Spot gold reportedly edged closer to the $2,500 per ounce mark on Monday, 27 May 2024, when it traded at $2,449.89 at one stage. During trading on Tuesday, 28 May 2024, gold slipped slightly and opened the day at $2,338 per ounce. The precious metal is, however, sustaining its upward push despite a weaker dollar…
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In the previous week after some very positive news for the dollar like a decreased trade deficit on the balance of trade, lowered unemployment rate and better than expected NFP. This created some losses on the oil chart against a stronger dollar and is currently on the move to regain back those losses. On the…
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The US energy department announced on Friday that it will start repurchasing crude for the Strategic Petroleum Reserve - the first purchases since releasing a record 180 million barrels from the reserve this year in an effort to support the economy from increasing fuel costs. On the technical side we see the price continuing the…
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On the technical analysis point of view the price is trading in a steady uptrend for the last month and it is currently at the $1.22800 area after finding resistance on the upper band of the Bollinger bands. With major economic news coming up and with the Stochastic indicator in the overbought level for almost…
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On the technical analysis point of view the price is currently trading around the $1,740just above the 61.8% of the Fibonacci retracement level. With a bear flag formation forming in the last 4 days we might see some continuation to the downside with a very strong area of support around the $1,712 price area which…
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On the technical analysis point of view the price is currently trading around the 1.17 price area which is a very strong point of resistance since it consists of the 78.6% of the Fibonacci retracement level and the upper band of the Bollinger bands (even trading above the bands a couple of days ago indicating…
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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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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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