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Daily market commentary: Stocks up, gold up, the US dollar down



ActivTrades’ Market Analysts prepared their daily commentary on traditional markets for March 20, 2020. This is not a trading advice. See details below:


GOLD

We can summarize today’s early trading by saying stocks up, gold up and the US dollar down. The surprising direct correlation between stock markets and the bullion price is continuing and is being helped by the greenback slowing down after yesterday’s record.

Meanwhile, technically it’s little surprise to see that the key support level of $1,450 managed to once again generate a solid rebound, confirming the strength of this support. The price now faces the first key static resistance, which is placed at $1,520. A climb above this level would create space for further rallies.

Carlo Alberto De Casa – Chief analyst, ActivTrades

Daily Market analysis

OIL

Crude oil has managed to recover almost 40% of its value after the low it sunk to two days ago at $20. This is also giving a bit of relief to stocks related to energy sector, such as Total, Eni and Shell, which is up almost 10%. After the strong sell-off seen earlier this week, the price is trying to recover and stabilize at more realistic levels, which could be sustainable for more players in the market. The barrel is now approaching the key level of $28, which could curb WTI’s recovery, at least for the time being, as a huge amount of uncertainty remains.

Carlo Alberto De Casa – Chief analyst, ActivTrades

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Daily market commentary: Stocks up, gold up, the US dollar down

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