May crude oil futures continued to climb higher once again in yesterday’s trading session, closing at $96.51 per barrel, with a narrow spread up candle with wicks to both top and bottom on the daily chart.
As the old saying goes, another day and another dollar. Well not quite, and for silver traders it’s getting to the stage where a dollar move in the trading session would be considered a significant one! Yesterday’s trading, certainly didn’t break the mould of the last few weeks, and traders must be wondering if this market is every going to break.
Crude oil futures started the week in bullish tone, with the April WTI contract closing higher at $94.81 per barrel, up almost $1.50 in the session, and ending with a wide spread up candle, but with a small wick to the upper body. Nevertheless, despite the upper shadow, sentiment for crude oil remains firmly bullish, and yesterday’s oil trading session gave us some strong signals for the next few days.
Gold continued to ease higher once again yesterday, with May gold futures on Globex closing at $1613.80 per ounce, up just over $8 per ounce in the session and ending with a narrow spread up candle, supported by average daily volume.
Doctor copper is anything but on the daily chart, as the May futures contract traded lower once again today, following yesterday’s sharp sell off, which saw the metal end the commodities trading session with a wide-spread down candle, finally propelling copper below the recent sideways price congestion which has been in place since early March.
The USD/JPY appears to have run into a slight headwind in the short term on the daily chart, at the 96.60 area, with the pair having tested this price level on three occasions over the last 10 days, before pulling back.
Gold bugs finally had something to cheer about today as April gold futures finally awoke from their recent slumbers, trading higher in today’s session, and moving to test the $1600 per ounce price level. The catalyst for this modest recovery for gold was from the ECB, with suggestions that inflationary pressure was easing in the Eurozone, but hardly sufficient to spark a reversal in the longer term trend!
The EUR/GBP continued to struggle at the 0.8750 area once again yesterday, ending the trading session with a doji candle, sending a clear signal of indecision at this level, which has been duly validated in this morning’s early trading session, with the pair retreating lower, and moving back below the 0.8700 region at the time of writing.
Gold bugs finally had something to cheer about today as April gold futures finally awoke from their recent slumbers, trading higher in today’s session, and moving to test the $1600 per ounce price level
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