Daily FNArena News - Commodities

Chartists at Barclays Capital believe a relief rally in gold next week is a real possibility.

The latest update to the world’s most authoritative annual gold survey was released today and a return of investor buying is the significant prediction.

Gold has tested critical support at US$579/oz. So far so good. But there is a lot of fear in the market. Why are the bulls still so bullish?

Analysts have been telling us commodity prices are overbought for, oh, years? Maybe now they really are.

Macquarie strategists are calling a recession to come in the US and recommend underweighting resources stocks in a market portfolio.

Recent weakness in the oil price may be just the beginning according to Morgan Stanley, the broker suggesting there is a structural shift underway in the market.

JP Morgan joins the club.

As gold has breached US$600/oz, traders are assuming the long anticipated final quota of European central bank sales have been behind the falls, and that everyone else has stepped aside.

Merrill Lynch has chimed in with a round of significant upgrades following Citigroup and GSJB Were last week.

Two leading proponents of the Super Cycle have again raised metal price forecasts – within days of each other – in what has become a monotonously regular feature of the commodities bull market.