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Bitcoin is known for its price volatility, but even by its own standards, it has seen some major price action over the past 24 hours. Prices briefly dipped below the $10,000 mark, before rapidly rebounding and reaching as high as $11,000. The digital currency is currently trading at around $10,900.

Bitcoin was trading at over $13,000 last Wednesday, July 10. Prices started to decline gradually (by cryptocurrency standards) at this point, and while they did enjoy a little recovery following US President Donald Trump’s attack on “unregulated crypto assets”, they continued their price correction. Most analysts believe that the correction is a positive sign, and crypto advocate John McAfee has said that he still stands by his prediction that the digital currency will be worth $1 million dollars by the end of 2020 despite the recent arrest in price rises.

President Trump is known for his Twitter rants, favoring the social media platform to air his views on a host of topics. The President, who is currently facing criticism for his alleged racist slurs against four congresswomen, said that he is “not a fan” of Bitcoin. He went on to say that “they are not money”, are “highly volatile”, and he wheeled out what many consider to be the outdated view that cryptocurrency “can facilitate unlawful behavior, including drug trade and other illegal activity…”

Many crypto analysts and supporters have suggested that, far from being negative news for the king of cryptocurrencies, his comments actually lend the whole market credence and legitimacy. Coinbase CEO, Brian Armstrong, said that Trump’s comments means that crypto is now only one step away from victory.

Regardless of whether the intervention of the President is good or bad news, Bitcoin prices have had a difficult few days, and it has taken most cryptocurrencies with it. Some recovery is currently being experienced, however. Many analysts believe there is still some further correction, and $9,600 is believed to be the next level of major support, but one supporter that believes the long-term trend remains positive is John McAfee. The outspoken tech entrepreneur has previously expressed the view that BTC prices will reach $1 million by the end of 2020: a view that is largely seen as being optimistic. Despite the recent drop, McAfee has said that he still expects to reach this price within the next 18 months.

Bitcoin (BTC) prices are currently 5.8% up, trading at $10,899.01 while Ethereum (ETH) is trading at $231.37, having risen 2.47% in the past 24 hours. Ripple (XRP) and Litecoin (LTC) have risen 2.57% and 1.31% to trade at $0.315 and $90.87 respectively. The biggest winner of the top 5 cryptocurrencies has been Bitcoin Cash (BCH); its prices have risen 8.9% and the Bitcoin fork now costs $314.09.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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Soybean futures are sliding as much as 1% to start the trading week as the US endures a heat wave that has expanded into the Plains and Midwest. It does not help that Chinese demand for soybean reserves has slipped to the lowest level in 2019, which comes as Beijing’s imports have weakened this year.

November soybean futures tumbled $0.1225, or 1.32%, to $9.1925 per bushel at 17:08 GMT on Monday on the Chicago Board of Trade (CBoT). Despite a steep decline to kick off the week, soybean has turned positive on the year, advancing nearly 3%. The agricultural commodity had plunged by double-digits, but it has since pared those significant losses.

The latest weather forecasts show that the US will see a change in weather patterns this week. A prolonged heat wave will touch the Plains and Midwest, a central region for soybean and corn production. Temperatures are expected to top 90 degrees Fahrenheit (33 degrees Celsius) for the next several days.

This has sparked concerns that the hot and dry weather could negatively affect the important pollination phase for soybean and corn. Extended heat exposure, particularly at night, can impact pollination.

From the University of Nebraska-Lincoln CropWatch:

In years when we get high day and nighttime temperatures coinciding with the peak pollination period, we can expect problems. Continual heat exposure before and during pollination worsens the response … high humidity, which helps reduce crop water demand, also increases the thermal mass of the air — and provides extra stored heat and insulation at night.

Interestingly enough, according to the South China Morning Post, Chinese scientists have developed a gene-modified soybean that can grow in warmer climates. This could reverse the effects of shortened growth periods, premature flowering, and reduced production in certain parts of the globe.

Meanwhile, China is in the spotlight again for two reasons: demand and inspections.

Despite prices falling at state auctions in China, demand for soybean reserves from the last few years has slipped to the lowest level this year. At the same time, export inspections for American soybean products came in at 854,373 metric tons in the week ending July 11.

In other commodity markets, August corn futures plummeted $0.095, or 2.07%, to $4.4975 per pound. September wheat futures cratered $0.15, or 2.87%, to $5.08 a bushel. September orange juice futures declined $0.02, or 1.95%, to $1.015 a pound.

