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17 05, 2024

Gold (XAU) Daily Forecast: Will Trendline Sustain Buying Above $2378 Today?

By |2024-05-17T20:17:31+03:00May 17, 2024|Forex News, News|0 Comments


Gold (XAU/USD) is currently trading at $2,378.755, up 0.15% for the day. The 4-hour chart highlights key levels that traders should monitor. The pivot point is at $2,373.92, which serves as a critical support level. Immediate resistance is at $2,395.84, followed by $2,410.62 and $2,425.87.

On the downside, immediate support is found at $2,357.95, with further support at $2,336.74 and $2,318.86.

Technical indicators show a balanced outlook. The 50-day Exponential Moving Average (EMA) is at $2,354.84, while the 200-day EMA stands at $2,312.01. The formation of a Doji candle above the pivot point level of $2,373 is likely to drive a buying trend.

Conclusion: The outlook remains bullish above $2,373.92. A break below this level could trigger a sharp selling trend.



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17 05, 2024

Natural Gas and Oil Forecast: WTI and Brent Rise 0.10%; Upside Potential?

By |2024-05-17T16:14:30+03:00May 17, 2024|Forex News, News|0 Comments


Oil prices remained relatively stable in Asian trade on Friday, poised for a mildly positive week. The softer dollar, shrinking U.S. inventories, and increased Chinese stimulus boosted hopes for improved demand. However, the market faced mixed signals, as the International Energy Agency lowered its demand forecast for the year due to economic uncertainty, particularly concerning China, which faced higher U.S. trade tariffs.

Brent and WTI futures gained this week, driven by softer-than-expected U.S. inflation data. This data weakened the dollar and fueled expectations of Federal Reserve rate cuts by September. However, some Fed officials cautioned that more evidence of falling inflation is needed before trimming rates.



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17 05, 2024

Natural Gas Price Forecast: Bullish Momentum Continues but Overdue for a Correction

By |2024-05-17T02:06:26+03:00May 17, 2024|Forex News, News|0 Comments


Can Strength Continue?

Certainly, today’s bullish price action is a sign of strength as natural gas recently busted through three price zones that could have seen resistance, especially the 200-Day line. However, can demand remain strong enough to take out today’s high and keep rising? That remains to be seen.

Rally Extended

The current rally is extended and closer to a top than it has been. As of today’s high, natural gas is up by 62.7% from the April 25 swing low at 1.58. That makes the current rally the largest on a percentage basis since the initial trend low from February 2023. Nevertheless, if the 200-Day MA can continue to act as support, the price of natural gas has a chance of continuing its rise. The next higher target zone is at 2.68 to 2.70. Those price levels are the 61.8% Fibonacci retracement and a 127.2% extension of a 51.8% measured move (purple arrows) that matches the rally beginning in August 2023, respectively. The high target is the top blue dashed falling channel line.

Drop Below 2.39 Should Lead to Deeper Pullback

A decisive drop below the 200-Day MA may provide an initial indication that a retracement may be coming. But a drop below today’s low of 2.39 will provide a clearer short-term bearish signal. Potential support from the 20-Day MA is down at 2.07. Higher price levels to watch on the way down are marked on the chart in black right extended lines from prior swing highs and lows. They include 2.31, 2.23, and 2.17. Fibonacci levels will be added on the chart if a retracement begins.

For a look at all of today’s economic events, check out our economic calendar.



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17 05, 2024

USA EIA Cuts WTI Oil Price Forecast for 2024 and 2025

By |2024-05-17T00:05:00+03:00May 17, 2024|Forex News, News|0 Comments


The U.S. Energy Information Administration (EIA) lowered its West Texas Intermediate (WTI) oil price forecast for 2024 and 2025 in its latest short term energy outlook (STEO).

According to its May STEO, the EIA now sees the WTI spot price averaging $83.05 per barrel this year and $80.88 per barrel next year. In its previous April STEO, the EIA projected that the commodity would average $83.78 per barrel in 2024 and $82.48 per barrel in 2025.

The EIA forecast in its latest STEO that the WTI spot price will average $84.76 per barrel in the second quarter of this year, $85.50 per barrel in the third quarter, $84.17 per barrel in the fourth quarter, $83.50 per barrel in the first quarter of 2025, $81.50 per barrel in the second quarter, $80.50 per barrel in the third quarter, and $78.16 per barrel in the fourth quarter of next year.

