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.

Brent Crude - Oil runs into resistance as EIA inventories fall

Brent Crude oil prices rose on Wednesday due to a larger-than-expected draw in US crude inventories. The market anticipates further inventory reduction, leading to potential support for prices in Q4. Technical analysis suggests bullish continuation, with a key resistance level at 87.90 and potential for a move towards 90.00 if this level is breached.

Jul 04, 2024 by Zain Vawda

USD/CAD stalls after Canadian PMI data and Fed Chair Powell's remarks. Where to next?

USD/CAD is rangebound, frustrating traders, thanks to a host of factors from rate differentials to rising oil prices. Canadian PMI data has been softer than expected, with decreased output, new orders, and employment. Stronger oil prices have kept the Canadian dollar supported of late.

Jul 02, 2024 by Zain Vawda

Brent Crude - Oil eyes range breakout as $90 a barrel in focus

Brent Crude oil prices are rising despite a slight drop in demand from Asia in the first half of 2024. Inventories data will be important as US summer holidays get into full swing. Range breakout on the cards... is the $90 a barrel mark out of the question?

Jul 01, 2024 by Zain Vawda

Gold Price Update: XAU/USD rises as search for catalyst rumbles on

Gold rises as a weaker US Dollar and uncertainty around monetary policy continues. ISM data later today before all attention turns to US jobs data later in the week. Trendline break and price action hint at at a potential rise toward the $2370 resistance handle. Market participants are closely watching for a new catalyst to drive gold prices in a definitive direction.

Jul 01, 2024 by Zain Vawda

Gold Price Update: XAU/USD surges to $2330 after yesterday's selloff – What’s next?

Acceptance below $2300/oz remains elusive as bulls return in force. PCE inflation data culd shake up the markets and provide a stable medium-term outlook for gold prices. Trendline break hints at potential upside toward $2365-2370/oz area. Must Read: US Dollar on Edge: how PCE data could shake up the markets Gold (XAU/USD) prices surged on Thursday following a sharp selloff and a brief dip below the $2300 psychological barrier.

Jun 27, 2024 by Zain Vawda

Gold prices under pressure as the Dollar Index (DXY), US Yields Rise

Gold continues its decline with $2300/oz firmly back in sight. US Dollar index and US 10Y yield continue to rise, US 10Y now at 4.275%. PCE inflation data could be the catalyst needed for gold prices to find some direction. Fundamental Overview Gold prices remain under pressure this morning as rising US yields and a stronger US Dollar weigh on the precious metal.

Jun 26, 2024 by Zain Vawda

Oil Price Outlook: Brent Crude Eyes Further Gains on Supply Risks

Crude Oil prices start the week on the front foot, up 0.94% at the time of writing. Geopolitics, supply risks and the summer holidays keep buyers hopeful. MA crossover and support bounce hint at fresh highs this week. Fundamental Overview Oil benchmarks are trading higher to start the week as supply risks were helped by US dollar weakness.

Jun 24, 2024 by Zain Vawda

Gold & Silver test two-week highs on geopolitical concerns and rate cut optimism

Key Points: Geopolitics return to the fore as concerns mount around the Middle East and Asia.. Safe haven demand sees gold (xau/usd) rise toward 2350 resistance. Silver technicals hint at the potential for further upside. Commodity markets have returned to positive territory this morning, driven by gains in both silver (XAG/USD) and gold (XAU/USD).

Jun 20, 2024 by Zain Vawda

Gold Price Outlook: Bears Take Early Control as US Dollar Index (DXY) Rises

Gold surrendered Friday's gains as a retest of $2300 gains momentum. US dollar index (DXY) rises but faces stern resistance at 105.63. Geopolitics remains on the back burner for now, but risks remain. Fundamental Overview and Week Ahead Gold prices began the week on the backfoot, with a slight gap to the downside at the open.

Jun 17, 2024 by Zain Vawda

WTI Oil Week Ahead: WTI Eyes $80 a Barrel on Demand Optimism

WTI Oil on course for its best week in over two months. WTI unfazed as OPEC and IEA forecast paint differing demand pictures. WTI eyeing trendline break and psychological $80 a barrel mark.

Jun 14, 2024 by Zain Vawda

Gold (XAU/USD) Vulnerable Heading Into US CPI and FOMC Releases

Gold struggles for direction ahead of key US data releases as geopolitics take a backseat. People’s Bank of China (PBoC) pauses gold buying following 18-Month spree. Downside momentum appears to be building as buyers lack conviction. Fundamental Overview Gold has edged higher this week yet remains under pressure heading into the US inflation data release and the FOMC decision.

