Oil prices fell on Wednesday due to a surge in crude inventories. When fuel stocks in the US increase, it is a sign that demand has dropped. WTI futures (Source: Bloomberg, EIA) Moreover, a drop in refining in the US led to a bigger-than-expected build in inventories. US refining slowed significantly during the cold weather. Read More…
Light Crude Oil Futures (Weekly Chart): Light Crude Oil Futures (Daily): Key Levels and Analysis: Trade Considerations: Market Sentiment:
Gold prices plunged on Tuesday as the dollar and Treasury yields rose after an upbeat inflation report. After a long wait, investors finally saw the state of inflation in the US. According to the report, inflation remains persistent and higher than expected. Consequently, there was a decline in Fed rate cut bets. The outlook for Read More…
Weekly Chart The weekly chart shows a strong uptrend with the Relative Strength Index (RSI) reading above 60, this is still strong bullish momentum. The volume on the weekly has been consistent as the trend continues to make higher highs. For traders looking to join the uptrend, a pullback toward the RSI-based Moving Average (MA) Read More…
US equities ended Monday mixed as investors prepared for the release of the all-important US consumer inflation report. The Nasdaq and the S&P 500 ended the day slightly lower. Meanwhile, the Dow rose slightly. Monday was a relatively quiet day for equities as investors mostly stayed on the sidelines awaiting the inflation report. However, the Read More…
Weekly Chart Analysis of Gold Futures The weekly clearly shows the market is consolidating. The Fibonacci retracement levels from the recent swing high and low indicate that the price is hovering around the 100 level (previous all time high). Bulls still need to see a decisive break above this in order to continue with the Read More…
