EUR/USD 1.15328
-0.057%
Gold 4995.60
-0.211%
Oil 93.240
-2.078%
USD/JPY 158.961
-0.020%
GBP/USD 1.33529
-0.016%
GBP/JPY 212.263
0.025%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Futures Commentary by Everbright Futures: Overnight, international gold prices were mixed. London spot gold fluctuated narrowly, COMEX gold futures rose 0.18%, and SHFE gold fell 0.16%. The Federal Reserve will hold its March interest rate meeting early Thursday morning Beijing time. This meeting will focus on three key areas: 1. Whether monetary policy will shift. The meeting will release the latest dot plot. At the December meeting, officials were divided, with the median expectation being one rate cut (25 basis points) this year. The focus this time is whether further rate cuts are possible. 2. The Summary of Second Quarter Forecasts (SEP). Fed officials will make predictions on inflation and economic trends, especially the actual impact of the March oil price surge on inflation. 3. The Fed Chairmans post-meeting remarks. This is the first Fed meeting since the Middle East conflict. Facing rising oil prices, weak employment, and legal investigations, Chairman Powells statements at the press conference are worth watching, especially how he assesses the "two-way risk" of the oil price surge triggered by the Middle East conflict on inflation and growth. Gold may experience increased volatility after the meeting; cautious trading is advised. 4. Geopolitically, the US-Iran conflict remains unresolved. Trump stated that most NATO allies have indicated their unwillingness to be involved in US military action against Iran, and that the US "does not need anyones help." Israel stated that two senior Iranian officials have been "eliminated." 5. The US-Iran conflict remains the focus of gold trading. A buy-on-dips strategy is recommended. Regardless of future inflation or stagflation expectations, golds strategic allocation position will increase. Liquidity concerns have actually provided investors with an opportunity to buy and hold at lower prices. (This content and opinion are for reference only and do not constitute any investment advice.)S&P Global: Middle East wars will exacerbate volatility for South Korean oil refining companies.South Korean envoy: We have successfully avoided the worst-case scenario in the oil sector.March 18 – The State Council Taiwan Affairs Office held a regular press conference on March 18. The Fourth Session of the 14th National Peoples Congress reviewed and approved this years Government Work Report. How will the State Council Taiwan Affairs Office implement the Taiwan-related content in the Government Work Report? Spokesperson Chen Binhua stated that this year marks the beginning of the 15th Five-Year Plan. The Taiwan-related content in this years Government Work Report comprehensively elaborates on the major policies, principles, positions, and objectives of current Taiwan-related work, and is of great guiding significance for carrying out this years Taiwan-related work. With the successful conclusion of the 14th Five-Year Plan, my countrys economic strength, scientific and technological strength, national defense strength, and overall national strength have reached new heights, and Chinese-style modernization has taken new and solid steps, laying a more solid foundation for advancing the great cause of national reunification. The implementation of the 15th Five-Year Plan will undoubtedly provide broader development opportunities for Taiwan compatriots and enterprises.Samsung Electronics: The TV market will see slight growth this year.

WTI Price Analysis: During a Wyckoff markdown phase, $73.00 is anticipated for WTI

Alina Haynes

Feb 03, 2023 15:24

 截屏2023-01-13 下午5.17.06.png

 

West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have refreshed their daily low at $75.80 in the early European session. The oil price is under pressure as western central banks have increased their interest rates in an effort to curb inflation. The asset is anticipated to test the Thursday low near $75.30.

 

After peaking at 101.55, the US Dollar Index (DXY) is displaying a mediocre performance and is awaiting the release of United States Nonfarm Payrolls (NFP) data for fresh impetus.

 

On a four-hour scale, the price of oil declined following a breakdown in Inventory Distribution. The distribution of inventory within a narrow band of $79.50-$82.67 shows a movement of inventory from institutional investors to retail participants. The asset is in Wyckoff's markdown phase after an inventory distribution breakdown and a flashback move to roughly $80.00.

 

At $78.65, the 50-period Exponential Moving Average (EMA) has behaved as a significant barrier for the oil price. The Relative Strength Index (14) oscillates within a negative band of 20.00-40.00, signaling further weakening.

 

After a steep loss, a pullback to near the 10-period EMA around $76.65 will be an ideal selling opportunity that will push the asset toward the bottom of February 2 at $75.15, followed by the horizontal support put at the low of January 5 at $70.00.

 

Alternativamente, a rebound move above the high of February 1 at $79.87 will propel the asset toward the low of January 23 at $81.19. A violation of this level would expose the asset to further gains reaching the January 18 high of $82.67.


Suggestion