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COMMENTARY

• Precious metals turn mixed
  Written by Fawad Razaqzada
  Last updated 4/24/2013 12:07:37 PM ET
  Both gold and silver were higher this morning, supported by a slightly weaker US dollar and a firmer tone across the commodities complex. But the gains were limited and by late afternoon gold had lost some of the gains made earlier while silver relinquished all of its. Investor confidence remains downbeat following...
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• Crude oil gains despite fears about demand
  Written by Fawad Razaqzada
  Last updated 4/24/2013 11:12:56 AM ET
  Crude oil squeezed higher today as investors shrugged off demand concerns after the release of some more disappointing economic data. We had already seen poor...
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• The Day Twitter Sunk the Market
  Written by Neal Gilbert
  Last updated 4/23/2013 4:10:11 PM ET
  The world got a little scarier, if just for a few brief minutes, in North American trade today. Equity markets sold off aggressively led by the Dow that dropped 150 points while the USD/JPY fell 70 pips. The genesis for the extreme moves was a very widely followed Twitter account managed by the Associated Press (@AP) that was hacked and tweeted out this alarming message: “Breaking: Two explosions in the White House and Barack Obama is injured.”
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• EUR/GBP: Buy Opportunity if Rates Drift Down to .8465
  Written by Matthew Weller
  Last updated 4/23/2013 2:43:36 PM ET
  The EUR/GBP has been slowly drifting lower since the start of the week, when rates peaked near resistance at a short-term 61.8% Fib retracement. As of writing, the pair is trading just above previous support around .8500, but if this floor is broken, a continuation down to Bullish Gartley pattern completion at .8460 is likely. With three important levels of support all converging near .8460, this level could present a sturdy floor and a possible buying opportunity in the pair.
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• Gold breaks 5-day winning run
  Written by Fawad Razaqzada
  Last updated 4/23/2013 11:55:28 AM ET
  Today saw gold break a five-day winning streak, falling 1%, while silver extended its losing run to three days with a 2% plunge. The precious metals, along with crude oil and other commodities, fell after the latest surveys of purchasing managers in the manufacturing industries of China, Germany and the US all revealed activity slowed down in April compared to March...
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• Crude oil off lows ahead of US data
  Written by Fawad Razaqzada
  Last updated 4/23/2013 8:06:48 AM ET
  Commodities took a tumble this morning which saw both the Brent and WTI crude oil contracts decline around 1% each. Concerns over demand were exacerbated after the release of disappointing manufacturing PMI readings from China and Germany...
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• AUD/USD Sell Ahead of Chinese PMI
  Written by Matthew Weller
  Last updated 4/22/2013 2:09:39 PM ET
  The one source of concern for bearish AUD/USD traders is tonight’s HSBC Chinese Manufacturing PMI report (21:45 EDT, 1:45 GMT), which will provide a broad overview of economic conditions for Australia’s most important trading partner. Many technical traders prefer to avoid trading around all major news releases, but a related earnings report from this morning indicates that the odds are favoring a weak PMI report tonight.
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• Gold up again but rally could fade soon
  Written by Fawad Razaqzada
  Last updated 4/22/2013 2:01:58 PM ET
  Gold rose for a fifth straight session today on evidence of increased demand at these “cheap” prices in the physical market. But against this backdrop, ETF outflows continued in the futures market as fearful investors further reduced their long-side exposure in case prices took another leg lower. In contrast, silver...
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• Crude oil off highs after weak US housing data
  Written by Fawad Razaqzada
  Last updated 4/22/2013 11:54:38 AM ET
  This morning saw crude oil squeeze higher with both Brent and WTI contracts posting decent gains. Considering the fact that there was little fundamental news out to provide direction, the gains were chiefly due to short-side profit-taking....
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• Crude oil gains evaporate as weekend approaches
  Written by Fawad Razaqzada
  Last updated 4/19/2013 11:59:19 AM ET
  Crude oil was firmer this morning as the bulls looked to cut the bears’ advantage ahead of the weekend. Brent was continuing its move from yesterday when it had found decent support around $96.75 – a level which corresponded with a long-term bullish trend line. Considering the fact that there was no data out to alter the current fragile sentiment, it looked like the gains were purely due to short-side profit taking and a weaker US dollar. Indeed, in the afternoon both the Brent and WTI contracts relinquished their gains as the dollar rallied. Brent found resistance at $100 while WTI stalled at $89. Crude oil is likely to fall further over the coming weeks with demand remaining weak and supply excessive.
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• Precious metals set to close week lower despite rally
  Written by Fawad Razaqzada
  Last updated 4/19/2013 7:46:20 AM ET
  Although gold is now up for a fourth straight session, it is still set to post a relatively-large weekly loss. The buyers have so far been unable to drive prices significantly higher after that brutal sell-off on Monday which was a continuation of the move from September that accelerated last week...
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• Will the G20 Do Anything?
  Written by Neal Gilbert
  Last updated 4/18/2013 3:50:48 PM ET
  The North American trading session started out with a little flair this morning, but quickly lost its momentum as the day wore on as risk markets seemed to take a rest after a hectic few days leading in to it. If the flip flopping pattern of the last few days were to hold true, risk markets would have been up today after Monday’s drop, Tuesday’s recovery, and yesterday’s dive, but alas, it was not meant to be. US equities finished the day in the red with the Dow and S&P slipping about half a percentage point, while the EUR/USD whipped everyone around in a range. There were bright spots on this cloudy day though as commodities like Gold and Oil recovered some of the damage they had taken since late last week.
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• GBP/AUD: Cup-and-Handle Breakout Targets 1.50
  Written by Matthew Weller
  Last updated 4/18/2013 1:56:44 PM ET
  Earlier this month, the GBP/AUD rallied up to test the Monthly R1 Pivot at near 1.4850 before pulling back early last week. So far this week, the pair has tried three times to break through this ceiling, including earlier today, without seeing a conclusive break above it. The shallow pullbacks (< 38.2%) after these rejections show that the buyers remain in control of trade and point to the potential for a strong continuation once the 1.4850 barrier is breached. At this point, it seems like only a matter of time before we see a breakout, opening the door for a run up to near 1.50 early next week.
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• Crude oil may have bottomed out for now
  Written by Fawad Razaqzada
  Last updated 4/18/2013 12:50:33 PM ET
  Crude oil was firmer today, helped in part by a weaker US dollar. The greenback fell following the release of uninspiring US economic data and as the euro recovered following yesterday’s sharp sell-off...
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• Precious metals firmer on short-side profit-taking
  Written by Fawad Razaqzada
  Last updated 4/18/2013 12:12:34 PM ET
  It was another volatile session in precious metals market today with both gold and silver turning higher following a weaker start. The metals have been heavily oversold in a very short space of time so it is no surprise to see both gold and silver trade in the positive territory today....
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