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Crude Retreated after Failing to Hold above US$50/bbl; China PMI Suggests Recovery Unsustainable + MORE

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Gold weakened during May by about $100, from a high point of $1300 to a low of $1200.
This, for technical analysts, is entirely within the normal correction zone of a third to two-thirds of the previous rise, which would be 84 to 167 points.So the fall is technically reasonable, and doesn’t in itself signify any underlying challenge to the merits of a long position in gold…

Continue Reading On .goldmoney.com »

Despite initial retreat, crude oil prices reversed early losses and ended the day higher. The front-month Brent crude oil contract, up +0.64%, settled above US$50/bbl for the first time since November. The WTI contract also added +0.33% for the day. Gasoline and headline oil prices also gained +1.2% and +0…

Continue Reading On oilngold.com »

Failure to sustainably hold above US$50/bbl, both crude benchmarks ended the day lower. The front-month WTI contract initially rose to 50.1 before settling at 49.1, down -0.47% while the Brent contract climbed higher to 50.05 earlier in the day before ending the day at 49.69, down -0.14%. Prices continued to grind lower in Asian Wednesday…

Continue Reading On oilngold.com »

Wall Street recovered from early losses and ended the day largely flat, driven by better-than-expected US ISM manufacturing index. However, US dollar retreated, especially against antipodean currencies. AUDUSD and NZDUSD rose +0.86% and +0.4% respectively on encouraging macroeconomic data. Australian GDD expanded +1…

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Shares in Asia are boosted by speculations that tax rate hike in Japan might be delayed by 2 years. Adding to a +1.3% gain on Monday, the Nikkei 225 index strengthened further to a 5-week high of 1 7152, up +0.5%, at the time of writing this report. Yet, the sentiment might cool down as Abe is going to hold a press conference on June 1 to clarify the issue…

Continue Reading On oilngold.com »

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