Market commentary: The oil rally is continuing


forex market update

ActivTrades’ Market Analysts have provided their daily commentary on traditional markets for April 9, 2019. 


Forex

The British Pound remains within a tight range, around the $1.30 mark. This lack of movement reflects to some extent the markets uncertainty about the outcome of the Brexit process, as well as unwillingness to trade Sterling until there is more clarity. Until a clearer picture starts forming on the future shape of the Euro-British relationship, it is unlikely that the value of the Pound will deviate much from where it currently sits.

Ricardo Evangelista – Senior Analyst, ActivTrades

Gold

Gold is giving some interesting signs of recovery, with the price playing with the key level of $1,300/oz. A modest slowdown of the greenback in conjunction with some uncertainty in the stock market were enough to push bullion prices up, confirming firm investor appetite for gold.

Carlo Alberto De Casa – Chief Analyst, ActivTrades

Oil

The oil rally is continuing, boosted by a series of reasons. Among them the threat of an escalation of the Libyan conflict and the political chaos in Venezuela but also expectations for production cuts by OPEC+ and the US shale oil supply situation. All of this helped to erase oversupply fears seen in the last quarter of 2018. From a technical point of view, the trend remains strongly bullish, with investors still betting on further recoveries of the barrel.

Carlo Alberto De Casa – Chief Analyst, ActivTrades

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Market commentary: The oil rally is continuing

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