The Nymex crude oil futures market is presently trapped in a choppy trading range, bound by stiff overhead resistance at $50.00 a barrel and by solid support at $45.00. Look for price action in crude oil to remain choppy and sideways for at least the near term. Stay tuned!–Jim
Blog News
Markets Quieter Ahead Of Central Bankers Meeting
Tuesday, August 22–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mostly up Tuesday, on corrective bounces from recent selling pressure. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. Many of the world stock indexes, including those from the U.S., are down overall for the month of August.
Gold prices are weaker in pre-U.S.-day-session trading, on some profit taking from recent gains.
The highlight of the trading week is the annual central bankers meeting held in Jackson Hole, Wyoming, Thursday through Saturday. Highlights of central bank speakers from around the world include Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. The marketplace will closely examine the Jackson Hole speeches for clues on future monetary policy moves by the world’s major central banks. In recent years the Jackson Hole central bankers confab has significantly moved the markets.
Jackson Hole, Wyoming Central Bank Confab in Focus
Monday, August 21–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mostly weaker overnight. U.S. stock indexes are pointing toward narrowly mixed openings when the New York day session begins.
Gold prices are up slightly after pushing to a multi-month high on Friday. Gold bulls remain in firm near-term technical control amid a steep price uptrend in place on the daily bar chart.
The highlight of the trading week will be the annual central bankers meeting held in Jackson Hole, Wyoming, Thursday through Saturday. Highlights of central bank speakers from around the world include Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. The marketplace will closely examine the Jackson Hole speeches for clues on future monetary policy moves by the world’s major central banks. In recent years the Jackson Hole central bankers confab has significantly moved the markets.
Grain Market Bears in Command Heading Into U.S. Harvest
The summertime weather market that boosted the soybean futures market has long passed. Now, traders are looking into what will likely be a bountiful U.S. harvest that will begin in just a few weeks. The grain market bears are in full technical command. Now, most traders are wondering when the “harvest lows” will be in place. Stay tuned!–Jim
Risk Aversion Hits Marketplace After Spain Terror Attacks
Friday, August 18–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mostly lower in overnight trading. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. The marketplace is reacting with keener risk aversion to an ISIS terror attack in Barcelona, Spain Thursday, in which a van rain into a crowd and killed 13 people. A second attack in another town in Spain was thwarted by police, who killed five terrorists.
Gold prices are higher and hit a 2.5-month high above $1,300 an ounce on some more safe-haven demand and technical buying.
Gold Sees Support from Dovish FOMC Minutes
Thursday, August 17–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mixed in overnight trading Thursday. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. Still, equities bulls are having the better week. There has been a perceived de-escalation in the U.S. and North Korea stand-off regarding its nuclear missiles, which has boosted trader and investor risk appetites. However, this matter will likely be on the front burner of the marketplace soon.
Gold prices are moderately higher in the aftermath of Wednesday afternoon’s FOMC minutes that showed FOMC members split of the prospects of further Federal Reserve interest rate increases in the coming months. Very low inflation readings from major economies around the world, including the U.S., are preventing the Fed from raising interest rates as soon as it would like.