Mixed trades dominated the movements of the pound sterling against the US dollar, cancelling the negative outlook and touching the stop-loss order published in the previous analysis at 1.3410, recording its highest level at 1.3480. On the technical side, and despite the bullish tendency, we tend to be negative. We …
Read More »Oil Repeating Rally Chances
Oil, Crude, trading
Read More »Gold Faces Resistance
The pivotal resistance levels published during the previous analysis located at the price of 1870, which we indicated as the key to protecting the bearish trend, succeeded in limiting the upward bias, forcing gold prices again to trade negatively towards the second required target of 1843, posting its lowest price …
Read More »Euro Facing Negative Pressure, Eyes on ECB
We stayed on the fence during the previous report due to the conflicting technical signals. On the technical side, by looking at the 240-minute chart, we find the stochastic indicator providing negative crossover signals. From here, with intraday trading below 1.2145 and in general, below the 1.2170 resistance level, the …
Read More »BoC Maintains Interest Rates in Last Meeting of 2020
The Bank of Canada (BoC) on Wednesday maintained interest rates unchanged, as well as its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program, which continues at its current pace of at least $4 billion per week. The rebound in the global and Canadian economies has unfolded …
Read More »Oil Closes Mixed Following Inventory Report
Oil prices ended Wednesday on a mixed note, following a surprise surge in crude inventories in the United States last week. Brent crude futures for February delivery added 2 cents to close $48.86 a barrel. Meanwhile, the West Texas Intermediate (WTI) futures for January delivery fell by 8 cents to …
Read More »Gold Finishes Lower for First Time This Week
Gold prices declined for the first time this week, after two consecutive rises, as both the US Treasury yields and the US Dollar (USD) rose on Wednesday. In addition, positive news about Coronavirus vaccines are limiting demand for safe havens. Gold futures for February delivery decreased by $36.40, or 1.9%, …
Read More »European Stocks End Wednesday on Higher Note
European stocks closed higher on Wednesday, with growing anticipation for the outcomes of the post-Brexit trade talks. The STOXX Europe 600 index finished up by 0.4%, supported by the gains of major market sectors. The UK’s FTSE100, the main index of the London Stock Exchange (LSE), edged up by 0.08%. …
Read More »US Crude Oil Inventories Surge by 15.2 M Barrels
Crude oil inventories in the United States surged last week, data by the Energy Information Administration (EIA) showed on Wednesday. Oil stockpiles went up by 15.2 million barrels in the week to December 4, reaching a total of 503.2 million barrels. This is the largest rise in crude oil inventories …
Read More »US Wholesale Inventories Rise in October
Wholesale inventories in the United States rose in October, according to data by the Department of Commerce release on Wednesday. Wholesale inventories rose by 1.1% in October, instead of an initially estimated 0.9%. On an annual basis, inventories decline by 2.2% in October 2020, compared with the same month of …
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