That STEO highlighted that the WTI spot price averaged $77.50 per barrel in the first quarter of 2024 and $77.58 per barrel overall in 2023.

In its previous April STEO, the EIA projected that the WTI spot price would average $85.30 per barrel in the second quarter of 2024, $86.84 per barrel in the third quarter, $85.17 per barrel in the fourth quarter, $83.84 per barrel in the first quarter of 2025, $82.50 per barrel across the second and third quarters of next year, and $81.16 per barrel in the fourth quarter.

In a report sent to Rigzone last week, Standard Chartered projected that the nearby future NYMEX WTI basis price will average $95 per barrel in the third quarter of this year, $103 per barrel in the fourth quarter, $104 per barrel in the first quarter of 2025, $100 per barrel in the second quarter of next year, and $108 per barrel in the third quarter of 2025.

The company forecast in that report that the commodity will average $106 per barrel overall in 2025, $125 per barrel overall in 2026, and $112 per barrel overall in 2027.

In a separate report sent to Rigzone earlier this month, analysts at Morningstar DBRS said they were increasing their full-year 2024 WTI oil price forecast to $75 per barrel from $65 per barrel “to reflect actual year to date pricing, a more favorable full-year global liquids supply/demand balance, and a greater risk premium related to geopolitical tensions relative to our prior forecast”.

“There is no change to our previous 2025 and 2026 WTI price forecasts of $60 per barrel,” the analysts added in the report.

The Morningstar DBRS analysts noted in that report that their midcycle or normalized long-term price band of $50 per barrel to $70 per barrel for WTI oil remained unchanged.

“The band reflects our best judgment of (1) the marginal cost of adding new oil supplies from sources such as U.S. shale resource plays and (2) a global market that is reasonably well balanced (based on modest production-containment efforts by OPEC+ and modest growth in global demand),” they added.

“Our forecasts for both 2025 and 2026 fall within this band,” they highlighted.

In a research note sent to Rigzone on April 26, J.P Morgan projected that the WTI crude price would average $79 per barrel this year and $71 per barrel in 2025. The company forecast in the report that the commodity would average $80 per barrel across the second and third quarters, $81 per barrel in the fourth quarter, $78 per barrel in the first quarter of 2025, $73 per barrel in the second quarter, $69 per barrel in the third quarter, and $65 per barrel in the fourth quarter.

To contact the author, email andreas.exarheas@rigzone.com

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16 05, 2024

XAU/USD aims to retest the $2,400 area

By |2024-05-16T22:04:30+03:00May 16, 2024|Forex News, News|0 Comments


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XAU/USD Current price: $2,379.65

  • The US Dollar shed ground in the American session on dismal United States data.
  • Wall Street maintains a positive tone amid fresh hopes for Fed rate cuts
  • XAU/USD corrected from near $2,400, seems ready to resume its advance.

Gold trades with a soft tone on Thursday, hovering around the $2,380 level at the time being after peaking earlier in the day at $2,397.34. The US Dollar recovered some ground throughout the first half of the day after falling to fresh multi-week lows against major rivals following the release of discouraging United States (US) data on Wednesday. The country confirmed the Consumer Price Index (CPI) held at 3.4% YoY in April, matching March’s reading and still far from the Federal Reserve’s (Fed) 2% goal.

A mostly quiet European session temporarily helped the USD, but the American currency resumed its slide following the release of dismal US data. On the one hand, Initial Jobless Claims for the week ended May 3 were up by 222K, worse than anticipated. Furthermore, the previous week’s figure was upwardly revised to 232K. Additionally, the country published the May Philadelphia Fed Manufacturing Survey, which contracted to 4.5, also missing expectations. Finally,  April Industrial Production remained unchanged, while Capacity Utilization slid to 78.4% from 78.5% in March.

Wall Street shrugged off the negative headlines, and the three major indexes trade in the green, although gains are modest. Speculative interest somehow believes negative figures could speed up the Fed’s decision to cut interest rates, retaining optimism.

XAU/USD short-term technical outlook

The XAU/USD pair is marginally lower on a daily basis, but the overall stance is bullish. The daily chart shows that technical indicators remain within positive levels, partially losing their upward strength but far from suggesting an upcoming decline. At the same time, the pair is developing well above a flat 20 Simple Moving Average (SMA) while the 100 and 200 SMA maintain their bullish slopes below the shorter one, usually a sign of bullish strength.

