WTI Oil in Focus This Week
- Daily Analysis, Daily Report, Recent Posts, Technical Analysis, Trending Now
- April 20, 2024
Last week, we witnessed the price of spot gold (XAU/USD) refresh all-time highs (ATHs), comfortable north of the $2,000 mark at $2,195. Markets witnessed demand for the precious metal increase based on a number of factors, which has seen buyers lift prices higher for eight consecutive days. Last week also recorded its largest one-week gain
READ MOREXJO WEEKLY Price structure: Breakout New ATH targets 8000 points The Index has again closed at an all-time high and remains in a Primary UP trend. With the majority of the underlying stocks still below their 200-day moving averages, continued sentiment may lift the Index considerably higher, with 8000 points a strong target as Bullish sentiment improves.
READ MOREWhere We Were Last Week Fed Chair Jerome Powell was in the limelight last week after his two-day testimony before Congress but failed to shed much light on the timing of rate cuts. The Fed chief, however, did reiterate the Fed’s intention to ‘begin dialling back policy restraint at some point this year’ and noted
READ MOREUpside Momentum Slowing While it was another all-time high (ATH) for the S&P 500 last week, reaching 5,189, upside momentum is beginning to slow and concluded the week tentatively. The Dow Jones Industrial Average also ended a second week in negative territory and the Nasdaq 100 and Nasdaq Composite finished off ATHs in the shape
READ MOREAhead of this week’s wages/employment data, the technical position for the GBP/USD leans in favour of bulls. Monthly Resistance Cedes Ground Following two months of downside, GBP/USD bulls pencilled in a solid offensive last week (+1.6%), drawing the currency pair through resistance on the monthly timeframe at $1.2715. While one may argue that this market
READ MOREAccording to the US Dollar Index, the US dollar (USD) had a rather disappointing week, falling -1.1% against a basket of six major currencies. On the month, the buck is also -1.4% lower and, assuming a continued negative trajectory this month, is on track to snap a two-month bullish phase. The FP Markets Research Team
READ MOREIt was another impressive week for the major cryptocurrency pairing BTC/USD, adding nearly +10.0% and carving out a second straight weekly gain to reach a fresh record high of $70,198. Traders Eye Dip-Buying Opportunities It is clear across all primary timeframes that the trend in this market is bullish, prompting traders and investors to seek
READ MOREFollowing the Bank of Canada (BoC), the European Central Bank (ECB) announced it would hold all three key benchmark rates unchanged today for a fourth consecutive meeting, as widely expected. Downward Revisions in Growth and Inflation The updated macroeconomic Staff Projections observed a more optimistic picture for inflation in the form of downward revisions, and,
READ MOREYour weekly outlook of technical patterns and structure. The Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Dollar on the Ropes Daily Timeframe – Following the break of channel support (extended from the low of 100.62) and subsequent push through the 200-day and 50-day simple moving averages (SMA)
READ MOREFuelled amid softer-than-expected US economic data—ADP non-farm employment change and JOLTs—and hopes of the Fed cutting rates in the summer, spot gold (XAU/USD) is on track to wrap up a sixth day in positive territory after refreshing all-time highs at $2,150. It has been quite the run for the precious metal, but with price now
READ MOREToday will see the release of the Bank of Canada (BoC) rate decision at 2:45 pm GMT. BoC to Hold the Line The BoC is widely expected to keep its Overnight Rate on hold at 5.0% for a fifth consecutive meeting—a 22-year peak. As per the OIS curve, there’s only a 6% chance that we
READ MOREFollowing the US cash open, we can see precious metals have been broadly bid today. The price of spot gold (XAU/USD) and spot silver (XAG/USD) are +1.7% and +2.8% higher, respectively, at the time of writing. Despite UST yields advancing and the Dollar Index offering very little, both gold and silver are outperforming! Resistance is
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