XAU Supported, Defends Key Technical Levels
Gold comes from its worst week of the year, but finds some support during the current one, as markets are edgy, monitoring various risk factors
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Gold comes from its worst week of the year, but finds some support during the current one, as markets are edgy, monitoring various risk factors
Global energy markets remain uncertain, with geopolitics still escalating. Talks between Russia and Ukraine have little to show so far.
The International Energy Agency released it monthly report earlier today and sees a threat from the prospect of disruptions in Russian oil, while USOIL pauses its two-day slump
XAU/USD sheds around 2.5% on the week, retracing from the recent rally that led to nearly two year highs, as investors await the Fed’s monetary policy decision on Wednesday
The commodity posted its worst day in nearly two years yesterday, but it finds support during today’s European session
Gold has pulled back today, giving the weekly candle an inverted hammer appearance. The weekly candle is still to open, but the selling tail does coincide with an overbought condition.
The US President announced today an embargo of oil imports from Russia, escalating a series of sanction that were imposed as a retaliation for the invasion in Ukraine
The safe-haven has entered its second straight profitable week, hitting today its highest price since August 2020
Oil gapped up on open, with Brent crude reaching $130.67 and WTI's high at $127.53. The price jumps reflect fears of supply disruptions due to the Russian invasion of Ukraine, with the possibility of a ban on Russian oil and natural gas now being considered.
Oil prices continue to rally as the war in Ukraine enters its second week and Western sanctions against Russia begin to bite, while OPEC stack to its output plan
The current price action is an inside period (the weekly candle is still to complete). I.e., the week's high and low are within last week's range. Neither the bulls nor the bears have taken the price to a new high or low, suggesting indecision amongst market participants.
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