Technical readings in the 4-hour suggest the recent slide was corrective, and also that XAU/USD is poised to resume its advance. The pair trades well above bullish moving averages while technical indicators consolidate within positive levels, paring their slides from overbought readings. Renewed buying pressure beyond 2,390 will likely result in an advance beyond the $2,400 mark.

Support levels: 2,378.10 2,361.35 2,345.20

Resistance levels: 2,392.50, 2,403.10 2,417.60 

XAU/USD Current price: $2,379.65

  • The US Dollar shed ground in the American session on dismal United States data.
  • Wall Street maintains a positive tone amid fresh hopes for Fed rate cuts
  • XAU/USD corrected from near $2,400, seems ready to resume its advance.

Gold trades with a soft tone on Thursday, hovering around the $2,380 level at the time being after peaking earlier in the day at $2,397.34. The US Dollar recovered some ground throughout the first half of the day after falling to fresh multi-week lows against major rivals following the release of discouraging United States (US) data on Wednesday. The country confirmed the Consumer Price Index (CPI) held at 3.4% YoY in April, matching March’s reading and still far from the Federal Reserve’s (Fed) 2% goal.

A mostly quiet European session temporarily helped the USD, but the American currency resumed its slide following the release of dismal US data. On the one hand, Initial Jobless Claims for the week ended May 3 were up by 222K, worse than anticipated. Furthermore, the previous week’s figure was upwardly revised to 232K. Additionally, the country published the May Philadelphia Fed Manufacturing Survey, which contracted to 4.5, also missing expectations. Finally,  April Industrial Production remained unchanged, while Capacity Utilization slid to 78.4% from 78.5% in March.

Wall Street shrugged off the negative headlines, and the three major indexes trade in the green, although gains are modest. Speculative interest somehow believes negative figures could speed up the Fed’s decision to cut interest rates, retaining optimism.

XAU/USD short-term technical outlook

The XAU/USD pair is marginally lower on a daily basis, but the overall stance is bullish. The daily chart shows that technical indicators remain within positive levels, partially losing their upward strength but far from suggesting an upcoming decline. At the same time, the pair is developing well above a flat 20 Simple Moving Average (SMA) while the 100 and 200 SMA maintain their bullish slopes below the shorter one, usually a sign of bullish strength.

Technical readings in the 4-hour suggest the recent slide was corrective, and also that XAU/USD is poised to resume its advance. The pair trades well above bullish moving averages while technical indicators consolidate within positive levels, paring their slides from overbought readings. Renewed buying pressure beyond 2,390 will likely result in an advance beyond the $2,400 mark.

Support levels: 2,378.10 2,361.35 2,345.20

Resistance levels: 2,392.50, 2,403.10 2,417.60 



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16 05, 2024

Natural Gas Price Forecast – Natural Gas Continues to Grind Higher

By |2024-05-16T17:59:57+03:00May 16, 2024|Forex News, News|0 Comments


Natural Gas markets tend to move on fundamentals more than technicals, although technicals can help. It’s in that spirit that I believe the market’s overbought, but you can see it continues to go higher. We had reached a point where drillers in the United States were simply starting to lose money, and eventually that has to come to an end, and that’s what we’ve seen, I think, more than anything else.

If we can get a pullback anywhere near $2, I’d be interested in getting more of my ETF involved. We’ve had some questions about the ETF I use. It’s called UNG. It’s listed in America. I don’t know about other countries. You have to have access to US stocks or ETFs, but there probably are ETFs in European countries, Asian countries, whatever, that deal with natural gas.

But make sure it’s based on the Henry Hub contract and not something like Dubai because that might have a completely set, different set of fundamentals pushing it. The Henry Hubb is by far the biggest contract in the world but it’s not the only one, so you have to be very cautious with that. Again, I’m a buyer of dips in the ETF. I don’t care about the leverage. This is a small part of my portfolio. Quite frankly, when I trimmed it, it wasn’t that astonishing to me.

This thing could rip to $3. That really isn’t going to change my life either, but it does add to the pile. And at the end of the day, that’s all we’re trying to do.

For a look at all of today’s economic events, check out our economic calendar.



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16 05, 2024

Money blog: ‘Extremely worrying’ mortgage trend revealed in new report; a third of people make this mistake when booking their holiday – and how to avoid it | UK News

By |2024-05-16T15:59:08+03:00May 16, 2024|Forex News, News|0 Comments


By Bhvishya Patel, Money team

We spoke to three buskers to find out what it’s like performing on the street in the UK.

