last week’s data from the Commitments of Traders report.Signals that took effect this week: bullish for the BKX U.S. Bank Index and silver, bearish for crude oil. Other signals remained the same.Tune back in after Friday’s COT report for an updated signals table and a (more timely!) post here. [Read More...]

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