ONLINE FOREX BROKER
2021-05-06 • Updated
The outlook for the oil market is relatively upbeat at the moment. A month ago, OPEC+ decided to raise the oil supply in view of the recovering demand. A week ago, the cartel reaffirmed that decision keeping the same upbeat projection for the oil market for the rest of the year. As a result, WTI oil rose to challenge the March highs of $68 and looks set to reach $70. If that happens, the zone of six-year highs of $70-76 will be open for bulls.
In the meantime, traders need to be ready to see the oil price bounce downwards from those highs or go sideways. Trading below $70, the WTI oil price is already considerably high against the previously announced observers’ expectations for 2021. The resistance above $70 may prove to be stronger than before as the markets are stabilizing, and the recovery, as dynamic as it is in the US, may not push the oil market forever. Therefore, keep an eye on the key resistance of $70 and watch how the oil price behaves around it. Prepare for all scenarios from sudden plunges to prolonged periods of flat horizontal patterns.
A weekly chart gives a very clear view of the gold price performance. So that, the nine-month downtrend that started at the highs of August above $2,000 hasn’t seen any change. However, the current resistance of $1,800 may be a turning point. If the gold price crosses it, breaks the resistance of the 50-MA, and manages to stay above these marks, it’ll be a trend change. In this case, bulls will claim the right to go for $2,000.
However, is there a fundamental base for such a move? The gold price reached $2,000 because of the devastating effects of the virus and the pessimism that’s been ruling the markets in the first part of 2020. Now, we’re in recovery mode. Although there are many states where the infection rates are rising, the virus is no longer a novelty. Gold needs a more solid reason to set a new record. May it be another global geopolitical crisis? Given the current trends in the relations between the US, Europe, and China, there is a possibility. If things go bad between those countries, gold will definitely reach $2,000.
The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
The previous year 2022, was undoubtedly tumultuous for the stock markets, with several stocks plummeting across multiple industries. Analysts have blamed the hard times on inflation, hawkish federal reserve policies, an impending global recession, and the ongoing crisis in Ukraine. This year, however, we're beginning to see some recovery in the stock markets. This article will find a few stocks worth buying this year.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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