Amir, 29, came to UK from Pakistan with passion for music

Amir Hashmi moved to the UK in 2022 to study, said he began busking in central London 10 months ago because “music was his passion”.

“In Pakistan there are many problems so I decided to leave and move to London. I feel I can do better in London than my country,” he said.

He said busking was now his primary income but at times he did jobs at warehouses to get by.

“I never started this for money, I started because it is my passion but now this is my main job as well,” he said.

Amir, who often performs in the capital’s Piccadilly Circus or along Oxford Street, said often he returned home with just £10-15 in his pocket after a day’s busking.

He said: “Many times I sleep without food and sometimes I sleep on the floor of the road when I have no shelter.

“I don’t have my own place to live but I have friends who often let me stay with them. They don’t charge me any rent – they look after me.

“Sometimes I do private shows for income but it’s very hard because the cost of living is increasing. If I go somewhere then most of the time I prefer to walk. I walk with my speakers and carry my gear.”

Despite his financial struggles, Amir said he wanted to continue performing on the street as his “goal was to make people happy”.

He said: “With busking, there is no stage and you can just start performing. Whenever I am performing, I connect with the people who have come to listen. If I feel people are not enjoying it, I change the song and try and make them happy.”

Earlier this year, Amir recorded a song with Neha Nazneen Shakil, a Malayalam actress from India, who approached the singer three months ago in Oxford Street.

“I wrote that song 12 years ago and after all these years my song has been recorded now in London,” he added.

Jade, 24, quit retail to busk

Jade Thornton, from Amersham, started busking in 2017 with a friend after leaving college at the age of 17 and quickly realised it was something she enjoyed doing and could make a living from.

She began doing it full-time at the end of 2018 but when the pandemic hit she described becoming “unemployed overnight” and having to take up retail jobs to support herself.

“I chose not to go to university – I just thought it wasn’t for me so I went straight into some part-time retail jobs,” she said.

“I take my cap off to anyone who does retail – it is one of the most gruelling jobs. People who do retail don’t get nearly as much respect as they deserve. 

“Some of the customers I was facing were not that kind and I thought this is making me miserable, so I just thought ‘if I don’t leave now then when?'”

As the global economy slowly began to recover, she decided to leave retail and pursue music full-time in 2022.

“It is hard to switch off – I do busking but I am constantly messaging clients, writing set lists and learning songs,” she said.

When it came to finances, Jade said there was no average to how much she could earn but it could fluctuate from £15-100 day-to-day depending on a number of factors.

“It relies on the time of month, whether the sun is out, if people have been paid, if Christmas is on the way or if Christmas has just passed,” she explained.

The musician said she did struggle initially when she began busking but her parents were always supportive.

She said: “You obviously get a few questions from people asking ‘are you sure you want to quit your job and sing on the street?’

“I lived at home for a long time and I’m grateful my parents could support me in that way because I know not everyone has that opportunity.”

While performing outdoors is now Jade’s full-time job, she said some months were more difficult to make money than others.

“If I’m being brutally honest in months like January and February it would be super difficult. This year I had enough gigs in December to cover me for January,” she said.

“Last year from June-July and December I did not have to go busking because I got so many gigs through busking. I’m part of a lot of online agencies and I also do lots of pub gigs, weddings, birthdays and other events.”

Jade noted though that the cost of living crisis had made things harder.

She said: “A few pub gigs I’ve had have been cancelled because they’ve had to rethink their strategies but if somebody cancels then I can just go out busking. There has been a slight dent when it comes to finances but that’s from COVID as well – with COVID I was unemployed overnight.”

The young musician went on to say she was “very grateful” when somebody did tip her and even small gestures like sitting, listening or just a smile were “currencies in themselves”.

“It’s escapism for me as a singer and then it’s escapism for the audience as well,” she added.

“Children also have such a great time listening to buskers and some may not have an opportunity for many reasons to go and see live music so if they can come across it in the street and that can spark something that’s a wonderful thing to think I’m a little part of that.”

Charlotte, 34, long-time busker

Charlotte Campbell, 34, who usually busks along the Southbank or in the London Underground, said she started busking during the 2012 London Olympics and while “busking used to be enough”, more recently she has had to take on more gigs in the evening.

“A typical day is usually busking until around 6pm and then a gig in the evening – 8pm onwards,” she said.

“I could still probably make a living from busking but I’ve taken on more paid gigs since the pandemic because everything became so uncertain. I think that uncertainty has just carried through now – that seems to be the way of life now.”

