Crude Oil Tests Resistance on Summer Demand Bet

Crude oil is rising for the second consecutive day, as traders bet that summer demand will outpace expectations. Crude oil contracts for August delivery are last trading at $77.35 per barrel, gaining just over 1% over yesterday’s settlement. The energy contract has been tracking risk appetite very closely in trading today, operating in lockstep with… Continue Reading

Short-Term Bottom for Gold May See $1,250

A bottoming out formation for gold is developing, which may signal upside for the precious metal in the days ahead. Gold contracts for August delivery are last priced at $1,214.90 per ounce, gaining nearly $17 over yesterday’s settlement. Contracts were trading as low as $1,184 in recent days. A daily settlement above $1,214 per ounce… Continue Reading

Gold to Make Another Run at $1,265

Gold has developed a short-term bottoming pattern and is poised to make yet another run at the mid-$1,260s. A failed, sustained break this time around, however, may signal prolonged consolidation between $1,175 and $1,230. Gold contracts for August delivery are last priced at $1,244 per ounce, a slight gain over yesterday’s settlement. A short-term bottom… Continue Reading

Crude Oil Surges on Gulf Storm Concerns

Crude oil is surging in midday trading, as fears grow of a developing tropical storm that threatens the Gulf region. Crude oil contracts for August delivery have surged to $78.50 per barrel, after trading as low as $75.90 earlier in the session. Prices began to shoot higher as speculators bet that the developing tropical storm… Continue Reading

Crude Oil Showing Potential Topping Pattern

Crude oil prices are exhibiting a potential short-term topping pattern, which may indicate substantial downside on a break below the $75 handle. Crude oil contracts for August delivery are last priced at $76.25 per barrel, after trading as low as $75.32 earlier in the session. Crude prices have held relatively well (as have a number… Continue Reading

Crude Oil Testing Support Ahead of Decline

Crude oil is testing a key support level near the $75.30 per barrel mark, which, if breached, could lead to a sustained decline for crude prices in the weeks ahead. Crude oil contracts for August delivery are last priced at $75.89 per barrel, having just rebounded from the session lows near $75.15 on the heels… Continue Reading

Gold Takes Dive From All-Time High

Gold is trading significantly lower today, following the precious metal’s record move toward the $1,265 per ounce mark. Gold contracts for August delivery are lower by nearly $25 per ounce at this hour, last priced at $1,232.50. Gold traded as high as $1,264.80 per ounce in overnight trading, marking an all-time nominal high for the… Continue Reading

Crude Oil Surges Toward $80 on China Yuan

Crude oil prices are surging in early US trading, following news that China will allow more flexibility for the yuan to appreciate. Crude oil contracts for August delivery are last priced at $79.75 per barrel, adding nearly $1.50 over the previous settlement. The news out of China regarding the yuan has prompted a major rally… Continue Reading

New Highs for Gold – $1,260

Gold prices continue to surge in trading today, as the precious metal touches a new all-time nominal high. Gold contracts for August delivery are last trading at $1,259.50 per ounce, just off the session high of $1,260.90. As noted on June 15, gold prices appear to have immediate upside to the $1,325 area, after which… Continue Reading

Gold Surges Toward $1,250

Worse-than-expected economic data has galvanized the gold market, with contracts for August delivery trading higher by nearly $18 per ounce. Gold prices are surging at this hour to $1,247 per ounce, edging ever closer to the all-time nominal high near $1,252. The move in gold prices came as jobless data was came in worse-than-expected, with… Continue Reading