If you have any questions and comments on the commodities today, use the form below to reply.

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A symmetrical triangle pattern has formed on the daily chart of gold. Being a continuation pattern, it suggests that after a period of consolidation prices will go in the previous direction, up in this instance. It is important to remember that patterns do not predict performance with a 100% guarantee as was demonstrated when the similar formed two weeks ago, but prices broke to the downside before rebounding.

On the present chart, the yellow lines show the symmetrical triangle pattern itself. The cyan is drawn 10% of the pattern’s width above the upper side of the triangle and offers an entry point in case of an upside breakout. The green line is drawn at the pattern’s width above the upper side of the triangle of provides a profit-taking objective for long positions.

You can click on the image to see a full-size version:

The chart was built using the ChannelPattern script. You can download a MetaTrader 4 chart template for this gold pattern. You can also trade it using the free Chart Pattern Helper EA.

If you have any questions or comments regarding this symmetrical triangle pattern on the chart of gold, please feel free to submit them via the form below.

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The technical analysis, that includes the indicator data and major pivot points for WTI Oil, Gold, Silver, Copper, and Natural Gas in continuous charts as of July 14th, 2019:

Crude Oil Indicators
Moving Averages RSI Parabolic SAR CCI
Long Neutral Long Neutral

Floor pivot points
3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
54.45 55.88 58.05 59.48 61.65 63.08 65.25

Woodie’s pivot points
2nd Sup 1st Sup Pivot 1st Res 2nd Res
56.07 58.43 59.67 62.03 63.27

Camarilla pivot points
4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
58.25 59.24 59.57 59.90 60.56 60.89 61.22 62.21

Fibonacci retracement levels
0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
57.30 58.15 58.68 59.10 59.52 60.90

Gold Indicators
Moving Averages RSI Parabolic SAR CCI
Long Neutral Short Neutral

Floor pivot points
3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1349.98 1367.81 1391.34 1409.17 1432.70 1450.53 1474.06

Woodie’s pivot points
2nd Sup 1st Sup Pivot 1st Res 2nd Res
1369.24 1394.18 1410.60 1435.54 1451.96

Camarilla pivot points
4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
1392.11 1403.49 1407.28 1411.07 1418.65 1422.44 1426.23 1437.61

Fibonacci retracement levels
0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
1385.65 1395.41 1401.45 1406.33 1411.21 1427.01

Silver Indicators
Moving Averages RSI Parabolic SAR CCI
Neutral Neutral Short Neutral

Floor pivot points
3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
14.61 14.76 14.99 15.14 15.37 15.52 15.75

Woodie’s pivot points
2nd Sup 1st Sup Pivot 1st Res 2nd Res
14.78 15.02 15.16 15.40 15.54

Camarilla pivot points
4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
15.00 15.11 15.14 15.18 15.24 15.28 15.31 15.42

Fibonacci retracement levels
0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
14.92 15.01 15.07 15.11 15.15 15.30

Copper Indicators
Moving Averages RSI Parabolic SAR CCI
Short Neutral Long Neutral

Floor pivot points
3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
252.43 256.27 262.30 266.14 272.17 276.01 282.04

Woodie’s pivot points
2nd Sup 1st Sup Pivot 1st Res 2nd Res
256.82 263.40 266.69 273.27 276.56

Camarilla pivot points
4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
262.90 265.62 266.52 267.43 269.23 270.14 271.04 273.76

Fibonacci retracement levels
0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
260.11 262.44 263.88 265.05 266.21 269.98

Natural Gas Indicators
Moving Averages RSI Parabolic SAR CCI
Neutral Neutral Long Neutral

Floor pivot points
3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
2.268 2.323 2.397 2.452 2.526 2.581 2.655

Woodie’s pivot points
2nd Sup 1st Sup Pivot 1st Res 2nd Res
2.328 2.408 2.457 2.537 2.586

Camarilla pivot points
4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
2.401 2.437 2.448 2.460 2.484 2.496 2.507 2.543

Fibonacci retracement levels
0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
2.377 2.407 2.426 2.442 2.457 2.506

If you have any questions or comments on this commodity technical analysis, please feel free to reply below.

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Futures for West Texas Intermediate crude oil were almost flat while Brent crude ended Friday with gains.

The major positive factor for the commodity was the drop in output from the Gulf of Mexico. Companies were shutting down platforms and rigs and evacuating workers due to the threat from Tropical Storm Barry, which is expected to turn into a hurricane by the weekend.

