There are no big moves on commodities markets today with investors waiting for new market drivers. After the recent rally, WTI is finding a temporary equilibrium between $58 and $58.50. Despite testing $58.90 yesterday, oil doesn’t seem to have sufficient strength for further rallies, for the time being at least. The main trend remains positive however and any news of additional stimulus coming from central banks could trigger a new move higher.
Gold is also steady and has so far been unable to climb above $1,850 with traders in a wait and see scenario. However, just like oil, the long term outlook remains bullish for the yellow metal.
Carlo Alberto De Casa – Chief analyst, ActivTrades
European shares fluctuated on Thursday, following a slightly positive Asian session on lower volumes than usual, as investors continue to digest disappointing inflation figures from the US. However, despite this short-term pause, there is nothing threatening from a technical point of view. Most benchmarks are still trading above strong support levels with no significant moves lower seen so far as investors remain very optimistic about the medium-term economic outlook. The idea that inflation will be driven higher by increased demand in many sectors, sparked by more stimulus measures as well as the lifting of pandemic restrictions, remains alive and well with investors continuing to price this in and buy every dip. Meanwhile attention will be trained on major US data releases today while European stock traders will focus on earnings from French giants like L’Oréal, Crédit Agricole and Arcelor Mittal.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
