Monday , June 17 2019
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Bitcoin Prices Soar to $9,000 on Facebook and Binance News

The world’s largest cryptocurrency, Bitcoin, saw its prices rise to more than $9,300 on Sunday, representing a new 2019 high price. Although prices have stalled a little, currently trading around $9,000, some analysts believe momentum could carry the digital currency as high as $10,000 before the next major pullback. The price surge comes as the market awaits finalized details of Facebook’s upcoming cryptocurrency....

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Double Bottom on Daily Chart of WTI Crude Oil as of 2019-06-16

A double bottom pattern has formed on the daily chart of WTI crude oil. The pattern forms after prices test a support level and fail to break it. It is a reversal pattern, which promises a rally after a period of a downside movement. On the present chart, the yellow lines form a channel. The bottom line shows the support level, which prices failed to breach. The top line is situated...

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Commodities Technical Analysis, June 17th — June 21st

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 June 16th, 2019: Crude Oil Indicators Moving Averages RSI Parabolic SAR CCI Short Neutral Short Neutral Floor pivot points 3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res 46.82 48.77 50.62 52.57 54.42 56.37 58.22 Woodie’s pivot points 2nd Sup 1st Sup Pivot 1st...

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Commodities Reverse Movement on Friday

Commodities reversed their previous moves during the Friday’s trading session. Gold and silver declined after earlier gains, while crude oil rallied following the previous decline. The metals fell after US macroeconomic data came out rather positive, boosting the US dollar and reducing demand for safer assets. Meanwhile, crude gained on the report that US drillers reduced number of oil rigs. Baker Hughes reported that the oil rig...

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Corn Surges to Five-Year High on Lower Production, Flooding

Corn futures are trading at their best levels in five years, driven by lower US production and flooding in the Great Plains and Midwest that is impacting corn planting levels. While tumbling output might not be horrendous for the market, analysts do say that fears and hoarding could push the market into panic mode. July corn futures rose $0.0525, or 1.19%, to $4.4725 per pound at 12:55 GMT on Friday...

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Crude Oil Mixed amid Middle East Tensions, Demand Forecast Downgrade

Yesterday, crude oil demonstrated huge gains thanks to concerns about oil supply from Middle East caused by the attack on two oil tankers in the Gulf of Oman. But while the event continued to affect markets today as well, crude struggled to maintain the rally. Earlier, both West Texas Intermediate and Brent grades declined, though currently Brent attempts to rebound. One of the possible reasons...

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Precious Metals Continue to Gain on Geopolitical Tensions, Fed Cut Prospects

Precious metals continued to rally today, extending yesterday’s gains, as the attack on two oil tankers in the Gulf of Oman resulted in risk aversion on markets and demand for safer assets among investors. The United States blamed Iran for the attack, though Tehran declined such accusations. Metals also rallied on prospects for an interest rate cut by the Federal Reserve. While most market...

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Natural Gas Plunges 2% After Big Increase in US Inventories

Natural gas futures fell as much as 2% on Thursday after the US government reported a smaller-than-expected decline in domestic inventories. Natural gas prices had been trading in positive territory this week up until the report came out, but now they have returned to their normal 2019 trends. July natural gas futures tumbled $0.045, or 1.85%, to $2.34 per million British thermal units (btu) at 15:43 GMT on Thursday...

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Gold Rises, Crude Oil Climbs More than 3% After Attack on Two Tankers in Gulf of Oman

Risk aversion surged on markets after what was supposedly an attack on two oil tankers in the Gulf of Oman. Gold tends to rise in an environment of uncertainty and fear, and today it was the case. Futures for delivery of bullion in August rose 0.13% to $1,338.60 per troy ounce as of 13:38 GMT on COMEX today. July silver edged up 0.12% to $14.77 per ounce. Usually, crude oil suffers during...

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Orange Juice Flat As USDA Revises 2018–2019 Crop Downwards

Orange juice futures are relatively flat midweek after the US government revised this season’s crop by 1% in June. While Florida’s orange industry is incrementally rebounding, there was news that Brazil is looking to China as a key market for its orange output. This could be a negative trend for the Sunshine State since it is already contending with slumping sales, bad weather, and disease. July orange juice futures rose $$0.001,...

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