Another positive factor was the oil rig count released by Baker Hughes. US drillers reduced the number of oil rigs by 4 to 784 this week. The number of gas rigs fell by 2 to 172.

As for negative factors, the report from the International Energy Agency was weighing on crude, predicting oversupply on the market, mainly due to an increase of US output. The report said:

The main message of this Report is that in 1H19 oil supply has exceeded demand by 0.9 mb/d. Our latest data show a global surplus in 2Q19 of 0.5 mb/d versus previous expectations of a 0.5 mb/d deficit. This surplus adds to the huge stock builds seen in the second half of 2018 when oil production surged just as demand growth started to falter. Clearly, market tightness is not an issue for the time being and any re-balancing seems to have moved further into the future.

Futures for delivery of WTI crude oil were little changed at $60.21 per barrel on NYMEX today. September contract for Brent crude advanced 0.3% to $66.72 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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Gold futures are trading higher to finish the trading week, bringing the yellow metal’s weekly gain to more than 1%. The yellow metal’s strong performance this week was driven by a dovish Federal Reserve that will likely cut interest rates later this month, sending the US dollar lower on Friday. Investors are also keeping eye on the sliding consumer interest in physical gold in top Asian markets.

August gold futures soared $10.60, or 0.75%, to $1,417.30 per ounce at 18:49 GMT on Friday on the Comex division of the New York Mercantile Exchange. Gold prices are poised for a weekly surge of 1.2%, raising their 2019 gains to just under 11%, which were mostly generated in the second quarter.

Silver, the sister commodity to gold, is also rallying to end the trading week. September silver futures rose $0.115, or 0.76%, to $15.26 an ounce. The white metal is on track for a weekly jump of close to 2%, but it is still down 2% year-to-date.

The yellow metal is building momentum on a central bank that is looking to further ease monetary policy by cutting interest rates by at least 25 basis points to a target range of 2.00% to 2.25% at its next Federal Open Market Committee (FOMC) policy meeting. This was hinted in the recent FOMC minutes from the June powwow and Fed Chair Jerome Powell’s recent testimony in front of the Congress and Senate, who essentially made the case for a rate cut amid a strengthening labor market and strong economic growth.

As a result, the US Dollar Index tumbled 0.24% to 96.82, from an opening of 97.08. The buck will record a weekly drop of 0.5%, paring its YTD gain to under 0.7%. A weaker greenback is good for dollar-denominated commodities because it makes it cheaper for foreign investors to purchase.

Investors seem to concur that there is a lot of uncertainty in the global economy. This feeling is supported by central banks not only maintaining easy money policies – low rates, bond buying, and money-printing – but they might also follow the Fed’s lead and cut rates even more.

The European Central Bank (ECB) head, Mario Draghi, has already confirmed that he is ready to bring rates into subzero territory and his likely successor, Christine Lagarde, has defended negative rates on multiple occasions. In Japan, the central bank has also noted that it is ready to ease policy further, a sentiment shared by the People’s Bank of China (PBOC).

On the data front, the producer price index (PPI) climbed 0.1% in June, sending the wholesale prices to their lowest levels since 2017 to 1.7%.

In other metal markets, August copper futures tacked on $0.01, or 0.4%, to $2.70 per pound. September platinum futures added $3.80, or 0.46%, to $834.70 an ounce. September palladium futures cratered $17.90, or 1.15%, to $1,541.20 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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Natural gas futures advanced as high as 1.5% on Thursday after the US government reported a larger-than-expected increase to domestic inventories of the energy supply. This comes soon after the nation’s top energy agency revised its pricing forecast by more than 5% from its previous projections. Can natural gas have a strong second half or will it continue its bearish ways in the final months of 2019?

August natural gas futures rose $0.035, or 1.5%, to $2.48 per million British thermal units (btu) at 14:46 GMT on Thursday on the New York Mercantile Exchange. Natural gas is on track for a weekly gain of nearly 9%, lowering its year-to-date loss to 14%.

According to the US Energy Information Administration (EIA), domestic inventories of natural gas climbed by 81 billion cubic feet for the week ending July 5. The median estimate was 72 billion cubic feet. In total, US supplies stand at 2.471 trillion cubic feet, up 275 billion cubic feet from the same time a year ago. They are also 142 billion below the five-year average.

On Tuesday, the EIA released its latest forecast for natural gas prices. It projects that prices will average $2.62 per million btu in 2019, down 5.5% from its previous estimate.

