Oil prices rose almost 3% on Wednesday due to a surprise draw in crude inventories. Moreover, there was a bigger-than-expected decline in US gasoline stocks, indicating robust demand and a looming tightness in the market. US crude inventories (Source: EIA) Notably, economists had expected a 1.3 million barrel increase in crude inventories. However, the Energy Read More…
Bitcoin Futures continue to fly as the cryptocurrency has secured a position among the top assets in the world. The recent move above $69,435 has traders considering the possibility of an extended rally, potentially reaching the Fibonacci extension level of $102,975, which may be the next cycle high. The Relative Strength Index on the daily Read More…
The U.S. Dollar Index is forming a converging pattern on the weekly chart, suggesting a potential breakout could happen soon. This pattern is known as a symmetrical triangle, and it often leads to significant price movements after a period of consolidation following an upward move. Weekly Looking at the weekly chart, the DXY is in Read More…
Gold prices fell on Tuesday after the US inflation report renewed inflation worries and dimmed Fed rate-cut expectations. The Consumer Price Index report revealed a higher-than-expected figure for the annual rate, raising concerns that the Fed might decide to delay rate cuts further. Core US inflation (Source: Bureau of Labor Statistics) Notably, US headline inflation Read More…
Examining the weekly chart, the index has firmly established support within the 36,000 region, demonstrated by the green box marking previous resistance now turned support. The Relative Strength Index on the weekly timeframe reflects strong buying interest with a reading above 74. While this indicates a powerful bullish push, traders should be cautious of the Read More…
Equities ended slightly lower on Monday ahead of US inflation data that might shape the outlook for Fed rate cuts. Investors were cautious, avoiding big positions as they awaited the US CPI report. Additionally, they took profits after Friday’s job report, which revealed weakness in the US labor market. The US will release the Consumer Read More…
