The Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) appear to have lost their pricing power, becoming price takers rather than setters. A perfect storm is brewing in the oil market , with weak demand, surging inventory, rising NGLs and biofuel output and rising non OPEC production. Add to that, today’s post… Read More »
The US non-farm payrolls (NFP) report for August came in line with expectations, but the market’s reaction was far from muted. Traders, seemingly anticipating a worse-than-expected outcome, had built up a significant bearish position. However, the relatively benign data triggered a sharp reversal, sending equities, currencies, and commodities tumbling. The US dollar strengthened markedly, buoyed… Read More »
Federal Reserve Chair Jerome Powell laid the groundwork Friday for interest rate cuts ahead, though he declined to provide exact indications on timing or extent. “The time has come for policy to adjust,” the central bank leader said in his much-awaited keynote address at the Fed’s annual retreat in Jackson Hole, Wyoming. “The direction of… Read More »
Federal Reserve Chair Jerome Powell laid the groundwork Friday for interest rate cuts ahead, though he declined to provide exact indications on timing or extent. “The time has come for policy to adjust,” the central bank leader said in his much-awaited keynote address at the Fed’s annual retreat in Jackson Hole, Wyoming. “The direction of… Read More »
WTI Crude steadied near $78/bbl as geopolitical tensions in the Middle East and easing US recession concerns counter soft Chinese demand and an unexpected increase in US oil stocks. MCX Crude Oil Gann Angle Chart Crude is facing resistance near 3×4 gann angle, Strong support at 6400 gann monthly trend change level , Holfing this… Read More »
COMEX Gold surged to a record high of $2,538.7 per ounce driven by strong demand for safe-haven assets amid geopolitical tensions and economic concerns. Market fears were heightened by the potential for retaliatory strikes from Iran following Israel’s attack on Hamas officials in Iranian territory. Additionally, the escalating conflict between Ukraine and Russia added to… Read More »
WTI crude trades near $76.5/bbl and is poised for a weekly gain due to rising geopolitical tensions and improved global market sentiment The US, Qatar and Egypt are calling for a new round of cease-fire talks to end the war in Gaza, while the region braces for an expected Iranian attack on Israel (Bloomberg) MCX… Read More »
Gold prices hold steady above $2460/oz after their biggest one-day increase in three weeks, buoyed by US jobless claims data that eased fears of a severe economic downturn MCX GOLD Gann Angle Chart Gold has heading towards its 3×4 Gann Angle resistance @71500 MCX GOLD Supply Demand Zone MCX GOLD Supply Demand Chart : Demand… Read More »
Comex Gold held steady above $2400/oz as cooler than expected US inflation data bolstered expectations of a rate cut in September US Core CPI rose by 0.1% month-over-month, marking its smallest increase since August 2021, and increased by 3.3% year-over-year, the slowest pace in over three years. MCX GOLD Gann Angle Chart Gold is facing… Read More »
MCX crude foremd a Weekly Doji on signs of improved fuel demand in the US over the summer travel season and hopes of an imminent Fed pivot MCX Crude Oil Gann Angle Chart Crude broke the 3×4 Gann line as shown above, heading towards 7056-7225 till holding 6729 MCX Crude Oil Supply Demand Zone … Read More »