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USOil’s daily chart is trading in its bearish channel between the lower blue and red bands. The red Bollinger bands are moving in opposite directions as volatility has increased. The longer it maintains this channel the more pressure will be applied to the USOil price.
The last three trading sessions has seen the US 02-year decline from 5.076% to 4.055%. Today’s trading is especially frenetic after weekended endeavours by regulators to stave off a bank run and prevent contagion from the SVB failure. Over the same period money has rotated into gold as a safe haven.
USOIL was brought down by Fed Chair Powell’s hawkish testimony, which reinforces the higher-for-longer narrative, but finds some reprieve by the drop in US stockpiles
Copper has charted a series of higher troughs (HT), followed by higher peaks (HP). This puts the base metal into uptrend. Copper has found support at the 50% retracement, and may chart the next higher trough (HT?) in the series.
China’s official manufacturing PMI posted its highest figure since 2012 in February, helping USOil look past another US stockpile built-up
FXCM’s CFD for Brent, UKOil, and its WTI CFD, USOIL, have both moved into their bullish channel on the H4 time frame. Oil is responding to forecasts for China’s growth.
This week’s economic releases and hawkish remarks by central bank officials, solidify recent market repricing around the Fed’s terminal rate, sending XAU/USD lower
US crude oil inventories rose last week according to the latest data, but prices are supported by strong demand outlook for the year, due to China’s reopening
The precious metal is having a bad month and tests critical tech levels after Tuesday’s higher than expected inflation figures and renewed hawkish commentary by the Fed
The commodity jumped on Friday after Russia said it will cut output next month, but dropped on Monday as the US announced a sale of its reserves (SPR), with markets now bracing for the US Inflation update
Russia announced it is cutting its oil production by 500,00 bpd in March. This is in response to the West imposing price caps on Russian oil and related products.
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