The clear target for old buyers is the 161.8% weekly Fibonacci extension just below $90. Finding an entry as a new buyer is likely to be difficult here, but a bounce seems possible from the 38.2% zone of the weekly Fibo fan and definitely from the psychological area around $80. Brent has been strongly overbought…
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The obvious near-term resistance here is the value area between the 100 and 200 SMAs. Whether this might be tested on Wednesday morning is likely to depend on how markets perceive the accompanying commentary from Dr Orr and other senior members of the RBNZ, not just whether the cash rate is hiked as expected. Lower…
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EUROPEAN SHARES European shares are extending yesterday’s gains amid a rising appetite for riskier assets ahead of the weekend. Even though the Delta variant keeps weighing on market sentiment in many regions like Asia, investors are optimistic about countries with more aggressive vaccination programs in place, such as Europe and the US. Apart from Madrid,…
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OIL WTI stabilized during early Thursday trading, following the gains of the previous two sessions. The situation in Asia, where demand for fuel is likely to be impacted by new restrictions on movement put in place in China, alongside yesterday’s request from US President Joe Biden calling on OPEC+ to increase output in order not…
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OIL WTI shed some of the previous session’s gains during early Wednesday trading, following the imposition of further restrictions to mobility in China in an attempt to halt the spreading of the Delta variant of the coronavirus. The situation in China and other Asian countries continues to worry oil traders, who now anticipate a drop…
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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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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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