USOil Cautious as IEA Reiterates Demand Slowdown Outlook
After a four-week profitable streak, USOil faces headwinds as consumption concerns resurface and IEA reiterates view for a substantial slowdown in demand growth
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After a four-week profitable streak, USOil faces headwinds as consumption concerns resurface and IEA reiterates view for a substantial slowdown in demand growth
Copper prices pulled back sharply form the May record peak, but rebound over the past several days and fundamentals remain supportive
USOil runs its fourth straight profitable week and reached the highest levels in nearly three months, boosted by tightening fundamentals
NGAS has formed a Golden Cross formation that paints an upbeat technical outlook, which adds to the favorable fundamentals
The commodity is poised for a profitable week, looking past a series of negative news, like slower demand forecasts and higher-for-longer Fed
OPEC+ prolonged most of its output curbs that have supported prices, but USOil drops as the group will begin phasing some of them from the fourth quarter
Silver has performed better than gold over the last three weeks. The relative strength (RS) chart comparing silver to gold has positive tendencies to it. The RS’s green 5-week EMA is trading above its orange 10-week EMA, in bullish formation. Moreover, its RSI is above 50, suggesting an underlying bullish momentum regarding the outperformance. If the RSI remains above 50, silver will continue to perform better than the yellow metal.
Oil prices find support after a losing week, as markets brace for the upcoming OPEC+ meeting where members are expected to decide the fate of their supply cuts
The commodity started the year with steep decline, but moves to 2024 profits with a two-month relief rally, fueled by improving supply-demand equilibrium that can drive further upside
Gold’s run is showing no signs of slowing down. The precious metal is trading at $2,440 and set an all-time high of $,2450 overnight. Gold is up over 18% year-to-date. The prospects of lower yields ahead, combined with pressure on the dollar, as well as geopolitical fears are supporting the yellow metal.
Silver is trading near the $30 level at key long-term resistance (red-shaded horizontal). To really boost enthusiasm for silver, it needs to pass the $30 hurdle. Since August 2020, $30 has been a tough barrier. But now that silver has cleared $27, it may be getting ready to tackle its key resistance. Silver soared from $13 to $30 in just five months in 2020, showing its strength. Since then, it…
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