The musician said tips for her CDs, which she puts on display during her performances, ranged between £5-10 and in the current cashless climate a card reader was “essential”.

She said she pre-sets her card reader to £3 when playing on the Southbank and £2 when busking inside the London Underground “because people are rushing”.

While she described her earnings as a “trade secret”, she said the busker income had “definitely gone down” but this was due to a few factors – the pandemic, people carrying less cash and the cost of living crisis.

“Also, a lots of pitches have closed which means there are a lot more buskers trying to compete for one spot so all of those things have impacted my living as a busker,” she said.

“I would say even though my income is primarily from busking I have had to subsidise it with more paid gigs than before. I just haven’t felt as secure in my living from busking in the last couple of years.

“Most of the gigs I have are booked by people who have seen me busking so indirectly busking is my entire career- if I don’t busk I wouldn’t get the gigs I play in the evening. So directly and indirectly busking is my entire income.”

In spite of uncertainty, she said it was freeing to be able to go out and perform for people in an intimate way.

“You are not up on a stage and there is no separation between you and them.  It’s a really great connection you can make – I want to be able to hold onto that,” she added.



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15 05, 2024

Natural Gas Price Forecast: Eyes on 2.46 Target

By |2024-05-15T23:49:56+03:00May 15, 2024|Forex News, News|0 Comments


Drop Below 2.31 Points to Retracement

A retracement is first indicated on a drop below today’s low of 2.31. Prior swing highs and lows then mark possible support levels starting with 2.23, which was a swing low in December. Then the level is a little lower at 2.21, followed by 2.18. This is the fourth consecutive week of positive performance for natural gas. Although the week is not over, it is currently trading near the highs of the day, and it is well on track to hit the 2.46 target zone. The 20-Day MA is a way lower at 2.04. It wouldn’t be surprising to see the 20-Day line tested as support if a retracement does come.

Key 2.46 Pivot Approached

Although the 2.46 price area is a key pivot, price action will leave clues as to what might be coming. Given the strength of the advance so far, might natural gas be able to breakout above the 200-Day line? Given the confluence of indicators highlighting a resistance zone from 2.37 to 2. 49, an upside breakout seems less likely, but it is possible. Or a brief consolidation and/or retracement could follow a test of the 200-Day line.

In this case, natural gas would be heading up towards the 61.8% Fibonacci retracement level. The 78.6% Fibonacci retracement follows. Also, a rise to test the top channel line could be in the works. If reached today the top channel line would match the 78.6% retracement level. Let’s watch the reaction of price upon approaching the 200-Day line for further insights.

For a look at all of today’s economic events, check out our economic calendar.



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15 05, 2024

XAU/USD reaches fresh monthly highs, aims for $2,400

By |2024-05-15T21:49:28+03:00May 15, 2024|Forex News, News|0 Comments


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XAU/USD Current price: $2,383.39

  • As expected, the United States Consumer Price Index rose 3.4% YoY in April.
  • Persistently above-target inflation likely to maintain the Fed in the wait-and-see path.
  • XAU/USD is bullish in the near term, could soon test the $2,400 mark.

Gold price reached a fresh three-week high above $2,380.00 on Wednesday and maintains the bullish stance in the mid-American session.  XAU/USD rallied following the release of the United States (US) Consumer Price Index (CPI) as inflation remained stubbornly high in April, according to the US Bureau of Labor Statistics (BLS).   The CPI rose 3.4% YoY in April from 3.5% in March,  meeting the market’s expectations, while the core annual reading printed at 3.6%, easing from the previous 3.8% but also in line with the market forecast. Finally, the monthly CPI rose 0.3%, slightly below the expected 0.4%.

Overall, the figures were not as terrible as feared, but enough to reaffirm the Federal Reserve’s (Fed) hawkish stance. The central bank has maintained the status quo since hiking rates to a range of 5.25% – 5.50% in July 2023 for much longer than initially anticipated. In fact, the Fed’s Summary of Economic Projections (SEP) suggested policymakers were aiming for three potential rate hikes when they met in December. March is gone, and at the time being, investors hope US policymakers will deliver at least one rate cut in November.

What happened? Well, inflation remained above the central bank’s goal, while the labor market remained tight. Fed Chairman Jerome Powell lifted the tone and ended up delivering clearly hawkish messages. In such a scenario, speculative interest is eager to see softening inflation figures, precisely the opposite of what was seen throughout the first quarter of the year. As a result, investors drop the US Dollar.

