OIL Oil prices hit a fresh multi-year high during early Monday trading, as traders continue to ride the bullish wave ahead of this week’s OPEC+ meeting. Oil prices have been driven by a scarcity in supply as global demand increases. With the main producers so far sticking to their quotas and talks between US and…
Read more
GOLD Gold continues to trade inside a triangle pattern between $1,800 and $1,760 with no bullish reversal signs in sight so far. Indeed, the current global optimism has caused traders and other mid-term investors to rotate away from defensive values and safe havens to riskier assets, which represents a strong bearish market driver for gold.…
Read more
OIL Oil markets continued to edge higher on Wednesday, boosted by the US Dollar falling once again and correcting its short-term bullish trend started last week. The barrel of light crude oil is now challenging its immediate resistance at $73.20, the last one before the major resistance between $73.90 and $74. As well as the…
Read more
GOLD Gold’s bearish price action since the beginning of the month is slowing down as the price loses more and more directionality. The market is consolidating between $1,770 and $1,800 following last week’s sell-off as investors struggle to get more clarity on the near-term outlook for gold. The bearish pressure is likely to remain as…
Read more
Price seems to have broken through the 61.8% area of the weekly Fibonacci fan with two daily closes in succession above this area. Moving averages still give a sell signal, but the value area between the 100 and 200 SMAs has shrunk considerably. Movement above this area might signal more gains to come for the…
Read more
OIL The black gold is starting the week on a mixed tone amid uncertain short to mid-term market sentiment. While oil related shares are drifting, the fact the US Dollar is holding onto last week’s gains is keeping a certain bearish pressure on the barrel’s price. On the other hand, lagging talks between Iran and…
Read more
GOLD Gold gained approximately 1% during early Friday trading, following a slowdown in dollar gains, however the precious metal is still on track for the worst weekly performance since March 2020. With investors pricing in the adoption of a more hawkish stance from the Fed, the dollar will be likely to remain supported, at least…
Read more
OIL Oil prices dropped back from multi-year highs late on Wednesday, after the Federal Reserve indicated its intention to raise interest rates faster than previously thought, triggering a dollar rally. With the Fed becoming hawkish, the dollar is likely to continue to rally in the days ahead, representing a headwind for oil and other commodities.…
Read more
OIL Oil prices reached new multi-year highs during early Wednesday trading, with Brent touching $74.71, the highest watermark since October 2018. The current prices illustrate a plainly bullish stance amongst investors who clearly are betting on the continuation of this upwards trend, due to rising demand as economies emerge from lockdowns, with many now expecting…
Read more
The 161.8% weekly Fibonacci extension area based on the US dollar’s gains in March last year remains the key technical reference. As of now, a clear push below this zone still looks unlikely. Conversely, a movement above the 50 SMA from Bands, which seems likely in the near future, probably won’t signal a reversal. Instead,…
Read more