
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
Let’s look at the EUR/USD chart. Despite the negative German GDP, the pair has reached the high level unseen since May 13, 2018 at 1.1900. If the pair breaks through this level again, it may surge even higher to the key psychological mark at 1.2000. On the flip side, if it moves below the 61.8% Fibonacci level at 1.1820, it will open doors towards the next support at 1.1790.
The S&P 500 gained as big tech stocks such as Apple, Amazon, Facebook and Google surged higher after their earnings reports beat all estimates. The stock index bounced off the resistance at 3 270 and modestly contracted. The move above this level will clear the way to the next resistance at 3 325. Support levels are at 3 210 and 3 190.
Gold has just crossed the recent high at $1 970. Fears over the rising virus cases and the overall economic uncertainty have added tailwinds to the yellow metal. Now it’s moving towards the all-time record at $1 980. If it manages to cross it, it may surge to the key psychological mark at $2 000.
GBP/USD has been edging up for the 11th day in a row! It’s approaching the 100% Fibonacci level at 1.3200. If it crosses it, it can jump to the high of December of the last year at 1.3325. Support levels are at 1.2900 and 1.2815 at the 78.6% Fibo level.
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
XAUUSD fell below 1900 for the first time since March 2023. Meanwhile, the US dollar index gives a bearish signal. Read the full report to learn more!
Oil prices are rising while the US government is on the verge of shutting down. How will it affect the market?
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