XAU/USD short-term technical outlook

The daily chart for the XAU/USD pair shows bulls are in control, although a firmer rally remains unclear. Technical indicators advance within positive levels with uneven strength, yet at the same time, they stand at fresh multi-week highs, somehow supporting a bullish continuation. Furthermore, XAU/USD finally ran above a flat 20 Simple Moving Average, which provided near-term support at around $2,335 earlier in the week. Finally, the 100 and 200 SMAs accelerated their advances far below the current level, reflecting renewed buying interest.

The near-term picture is bullish. Technical indicators in the 4-hour chart head firmly south, with the Relative Strength Index (RSI) indicator entering overbought territory without signs of giving up. Furthermore, the pair bounced sharply from a bullish 20 SMA, which gained upward traction above the also bullish 100 and 200 SMAs. XAU/USD could reach the $2,400 mark in the upcoming sessions despite widespread signs of risk appetite.

Support levels: 2,378.10 2,361.35 2,345.20

Resistance levels: 2,392.50, 2,403.10 2,417.60 

XAU/USD Current price: $2,383.39

  • As expected, the United States Consumer Price Index rose 3.4% YoY in April.
  • Persistently above-target inflation likely to maintain the Fed in the wait-and-see path.
  • XAU/USD is bullish in the near term, could soon test the $2,400 mark.

Gold price reached a fresh three-week high above $2,380.00 on Wednesday and maintains the bullish stance in the mid-American session.  XAU/USD rallied following the release of the United States (US) Consumer Price Index (CPI) as inflation remained stubbornly high in April, according to the US Bureau of Labor Statistics (BLS).   The CPI rose 3.4% YoY in April from 3.5% in March,  meeting the market’s expectations, while the core annual reading printed at 3.6%, easing from the previous 3.8% but also in line with the market forecast. Finally, the monthly CPI rose 0.3%, slightly below the expected 0.4%.

Overall, the figures were not as terrible as feared, but enough to reaffirm the Federal Reserve’s (Fed) hawkish stance. The central bank has maintained the status quo since hiking rates to a range of 5.25% – 5.50% in July 2023 for much longer than initially anticipated. In fact, the Fed’s Summary of Economic Projections (SEP) suggested policymakers were aiming for three potential rate hikes when they met in December. March is gone, and at the time being, investors hope US policymakers will deliver at least one rate cut in November.

What happened? Well, inflation remained above the central bank’s goal, while the labor market remained tight. Fed Chairman Jerome Powell lifted the tone and ended up delivering clearly hawkish messages. In such a scenario, speculative interest is eager to see softening inflation figures, precisely the opposite of what was seen throughout the first quarter of the year. As a result, investors drop the US Dollar.

XAU/USD short-term technical outlook

The daily chart for the XAU/USD pair shows bulls are in control, although a firmer rally remains unclear. Technical indicators advance within positive levels with uneven strength, yet at the same time, they stand at fresh multi-week highs, somehow supporting a bullish continuation. Furthermore, XAU/USD finally ran above a flat 20 Simple Moving Average, which provided near-term support at around $2,335 earlier in the week. Finally, the 100 and 200 SMAs accelerated their advances far below the current level, reflecting renewed buying interest.

The near-term picture is bullish. Technical indicators in the 4-hour chart head firmly south, with the Relative Strength Index (RSI) indicator entering overbought territory without signs of giving up. Furthermore, the pair bounced sharply from a bullish 20 SMA, which gained upward traction above the also bullish 100 and 200 SMAs. XAU/USD could reach the $2,400 mark in the upcoming sessions despite widespread signs of risk appetite.

Support levels: 2,378.10 2,361.35 2,345.20

Resistance levels: 2,392.50, 2,403.10 2,417.60 



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15 05, 2024

WTI at $78 as U.S. stockpiles fall

By |2024-05-15T19:48:23+03:00May 15, 2024|Forex News, News|0 Comments


Aerial view of a ship at sea.

Suriyapong Thongsawang | Moment | Getty Images

U.S. crude oil held firm on Wednesday after domestic stockpiles declined more than expected.

In the U.S., commercial crude oil inventories, which exclude the strategic petroleum reserve, fell by 2.5 million barrels last week, according to data released by the Energy Information Administration. This is compared to the 543,000 barrel draw expected in a Reuters poll of analysts.



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