In recent weeks, natural gas had been trading in a downward direction because temperatures were average, reducing the demand for air conditioning and adding to stockpiles. However, this month so far, there has been a heat wave that has swept the nation. In the east, triple-digit figures on the heat index were on display. In the west, there was a record-breaking and so-called dangerous heat wave that left temperatures 120 degrees Fahrenheit 49 degrees Celsius in the shade.

Put simply, millions of households across the US are cranking up the air conditioner. And that is good news for natural gas prices.

In other energy markets, September West Texas Intermediate (WTI) crude oil futures dipped $0.08, or 0.13%, to $60.35 per barrel. October Brent crude futures slipped $0.22, or 0.33%, to $66.79 a barrel. August gasoline futures fell $0.02, or 0.98%, to $1.98 per gallon. August heating oil futures slid $0.0125, or 0.63%, to $1.98 a gallon.

If you have any questions and comments on commodities today, use the form below to reply.

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Futures for crude oil jumped 4% today as fundamental factors remained supportive of the commodity.

The Energy Information Administration reported that US inventories of crude declined by 9.5 million barrels last week, whereas experts had predicted a much smaller decrease by 1.9 million barrels. The official data was in line with the report from the American Petroleum Institute, which also showed a huge draw.

US producers cut almost third of Gulf of Mexico oil production, shutting down operations in preparations to the storm that is expected to turn into a hurricane.

from the Federal Reserve Chairman Jerome Powell and the minutes of the June monetary policy meeting released by the Federal Open Market Committee today solidified the outlook for an interest rate cut this month and probably the next. This sent the US dollar down, bolstering commodities priced in the greenback.

Futures for delivery of WTI crude oil in August jumped 4.13% to $60.22 per barrel as of 19:28 GMT on NYMEX today. September futures for Brent crude climbed 3.96% to $66.70 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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Copper futures are rallying midweek as the world’s two largest economies have restarted important trade negotiations. After two months of sitting on the sidelines, both sides have returned to the table to iron out a trade agreement that could finally end the dispute and create some certainty in the global economy. But the industrial metal’s ascent was capped on concerns over weak manufacturing trends in China.

September copper futures rose $0.05, or 1.93%, to $2.675 per pound at 13:34 GMT on Wednesday on the Comex division of the New York Mercantile Exchange. Copper prices have had an interesting year so far. The red metal is up just 1% after it pared most of its gains in the last three months by tumbling 8%.

This week, US and China trade representatives spoke over the telephone as they announced that will they will soon meet face to face to “resolve the outstanding trade disputes.” US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke to Chinese Vice Premier Liu He and Commerce Minister Zhong Shan, discussing that “both sides will continue these talks as appropriate.”

At the recent G20 summit, President Donald Trump and President Xi Jinping agreed to a trade truce and will not impose new tariffs. The White House is pushing China to import more American goods and rein in intellectual property theft, which Beijing has been doing. China, on the other hand, wants Washington to lower tariffs and scrap the 25% levies on billions of Chinese goods. Trump has said that he is likely to leave the duties in place until a trade deal has been installed.

If a new trade agreement is implemented and global commerce returns to normal, then this might spur economic growth and renew demand for copper.

However, due to the trade war, Chinese manufacturing has slowed down. All the recent data suggest that Beijing’s manufacturing activity has subsided in the last year, particularly as more companies shift their operations out of China and into neighboring countries with little to no tariffs.

Meanwhile, copper output in the Democratic Republic of Congo soared by 11.2% year-on-year in the January-to-May period. The continent’s top producer reported that production totaled 552,044 tonnes in the first five months of 2019, compared to 496,468 tonnes during the same time a year ago.

This comes as Zambia has said that it expects lower output levels by as much as 11% in 2019, primarily because of a mining tax imposed by the government earlier this year.

In other metal markets, August gold futures climbed $11.00, or 0.8%, to $1,411.50 per ounce. September silver futures tacked on $0.13, or 0.87%, to $15.28 an ounce. September platinum futures soared $12.70, or 1.56%, to $827.80 per ounce. September palladium futures skyrocketed $44.70, or 2.9%, to $1,584.60 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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In the present video, Phil Carr from The Gold and Silver Club talks about crude oil as of July 10, 2019. He starts by discussing the fact that hedge funds and money managers increased their long positions on the commodity. Phil then proceeds with explaining what he expects from crude and what factors can affect it.

If you found this video useful and want to see more videos like this one or if you want to see a commodity trading video on some other topic, please leave your response using the form below.

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