OIL Oil prices were slightly up during early Friday trading, but remain on track for the largest weekly loss since March, as a combination of factors weighs down on the cost of the barrel. On one hand, the markets are growing increasingly concerned over a big rise in virus cases in the Asia Pacific region,…
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GOLD Gold is rising, continuing the momentum of the previous session when the precious metal gained more than 1% following Jerome Powell’s testimony to Congress where he defended the continuation of the current Fed’s accommodative policies to support the economic recovery and described inflationary pressures as a temporary issue. Such remarks penalised the dollar, cancelling…
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GOLD Gold rose during early Wednesday trading, with its safe-haven appeal increasing as investors reacted to news that several countries in the Asia-Pacific region continue to tighten restrictions in efforts to halt rising COVID cases. However, the precious metal’s gains were capped by the strengthening of the dollar, that followed the publication of US inflation…
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OIL Oil traded higher during early Tuesday, with most of Monday’s losses already cancelled. The price of the barrel remains conditioned by tight supply, with the markets expecting a continuation of the declines in US crude stockpiles, which have been on a downward trend since February. However, further price gains for oil are likely to…
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GOLD Bullion’s trend continued to slow-down for the end of the week as the “risk-on” mood remained, and the US dollar stayed flat. Technically speaking, the bullish break-out registered on Tuesday remains valid despite the lack of directionality of the end of the week, due to lingering uncertainty over many asset classes. Indeed, investors have…
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OIL Oil markets traded lower on Thursday, mirroring the global trend as investors lack short to mid-term clarity. Traders desperately need further clues on where production levels are heading following the breakdown in talks inside the OPEC+ alliance. As uncertainty grows, traders prefer to reduce their exposure to oil and turn to safe havens like…
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GOLD Gold edged higher during early Wednesday trading, with the gains attributable to some dollar weakness in the runup to the publication of the latest FOMC minutes, as well as a drop in risk appetite. The sudden halt in the rise of oil prices on Tuesday resulting from a growing rift between Saudi Arabia and…
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GOLD Gold keeps on edging higher for the fifth trading session in a row as investors continue their rotation to safer assets amid rising global uncertainty. The situation looks reassuring for bull traders from a technical perspective after the price achieved a new high above $1,800, ending the short-term consolidation. Both moving averages are now rising…
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OIL Oil markets remained steady at the beginning of this new week as investors seek more clarity on production following tensions inside OPEC+. The unexpected clash between Saudi Arabia and the United Arab Emirates is leaving investors baffled despite the otherwise bullish environment for oil. The next few hours are likely to witness an increase…
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OIL Oil is trading almost flat during the early part of Friday’s session, having reached a fresh multi-year high during the previous session, following a last-minute disagreement amongst OPEC members that delayed a decision on increasing output levels by an estimated 400,000 barrels per day. Officials from member countries will reconvene today and attempt to…
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