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Commodities: All News & Analysis

Explore our extensive commodities news, which unveils critical insights into price movements, trends, and expert forecasts in the raw materials market. By examining price actions and understanding the factors influencing commodity values, understand current market dynamics. This page is designed to boost your research on historical trends, identify seasonal patterns, and sharpen your trading strategies across sectors such as energy, metals, and agriculture. Equip yourself with the knowledge necessary to enhance your understanding of the commodities landscape and elevate your trading decisions.

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USD/CAD: Surges to highest levels since October 2022; Commodity prices remain volatile on geopolitical headlines
Loonie lower as oil prices pare earlier gains Overnight Index Swaps eye BOC's next move as a rate cut in H2 2024 Fed funds futures see a 31% chance of a rate by the January 31st FOMC meeting The US dollar is rallying against the Canadian dollar as the odds of one more rate hike seem more likely with the Fed than with the BOC.  After the BOC's October 25th meeting, traders appear convinced that the bank is done raising rates. Today's impressive US  economic data showed core PCE came in a little
Oct 27, 2023 by Edward Moya
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Brent Crude - Oil remains volatile amid economic uncertainty
Economic fears mounting Concerns of wider conflict in Middle East abating Brent may have entered consolidation It's been a volatile week in the oil market, with prices today down around 2% after rebounding a similar amount a day earlier. The economy remains a downside factor for oil prices, with traders clearly concerned about growth prospects amid high interest rates.
Oct 26, 2023 by Craig Erlam
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Gold Technical: Bullish impulsive up move may have resumed
The minor pull-back of Spot Gold (XAU/USD) from last Friday, 20 October high of US$1,997 may have ended on Tuesday, 24 October with an intraday low of US$1,953. Daily and 1-hour RSI indicators are showing a revival of bullish momentum. Next intermediate resistances are at US$2,006 and US$2,028/2,037. This is a follow-up analysis of our prior report, “Gold Technical: At the risk of a minor pull-back before potential new upleg” published on 23 October 2023. Click here for a recap. Spot Gold (XAU
Oct 26, 2023 by Kelvin Wong
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USD/CAD: BOC's hawkish hold provides little relief for loonie
Bank of Canada holds rates steady at 5.00% for a second straight meeting; keeps door open for future hikes Canadian dollar initially falls to a 7-month low against the greenback Easing war fears keep oil prices remain heavy but they are off session lows The Bank of Canada kept rates on hold at 5.00% for a second straight time. The bank upgraded their inflation forecast, which means they are maintaining a tightening bias going forward.  The BOC statement noted that the council is “concerned that
Oct 25, 2023 by Edward Moya
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Gold Technical: At the risk of a minor pull-back before potential new upleg
The recent three weeks of rally seen in spot Gold (XAU/USD) has been driven by geopolitical risk premium and positive momentum. The rise in the price actions of spot Gold has ignored the increase in the long-term opportunity cost of holding gold as the US 10-year Treasury yield rallied in tandem. Heightened stagflation risk is likely the cause of the ignorance of higher holding costs in Gold. The current short-term uptrend phase of spot Gold (XAU/USD) has reached an “overstretched condition” whi
Oct 23, 2023 by Kelvin Wong
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Reality has started to sink in for richly valued US long-duration and growth equities
Rising geopolitical risk premium may override the historical positive seasonality in the S&P 500 for the months of October and November. The US 10-year Treasury yield is now just a stone-throw away from 5.20% and a break above it may spiral towards 6.87% next. S&P 500’s market breadth has continued to deteriorate as only 38% of its component stocks are above their respective key 200-day moving averages. A bearish breakdown below 4,140 key support on the S&P 500 may trigger a major downtrend phas
Oct 19, 2023 by Kelvin Wong
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Podcast - Gold may continue its upside momentum with China's Q3 GDP and UK inflation on the radar next
OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss several key highlights for the week ahead, potential firmer gold and oil prices due to lingering geopolitical risk premium, key China economic data (Q3 GDP, Retail Sales & Industrial Production) as well as UK's inflation data for September where the consensus is expecting another month of slowdown to 6% y/y for core inflation from 6.2% y/y in August. https://open.spotify.com/episode/25ibbNurKomUjUhujYrn2K
Oct 17, 2023 by Kelvin Wong
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WTI Oil Technical: Eying for a potential bullish breakout above 20-day MA
Last Monday’s Asia session (9 October) gap up in price actions seen in WTI crude oil has been filled at the US$83.20 support on Thursday, 12 October. A positive follow-through was seen on last Friday, 13 October where its price actions ended with a daily bullish “Marubozu” reversal candlestick pattern. Watch the intermediate resistance at US$88.60 which also confluences with the 20-day moving average. A volatile week for oil prices on the backdrop of escalating geopolitical tensions in the ongo
Oct 16, 2023 by Kelvin Wong
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Global growth concerns send Commodity Currencies lower despite surge in oil and prices
Dollar remains strong on safe-haven flows spurred by the Israel-Hamas war Gold volatility surges the most since March Oil prices surge on disruption concerns The Canadian currency and Australian are both weaker against the greenback as fears of rising global market turmoil grow as the Israel-Hamas conflict escalates.  Oftentimes a surge in commodity prices provide a boost to key countries that deal with surging commodities, but that isn't happening here. Oil Crude prices are surging as the oi
Oct 13, 2023 by Edward Moya
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USD/CAD: Loonie rally stalls ahead of key support; Commodities Diverge
Oil rally cools and prices settle below $86 a barrel US diesel export to Europe approach highest levels since 2019 Wall Street awaits key CPI report and bank earnings The Canadian dollar continues to rally against the US dollar as global bond prices slide and oil prices soften after the surge from the Israel-Hamas war.  The North American growth exceptionalism story has seen both the US and Canadian excel.  Both countries posted robust payrolls data but the outlook for further tightening by the
Oct 10, 2023 by Edward Moya
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USD/JPY: Safe-haven flows are the dominant trade on fear of war's spread
WSJ reports Iran helped plot attack over several weeks Safe-haven flows didn't come to Treasuries as US bond markets were closed for Columbus Day Risk aversion across the board; S&P 500 -0.5%, Gold +1.1%, WTI crude +4.3%, and USD/JPY -0.5% US stocks dropped in the wake of the Hamas attack on Israel but have pared losses after Fed's Logan downplayed the need for more rate hikes.  It was supposed to be a quiet Monday morning given the Columbus day holiday, which includes the closure of the US bon
Oct 9, 2023 by Edward Moya
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XAU/USD - Safe haven flows boost gold after a rough few weeks
Geopolitical uncertainty boosts gold Driven lower recently by rising yields Fib levels may offer biggest test of resistance Gold is higher at the start of the week, buoyed perhaps by some safe-haven flows against the backdrop of geopolitical uncertainty. The dollar is also stronger which is typically a headwind for gold but it's not proving particularly problematic this morning. The yellow metal has been under immense pressure in recent weeks as investors became increasingly unsure about the in
Oct 9, 2023 by Craig Erlam
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