Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
GOLD: approaching $1,800!
Gold price broke $1,760 recently and is establishing itself now at these levels. The increased velocity and steeper curve of the bullish trajectory indicate that a further rise in this manner may take place up to the level of $1,780 putting finally beating the 2012 highs, but a further push will need more momentum. For this reason, we may expect bulls to keep pushing and make another $15-20 "in one strike", but then the price will likely stop to have a break. Reaching $1,800 is fundamentally inevitable and is nearing quite fast, but there will be few steps on the way to it still. Don't miss the train!
Read the daily report to get the full market wrap!
The European Central Bank is holding a meeting on April 22 at 14:45 MT time. What to watch?
The Bank of Canada (BOC) will publish the rate statement and the update on the interest rate on April 21, at 17:00 MT time.