Gold Drops to Key Levels as Markets Monitor Ukraine, Await Fed
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
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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 energy price has moderated, to the point that there is a downside momentum, as last week's gap closed.
Further to yesterday's article, we note that XAUUSD remains in its bullish area between the upper blue and red bands. This as per the chart on the left. Gold bulls pushed the precious metal price to a high for the week of 2,070.30 before "running out of puff" to the bears. At 2,005, bulls may be looking to get back in, following the unproductive meeting between Ukraine and Russian foreign…
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 remains a critical important factor. If supply shocks continue, it's high stakes, with stagflation a distinct possibility.
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.
Wheat prices have escalated as the Russian invasion of Ukraine continues. Prices have traded limit up two days in a row and three times since the invasion began. Both Russia and Ukraine are major exporters, with Russia contributing to 17% of the international wheat trade and Ukraine at 12%.
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
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