USOIL Slides After New Underwhelming Data from China
The commodity slips today, as the latest batch of economic data form the world’s biggest importer of oil, disappointed markets once again
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The commodity slips today, as the latest batch of economic data form the world’s biggest importer of oil, disappointed markets once again
The pledge by Saudi Arabia and Russia to increase oil supply cuts is having a positive effect on the UKOil weekly price chart. It suggests a possible change in its primary trend.
Copper prices fall as the string of poor Chinese economic data continued today, with producer prices falling deeper into deflation territory in June, while consumer inflation was non-existent
The commodity trades with caution, as factory activity in the world’s largest importer of oil contracted again according to today’s data, continues to fuel fears for the country’s economic recovery
XAUUSD charted a series of higher troughs followed by higher peaks from the end of October last year to the end of April this year. This put gold into a defined uptrend. However, from May, this pattern started to show cracks, and eventually a lower trough (LT) was charted. This, in effect ended the pattern of higher troughs followed by higher peaks, and as such ended the precious metal’s uptrend.
The commodity rejected key technicals after the surprisingly aggressive rate hike by the Bank of England, looking past recent cuts by China’s central bank to support the economic recovery
Gold has dipped and is testing its underlying support around the $1,940 area. Moreover, the precious metal is pushing into its bearish channel, between the lower blue and red bands. Its RSI, which is a momentum oscillator, is on the bearish side of 50.
With the stabilisation of prices comes the question as to whether UKOil is being distributed or accumulated?
USOil rose on Tuesday after the central bank of China cut key short-term policy rate and inflation in the US decelerated, cementing market expectation for a hold by the Fed today
The commodity trades with caution, as today’s data from the world’s largest oil importer, showed only a slight uptick in consumer inflation and a steep drop in factory prices in May
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