Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
Gold dropped on vaccine rollout
2020-12-14 • Updated
XAU/USD has been falling due to market optimism. Will it keep moving down?
First of all, the FDA approved the vaccine of Pfizer and BioNTech for emergency use. That’s why the market sentiment improved, and investors streamed their capital to riskier currencies and stocks. Elsewhere, the EU and the UK agreed to continue negotiating, giving a signal that the deal may be reached soon. The prospect for the Brexit agreement added to the risk-on sentiment as well. Even hopes for the additional US stimulus package and the massive USD selloff haven’t helped gold to rise.
XAU/USD is moving inside the descending channel. It is approaching the key support of the 200-day moving average of $1 810. Gold is unlikely to break it down for the first attempt. That’s why we can expect it will bounce off this level initially. If it manages to break it down, it may drop to the next support at the low of November 30 at $1 770. On the flip side, the move above the recent highs of $1 845 will drive XAU/USD to the 50-period moving average of $1 870, which it has failed to cross several times. In a nutshell, gold is stuck between two moving averages.
China's economy is rocketing. On the other hand OPEC+ countries take the decision to cut the production. What will be the impact on the oil price?
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
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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The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.