In its monthly report published on Thursday, The International Energy Agency (IEA) has said it expects global oil demand to rise by 2.1 million barrels per day in 2023. to exceed pre-Covid levels, by 101.8 million barrels, Reuters reports. Additional comments “Russian oil exports fell by 115,000 bpd in July to 7.4 million bpd, from […]
Tag: Commodities
Gold Forecast: XAU/USD pulls back from US CPI high and back below $1,800
Gold receives aggressive bids in the last hour and jumps to a new multi-week high. The broad sell-off in dollars following the US CPI provides a good boost to the commodity. Diminishing odds of a further Fed rate hike in September further benefits the metal. The risk appetite boost caps the XAU/USD haven and warrants […]
Silver Price Analysis: XAG/USD flirts with confluence zone around $20.40
Silver is finding some selling for the second day in a row and is pulling away from a multi-week high. The technical set-up seems to remain tilted in favor of the bulls and supports the prospects for further gains. A sustained break below the $19.20 area is needed to negate the short-term bullish outlook. Silver […]
Forex Today: Choppy Action Continues as Focus Turns to US CPI.
This is what you need to know to trade today Wednesday, August 10: Major currency pairs fail to make a decisive move in either direction as market participants remain on the sidelines waiting for the US Bureau of Labor Statistics to release the July inflation report. Market sentiment remains cautious early on Wednesday, with US […]
Gold Forecast: XAU/USD hits $1,800 for the first time since July 5
Gold regains positive traction on Tuesday and rises to a new multi-week high. The dollar falls for the second consecutive day and offers support to the metal. Recession fear weighs on investor sentiment and benefits haven XAU/USD. Federal Reserve expectations could cap gains ahead of the US CPI release on Wednesday. The Prayed It attracts […]
Silver Price Analysis: XAG/USD looks poised to continue higher and aims to reclaim the $21.00 level
Silver trades in a tight range and consolidates its recent gains to a multi-week high. The overnight break through the 50/50% DMA confluence of the Fibonacci level favors the bulls. Any significant drop could now be seen as a buying opportunity and remain short-lived. the silver it consolidates the strong gains of the previous day […]
Gold Price Forecast: XAU/USD trades modest losses, downside looks limited
Gold sees some selling on Tuesday and reverses some of the positive movement from the previous day. A positive tone around equity markets acts as a headwind for the safe-haven yellow metal. Falling US bond yields keep the dollar on the defensive and seem to offer XAU/USD support. The gold price it moves lower on […]
Gold Forecast: XAU/USD Flirts With Daily High and Holds Above $1,780 Amid Dollar Weakness
Gold regains positive traction on Monday amid falling US bond yields and dollar weakness. The boost in risk appetite coupled with hawkish expectations from the Fed should cap gains. The market’s focus will continue to be on Wednesday’s US consumer inflation data. Gold manages to attract new purchases on Monday and maintains its constant intraday […]
Silver Price Analysis: XAG/USD Jumps Back Above $20.00
Silver regains traction on Monday and reverses a major part of Friday’s decline to a one-week low. The bulls still need to wait for a move beyond the confluence region at $20.30-35 before opening aggressive positions. A convincing break below the $19.20 support zone would nullify any short-term positive outlook. Silver attracts some buying near […]
Forex Today: NFP-inspired dollar rally stalls at start of week
This is what you need to know to trade today monday august 8: Buoyed by the positive July jobs report, the DXY dollar index gained 0.8% on Friday and ended a two-week losing streak. Markets remain relatively quiet early on Monday with the DXY index consolidating Friday’s gains. In the European economic agenda will be […]
