Oil gained over 2% on Wednesday and extended the gains into Thursday as data revealed a massive drop in US crude inventories. At the same time, supply concerns amid Libya’s lower oil production boosted prices. WTI (Source: Nymex) Data on Wednesday showed that US crude inventories fell for the sixth week in a row. Stocks Read More…
Weekly Chart The Euro 6E futures were rejected after moving into the resistance zone at 1.10265. This zone has successfully stopped the bulls from pushing prices higher since the start of 2023, and this may present us with a short opportunity. Let’s look at the daily chart first, though. Daily Chart Short Trade Opportunity in Read More…
Gold prices extended declines on Tuesday, with the dollar and US Treasury yields recovering as recession fears eased. However, the yellow metal recovered by Wednesday as Fed rate-cut optimism overshadowed recent recession worries. Gold (Source: Bloomberg) On Monday, gold lost nearly 3% of its value as global markets sold off. The turmoil came from fears Read More…
Introduction The S&P 500 (ES) chart, along with other US indices, recently had a correction of around 10% from the high. Some are calling this to be a simple pullback, while others think it’s the signal of much worse things to come. Violent and concerning geopolitical concerns worldwide are likely contributing to the recent profit-taking. Read More…
Equities fell sharply on Monday as fears of a recession in the US continued to unsettle investors. At the same time, Apple’s stock significantly dropped after a prominent investor sold its shares. Since last week, investors have been dumping risky assets and buying safer ones due to fears that the US economy is slowing down Read More…
Currency futures gained on Friday as the dollar fell after a downbeat jobs report raised the likelihood of a 50-bps Fed rate cut in September. However, the tides had shifted by Monday morning, and the dollar was on the front foot. Investors bought safe-haven assets, including the dollar and the yen, amid economic and geopolitical Read More…
