Traders Eye Gasoline Prices

Despite being a slow day overall, one chart in the commodities space had traders gassed up. Pun intended. πŸ™ƒ

That commodity is gasoline, which is heavily tracked due to its impact on consumer confidence and the economy. And most recently, there’s been a significant decline in prices that’s helped cheer people up ahead of the holidaysβ€”case in point: the headlines below. πŸ‘‡

However, some traders and technical analysts believe the market could start to heat up again.

They’re focusing on this chart of gasoline futures, which shows that 2.10 to 2.20 has been a significant transition area for the market since 2015. And now, with prices back at those levels following a sharp decline, some market participants are betting that buyers will reemerge again and push prices higher. πŸ‚

Meanwhile, fundamental analysts argue that recession fears, the winter season, and other fundamental factors are likely to keep a lid on gasoline going forward. 🐻

As always, we’ll have to wait and see. But we felt the need to mention this chart because regardless of which direction it decides to go, it will definitely be on traders’ and consumers’ radars. πŸ‘€

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Precious Metals Slowly Melt Lower

With the stock market catching its breath before a new earnings season begins, we’ve been trying to highlight other market trends. And right now, one of those is in the precious metals section of the commodities space. πŸ‘€

Gold, silver, platinum, and palladium are all considered precious metals for those unfamiliar. These metals are rare, naturally occurring metallic chemical elements of high economic value…hence the name. *cue the Gollum “my precious” meme.*

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Palladium Plummets To New Lows

We’ve spoken extensively about the car industry over the last eighteen months. Many key factors impact the industry, including worker strikes and low inventories. However, they’ve essentially resulted in about two core themes. πŸ‘‡

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Breakfast Is Getting More Expensive

Some say breakfast is the most important meal of the day. But unfortunately, the commodity markets are saying that prices to fill your bowls and cups each morning could be heading higher. πŸ₯£

If we look at Finviz’s year-to-date performance chart for the major assets tracked by the futures markets, four of the top five gainers are agricultural commodities. Orange juice leads the pack, rising 84.53%, followed by sugar (+44.2%), Cocoa (+39.68%), and Oats (+30.10%). They’re only separated by the Nasdaq 100, which is up 36.91%.

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Physical Gold & Oil Join The Party

It’s Friday, and we’re all looking forward to the weekend, so we’ll keep this article short. With almost every speculative asset on the planet participating in the recent rally, let’s quickly check in on two commodities making moves. πŸ‘€

We know digital gold (aka Bitcoin) has been absolutely crushing it, but physical gold has failed to participate. That is at least until today… πŸ€”

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