Week Ahead Commodity Report: Gold, Silver & Oil Price Forecast [Video]

Phil Carr The Gold & Silver Club

Gold last week surpassed $1450 for the first time since May 2013 and silver rose to $16.57 per ounce its highest since June 25, 2018.

The surge in precious metals fuelled by comments from the New York Fed President John Williams boosting expectations of an even deeper rate cut that sent the dollar to a 2-week low.

Silver rose 8% last week, its best week in 3-years whilst Platinum surged to 2-month highs trading at $864 per ounce.

Oil prices gained on Friday trading above $56 per barrel after Iran's revolutionary guard said they had captured a Brittish flagged oil tanker in the gulf.

Meanwhile Hedge funds and money managers rasied their bullish stance in Comex gold in the latest week and increased their net long positions on US Crude Oil.

Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Gold, Silver and Crude Oil with the latest price forecast and predictions:

Author

Phil Carr

The Gold & Silver Club

Phil is the co-founder and Head of Trading at The Gold & Silver Club, an international Commodities Trading Firm specializing in Metals, Energies and Soft Commodities.

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.