Jun 12, 2024 by Zain Vawda

Gold Technical: On the brink of a potential multi-week corrective decline

Gold (XAU/USD) plummeted below its 20-day & 50-day moving averages, and recorded a daily loss of 3.45% last Friday, 7 June; its worst daily performance since November 2020. The main negative catalyst has been a halt in China’s gold purchases in May after 18 consecutive months of buying through its official reserves.

Jun 10, 2024 by Kelvin Wong

Market Insights Podcast - Volatile oil prices ex-post OPEC+, ECB and US NFP on the radar for this week

OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and events. Firstly, OPEC+ members did not extend the voluntary cuts of 2.2 million bpd till end of 2024 but instead only until Q3 2024, oil prices reacted negatively due to incoming influx of more supplies after September 2024. Secondly, market participants have likely fully priced in a 25 bps cut for this coming Thursday, 6 June ECB monetary policy meeting.

Jun 04, 2024 by Kelvin Wong

WTI Oil: On track for a potential recovery after 2-month of 12% decline

Recent additional stimulus measures from China, a reduction in elevated net long positioning from large futures speculators & an uptick in geopolitical risk premium may support higher oil prices. Watch the key medium-term support of US$78.40/US$76.60 on WTI crude oil. A break above US$81.70 may trigger a multi-week bullish impulsive upmove in WTI crude oil. This is a follow-up analysis of our prior report, “WTI Oil Technical: Approaching a key medium-term resistance, at risk of a mean reversion

May 29, 2024 by Kelvin Wong

Market Insights Podcast - Gold hit another fresh record high, UK and Japan CPI, Fed minutes on the radar for this week

OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and events. Firstly, at the start of a brand new week, Gold (XAU/USD) maintained its bullish tone and rocketed to a fresh record on Monday, 20 May, printing an intraday high of US$2,450 on the backdrop of a potential uptick in geopolitical risk premium arising in the Middle East due to the death of Iranian President Raisi in a helicopter crash.

May 20, 2024 by Kelvin Wong

Gold Technical: Stagflation risk and a softer US 10-year Treasury real yield are supporting the bulls

Stagflation risk has led to a softer US 10-year Treasury real yield below 2.38%. The 6% decline of Gold (XAU/USD) from its recent all-time high in April may have reached an inflection point to kickstart another potential medium-term impulsive bullish sequence. Watch the key short-term support of US$2,327 on Gold (XAU/USD). This is a follow-up analysis of our prior report, “Gold Technical: A floor may have been formed for the bulls” published on 6 May 2024.

May 15, 2024 by Kelvin Wong

Gold Technical: A floor may have been formed for the bulls

Stagflation risk is still lingering as indicated by the latest April US ISM Manufacturing and Services PMI data. A not fully priced-in stagflation risk scenario may support another bullish impulsive upmove sequence for Gold (XAU/USD). Watch the key medium-term pivotal zone of US$2,260/2,210 for Gold (XAU/USD). This is a follow-up analysis of our prior report, “Gold Technical: Is the bull run over after its worst daily decline in 2 years?” published on 24 April 2024. Click here for a recap.

May 06, 2024 by Kelvin Wong

Gold Technical: Is the bull run over after its worst daily decline in 2 years?

This is a follow-up analysis of our prior report, “Gold Technical: At risk of mean reversion corrective decline after 19% gain” published on 15 April 2024. Click here for a recap. The price actions of Gold (XAU/USD) have shaped the mean reversion decline after a test on the US$2,420 intermediate resistance.

Apr 24, 2024 by Kelvin Wong

Market Insights Podcast - Pause in oil rally, UK and Japan inflation, China Q1 GDP are the focus for this week

OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week's key economic data and events. The possible scenarios on the trajectory oil prices after its 13% rally seen in the past month amid geopolitical tensions in Middle East with fears of tic-for-tact retaliation moves between Israel and Iran.

Apr 15, 2024 by Kelvin Wong

Gold Technical: At risk of mean reversion corrective decline after 19% gain

Commitments of Traders aggregate net bullish open positions of large speculators in the Gold futures market have flashed a bearish contrarian condition. The recent rally in Gold (XAU/USD) has been primarily driven by an increase in geopolitical risk premium arising from Middle East tensions.

Apr 15, 2024 by Kelvin Wong

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