OIL WTI is up by more than 1% during early Tuesday trading, recovering some of the losses of the previous session. Oil prices are likely to remain volatile as the outlook for the economic recovery becomes increasingly uncertain, with a rise in cases of the Delta variant in Asia continuing to be a reason for…
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The pound seems to be standing at a crossroads with key technical references above and below, the 161.8% weekly Fibonacci retracement area and the 200 SMA respectively. Based on TA alone, consolidation and sideways movement would usually be favourable in this situation. However, the important economic releases from the USA and the UK on Wednesday…
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GOLD The price of gold dropped to lows not seen since March during early Monday trading, following the publication of US labour data on Friday that was more positive than expected, making it more likely for the Fed to bring forward the timing of the tapering. This dynamic propelled the US dollar to new multi-month…
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GOLD The strength of the US dollar is keeping the pressure on safe havens like gold with the precious metal continuing to drop on Friday. Bear traders seem to be in control of the market on a very short-term basis and even if no significant sell-off has been registered so far, the current correction saw…
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OIL WTI reversed earlier gains and is flat so far during early Thursday trading. A surge in coronavirus cases caused by the Delta variant is forcing several countries around the world to impose new lockdowns, a scenario that is likely to negatively impact fuel demand. Also weighing on the price of oil is a surprise…
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GOLD Gold is still trading inside its mid-term bullish channel, above the support at $1,808 as well as the 89 period Exponential Moving Average (EMA) despite an increase in risk appetite. It is not so usual to see “risk-off” assets edge higher even as stocks and other riskier assets trade near record levels as the…
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OIL Oil markets are holding losses following yesterday’s break-out of their short-term bullish channel. Market sentiment towards oil turned negative this week as more and more bearish drivers piled up, leading prices to a sharp but potentially limited correction. In fact, short-term investors scared by demand disruptions from China, caused by the rapid spread of…
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OIL Black gold keeps on trading inside its mid-term bullish channel today despite its failure to clear the $73.85 level last week. The current rebound over the lower band of the bullish channel at $72.30 isn’t reassuring investors as it remains limited compared to the recent 2% correction. Despite a decreasing US dollar providing fresh…
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GOLD Gold is little changed this Friday, holding on to the previous session’s gains and remaining close to multi-week highs. As the realization that the US Federal Reserve is unlikely to tighten its policies anytime soon sinks in, the outlook for the US dollar turns into bearish territory. The greenback typically moves inversely in relation…
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GOLD Gold is up during early Thursday trading, reflecting the losses of the US dollar due to the inverted correlation between the two assets. The greenback’s weakness resulted from dovish comments made by the Fed’s chairman, Jerome Powell, who pushed back on the timing of rate hikes and asset purchases tapering, highlighting concerns over the…
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