Monday News: Commodities Price Issues

Monday News: Commodities Price Issues

While Russia is becoming an economic outcast despite its rich commodities, the rest of the world is starting to feel the effects of the sanctions.

XBR rose 10% after briefly hitting $139 a barrel. The resistance now is 130.00, the support is 123.80.

XBRUSDH1.png

 High energy prices threaten to dampen global growth, and this risk is causing market turmoil.

Palladium and copper hit historic highs, for example, palladium is $3000. Gold retreated to $1980 after touching $2000.

XAUUSDH1.png

Grain, metals and energy have risen on fears of chaos in the flow of raw materials due to the invasion and sanctions against Russia, which turn the resource giant into a global outcast.

Commodity-linked currencies, such as the Australian dollar, have strengthened. Now it’s on $0.74260 level.

AUDUSDH1.png

A growing number of companies have curtailed their operations in Russia, including streaming giant Netflix Inc. and social media service TikTok, owned by China's ByteDance Ltd.

CHF retreated against the dollar after a board member of the Swiss National Bank said it was ready to intervene to stop the rapid advance. USDCHF is approximately $0.92075.

USDCHFH1.png

Have a good trading day!

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