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Commodities Technical Analysis, May 25th — May 29th

The technical analysis, that includes the indicator data and major pivot points for WTI Oil, Gold, Silver, Copper, and Natural Gas in continuous charts as of May 24th, 2020: Crude Oil Indicators Moving Averages RSI Parabolic SAR CCI Long Neutral Long Neutral Floor pivot points 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res 26.82 28.61 31.03 32.82 35.24 37.03 39.45 Woodie’s pivot points 2nd Sup 1st Sup Pivot 1st Res...

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Gold Rises on US-China Tensions, Posts Weekly Loss

Gold futures are rising to finish the trading week, but they are still poised for a weekly loss. The yellow metal has been impacted by growing investor sentiment over economies reopening, plus Modern’s Coronavirus vaccine development affected gold prices. But a renewed US-China spat, as well as geopolitical tensions, could help gold pare its losses during the holiday-shortened trading week. June gold futures tacked on $11.10, or 0.64%, to $1,733.00 per ounce at 18:33 GMT on Friday...

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Bitcoin Dips Below $9,000 and Drags Market Down with It

Bitcoin prices dropped below $9,000 yesterday, having hit $10,000 resistance earlier in the week. The world’s largest cryptocurrency has rebounded and is now trading at $9,100. Meanwhile, Tether and Ripple are duking it out to be the third biggest cryptocurrency by market capitalization. Stablecoin Tether overtook Ripple yesterday but has since fallen back; both coins have a total market capitalization of just over $8.9 billion,...

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Natural Gas Slumps as US Supplies Climb, Rig Count Dips

Natural gas futures are slumping on Thursday after the US government reported that domestic inventories climbed. This is terrible news for an industry that is facing a record decline in global demand, and analysts say the decline in production may not be enough to rebalance the market. How low could natural gas go? June natural gas futures tumbled $0.046, or 2.6%, to $1.725 per million British thermal units (btu) at 15:39...

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Wheat Tops One-Week High of $5 Despite Global Supply Glut

Wheat futures are trading at their best levels in a week as the agricultural commodity topped $5. Despite the industry facing a global supply glut, wheat prices are rising higher on an increase in net-long positions and a boost in buying across international markets. But the consensus is that this rally will be short-lived due to immense stockpiles. July wheat futures picked up $0.05, or 1.00%, to $5.0375 per...

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Soybeans Retreat From One-Week High Despite Bullish Developments

Soybean futures are retreating from their best levels in a week after the US government reported that domestic crop plantings fell below expectations. With China renewing its demand for the agricultural commodity, could soybean prices rally in the coming weeks? It depends on Brazil and how it responds to the coronavirus pandemic after becoming a hotspot. July soybean futures tumbled $0.045, or 0.53%, to $8.405 per bushel...

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Gold Plunges 1% on Stock Market Rally, COVID-19 Vaccine Candidate

Gold futures are slumping more than 1% on Monday as the US stock market rallies to kick off the trading week. The yellow metal had been trading at its best level in one month on bearish sentiment and inflation concerns, but after the US central bank suggested a vaccine will be the only way to initiate a recovery, investors hit the buy button. June gold futures tumbled $22.30, or 1.27%, to $1,734.00 per...

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Video: Weekly Commodity Forecast – Gold, Silver, Platinum. Crude Oil for May 18-22, 2020

In the present video, Phil Carr from The Gold and Silver Club talks about gold, silver, platinum, and crude oil for the week of May 18–22, 2020. He starts the video with the discussion of the recent surge of prices for precious metals, with gold reaching a new 7-year high. Next, he shows charts and speculates whether the metals can go even higher. As for crude oil, there is still a danger that...

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Commodities Technical Analysis, May 18th — May 22nd

The technical analysis, that includes the indicator data and major pivot points for WTI Oil, Gold, Silver, Copper, and Natural Gas in continuous charts as of May 17th, 2020: Crude Oil Indicators Moving Averages RSI Parabolic SAR CCI Long Neutral Long Long Floor pivot points 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res 19.35 21.51 25.56 27.72 31.77 33.93 37.98 Woodie’s pivot points 2nd Sup 1st Sup Pivot 1st Res 2nd...

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Gold Hits One-Month High on US-China Tensions, Bleak Data

Gold futures are trading at their best levels in one month, buoyed by rising trade tensions between the world’s two largest economies and disappointing US economic data. If these trends persist, could the yellow metal test $1,800 next week? With the war of words escalating in Washington and Beijing, the odds of gold prices advancing to a record high are increasing. June gold futures advanced $11.10, or 0.64%,...

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