Commodities

Gold Short Trade for New Year Profit

With stock markets around the world on a somewhat new year surge, from a correlation point of view we thought we’d short Gold, added to this the recent weakness in the US Dollar supported a growth in the price of gold, however a new year strengthening of the dollar after a discussion of tax cuts and further interest rate hikes meant the surge in gold prices was a temporary phase.

The markets will also be waiting for Friday’s Non- Farm Payroll results which could go either way for the Dollar and could prove turbulent for gold

We went with a quick trade for a healthy £317.00 profit, a good result as we wanted to be in and out before further change in the market news.

Gold

 

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API Report Sends Crude Oil South

The American Petroleum Institute (API) report yesterday confirmed a build of 6.513 million barrels of US Crude Oil. This was against many analysts expectations of a draw-down of 1.4 million barrels , for the week ending November 10. A poll conducted found that 3 analysts expected a rise in inventories, and 8 had expected them to fall. The estimates for the forecasts were far and wide ranging from a draw of over 3 million barrels to a build of over 2 million barrels.

Both WTI and Brent benchmarks were down on Tuesday before the release of the API figures, by almost $2 per barrel under last weeks figures. This was because of the bearish news which was released from the IEA (International Energy Agency), which showed that the oil market isn’t in good health. The IEA has revised its forecast for oil demand in 2017 by 50,000 bpd and in 2018 by 190,000 bpd.

All in all, Crude oil inventories have shed a total of over 30 million barrels since the start of 2017, according to current API data.

WTI was trading at $55.31, which was down 2.56% on the day at 21:27pm GMT. This is almost $2 per barrel under last week’s levels! Whilst Brent was trading down by 2.26% on the day at %61.73.

The U.S. EIA (Energy Information Administration) report on oil inventories is due to be released on Wednesday at 3:30pm GMT.

For more information on Crude Oil, see one of our Traders recent posts.

API report sends crude oil lower

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Crude Oil Short (WTI) – 7th Nov – £24.80

Crude Oil Short: Towards the evening on Friday 3rd November saw the Baker Hughes rig count change by -1% with the current rig count standing at 898, which sent oil prices higher making new highs over $57 a barrel. With less rigs pumping oil, basic supply & demand states that the less of something there is, the more it’s worth. Less rigs pumping oil out the ground meant that the value of Crude Oil appreciated.

With prices now at all time highs of 2017, there are a few chances for traders to ride on the back of some profit taking, which is exactly what I did.

Crude Oil Short

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Crude Oil (WTI) Long 12th September 2017 +£32.60

A Very Simple Before & After

So I’m just going to show you a simple Crude Oil (WTI) Long trade that I had taken on the week of the 11th of September.

You can see that I’m on a daily time frame for this one, as it best describes what’s happening in a bigger picture.

So using a daily time frame can paint a larger picture for what’s happening. As you can see, 3 days before I entered a quick scalp there was a huge fall in price (150+ pips). I discerned 1 one thing after this big drop.

There had to be a natural pullback at some point as people begin to take their profits. I remained patient and calm and I carefully picked my entry 3 days later, which was pretty much at the lows of the day.

US CrudeUS Crude Oil

 

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