|Day's range||1,636.50 - 1,657.10|
LONDON/TOKYO (Reuters) - Crude prices slid for a fourth day on Wednesday as Asia and oil producing countries in the Middle East reported hundreds of new coronavirus cases and the United States warned of an inevitable pandemic. OPEC+ are due to meet in Vienna over March 5-6.
Based on Tuesday price action and the current price at $49.80, the direction of the April WTI crude oil market into the extended close is likely to be determined by trader reaction to a pair of uptrending Gann angles at $50.26 and $50.38.
The crude oil markets initially tried to rally during the trading session on Tuesday but gave back all of the gains to show weakness yet again.
The Australian dollar initially tried to rally during the trading session on Tuesday but continues to find plenty of sellers near the 0.66 handle. The coronavirus of course continues to be the main driver at this point.
Based on the early price action and the current price at 1.0840, the direction of the EUR/USD the rest of the session on Tuesday will likely be determined by trader reaction to the uptrending Gann angle at 1.0838.
Most traders attribute the recent two week rally to expectations of a “bailout” by OPEC and its allies in the form of additional production cuts. However, uncertainty over the actual loss of demand in the short-run is helping to keep OPEC+ on the sidelines.
EUR/USD has recovered higher after finding a bottom late last week, however, the upward momentum appears to have slowed near an overhead resistance level.
The majors are set for a positive start to the day off the back of Monday’s slide. Stats will need to support, however…
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After a sharp recovery higher on Friday, GBP/USD has declined lower to start the new week to erase most of Friday’s gain.
While the global markets are seeing an extreme level of volatility to start the new week, EUR/USD is confined in a relatively tight range, holding close to a nearly 3 year low.
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"The promise of stimulus has made commodity markets act like equity markets, building up risks of a sharp correction," analysts at the Wall Street bank said in a note dated Feb. 21. Over a 12-month period, the bank forecast returns of 14.3% from energy, 4.3% from industrial metals and a negative 0.8% from precious metals. Commodity markets have come under pressure as mounting fears that the new flu-like virus will grow into a pandemic have heightened worries of a slowdown in global economic growth.
We could see periodic short-covering rallies over the near-term, but without a lingering cold front, any rallies are likely to be stopped by fresh short-sellers.
Gold investors aren’t waiting for the data to confirm the severity of the coronavirus outbreak on the global economy. They are already betting on weak numbers.
Given that the virus was thought to be a sever short-term problem and expectations were for a quick recovery to what degree does the weekend news flow alter that view will be critical.
India has clarified the nature of a gold discovery in Uttar Pradesh, after a government official said on Saturday that fields with reserves of more than 3,000 tonnes of gold ore had been found, prompting a flurry of activity on social media. Central and state departments have discovered traces of gold in northern Uttar Pradesh's Sonbhadra district after surveying the area for more than 10 years, Roshan Jacob, the head of the mining department in the state had said. Jacob told Reuters that about 3,000 tonnes of gold ore had been found in two areas in the region, adding that concentration level of gold in the area was about 3 grams per tonne of ore.