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. 👀

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

The nearly three-year chart shows a new all-time weekly closing high in prices, as buyers look to clear resistance in the mid to high $2,000s. Sellers have stepped in at these levels for the last three years despite inflation and economic uncertainty rising.

We know technically oriented traders and investors are watching to see if gold can decisively clear this level in the coming days and weeks. 🪙

Next up, we want to point out that crude oil is creeping higher. The hourly chart shows prices bottoming in December and slowly grinding to the upside. While the rest of the market is focused elsewhere and economists declare inflation dead, it’s an interesting development worth watching. Especially as other commodities like cotton, cocoa, and more have rallied sharply. 🛢️

Overall, commodities have not been in focus for quite some time. But we all know how riled-up market participants can get over gold and oil, so we’ll likely see them make headlines in the weeks and months ahead. 📰

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Sugar Hits Sweet Spot As Gold Shines

It was a slow day out there, but several commodities caught traders’ eyes. Let’s see which ones. 👀

First up is sugar futures, which have experienced a nearly 30% decline since the beginning of November. While its major decline is one reason to be on people’s radars, technical traders say prices have reached the 20-20.50 area that served as an inflection point over the last two years.

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Trees Revolt As Lumber Roars Back

It’s Friday afternoon, and we’re sure your brains are melting from all the earnings and economic data this week. So let’s send you off into the weekend sunset with an under-the-radar chart. 🤫

That chart is of lumber futures.

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Cotton’s Breakout Poses Problems

We know many of you are rolling your eyes at the title of this post because you’re thinking, “I trade and invest equities; why should I care about cotton prices?” And you’re right; you generally shouldn’t care. But commodities matter to the broader market when they’re at inflection points, which may be the case for cotton. 🤔

Give us a second to explain, and we promise it’ll all come together…

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