The Commodities Dashboard is for tracking daily moves on commodities prices. The Commodities Dashboard monitors prices that have an impact on all of us, since commodities affect the prices of goods and services we buy and use on a daily basis. Oil prices have been trading off of its 6-7 year lows, trading between $40-$55 price per barrel range. The consumer is starting to see higher prices at the gas pump.
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Gold (GLD) peaked at the end of 2011 at $183.24 since then we have been on a down trend with a few short-term uptrends. On 12-02-15 GLD closed at a 6 year low at 100.69. This is the new resistance level, as of 2016 GLD has moved up to as much as 25% gain, but shortly after the elections GLD gave back most of its gains for the year.
GLD for the week ending 2-10-17
GLD has found support around $107 in the short term, and has been trading higher after putting in a bottom there. It is well off of its highs in 2016. The thought that the economy may improving and higher interest rates has sent GLD into a correction. GLD is well below the 200 dma. GLD has a place in a balanced portfolio, don’t panic and remember to re-balance. The GDP is still growing at about 2%, this is the slowest rate in 50 years. Gold does well in high inflationary times and is safe haven during market turmoil. Some of the precious metal experts are suggesting 2016 could be a year for a turnaround in gold prices. Recent resistance is at $120 and support is $115. GLD is trading above its 50 dma for the first time in weeks. GLD is still near 6 year lows right now. Gold is about $800 off of its all time highs.
We are using USO (ETF) as the proxy for Oil.
USO for the week ending 2-10-17
USO is locked in a trading range between $9.60 and $12. The agreements to cut oil production by OPEC, initially sent oil prices high, but now it has leveled off. Excess supplies still need to be reduced for USO to move higher. USO well above its all time low of $7.96. You can see on the chart a cup and handle pattern, maybe we move higher from here, as we continue to work off excess supplies. USO all time low is at $7.96 and all time high was around $113 back in 2009. The consumers continue to benefit from lower gas prices.