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May 22nd, Futures News: Economies.com analysts latest view: Spot gold fell in the latest intraday trading, with a corrective bearish trend dominating in the short term. Furthermore, with prices trading below the 50-day EMA, negative pressure continues to strengthen, increasing downside risk. On the other hand, spot gold prices remain firmly above the key support level of $4500, showing strong positive momentum limiting the decline, especially after the overbought condition was digested. The Relative Strength Index (RSI) is showing a positive signal, providing more room for spot gold to show stronger positive performance in the short term.May 22nd, Futures News: Economies.com analysts latest view: WTI crude oil futures exhibited strong volatility in the latest intraday trading, with prices rising at one point in an attempt to recover some of the previous losses and restore some technical balance. This cautious rebound was mainly due to a slight easing of the clearly oversold condition shown by the Relative Strength Index (RSI), providing temporary support for the current price movement. Despite the limited improvement, negative pressure continues to dominate oil price movements. Previously, prices had broken below the upward channel that had been dominating its short-term trading. Furthermore, WTI crude oil futures remain below the 50-day EMA, continuing to face negative and dynamic pressure, which also increases the possibility of further declines in the short term.May 22nd, Futures News: Economies.com analysts latest view: Brent crude oil futures fell in recent intraday trading, encountering resistance near the EMA50 moving average, causing prices to pull back and ending previous upward attempts. This move also confirmed a break below the short-term uptrend line, further strengthening the recent bearish technical structure. On the other hand, some positive signals have emerged as the Relative Strength Index (RSI) entered deep oversold territory, which should help prices stabilize and attempt to absorb some selling pressure.On May 22, it was reported that the Republican leadership in the U.S. House of Representatives decided on May 21 to postpone a vote on a bill that would limit President Trumps power to use force against Iran, sparking protests from Democrats.On May 22, Nomura Securities predicted that the Federal Reserve will keep interest rates unchanged until 2026 due to rising inflation and weakening support for policy easing from Federal Reserve officials, reducing the likelihood of a near-term rate cut. "Incoming Fed Chairman Kevin Warsh may still have the incentive to ease policy, but recent data and comments from Fed officials make us doubt his ability to convince a majority of the Federal Open Market Committee to support rate cuts," Nomura said in a report on May 21. The firm had previously projected 25-basis-point rate cuts in September and December of this year.

WTI fluctuates around $80.00 following a V-shaped recovery as OPEC and allies intervene

Alina Haynes

Nov 22, 2022 14:53

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Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) have had a steep comeback to near the psychological resistance of $80.00 after reaching an 11-month low of $75.27. The black gold is hovering at the $80.00 threshold as Saudi Energy Minister Abdulaziz bin Salman Al-comments Saud's have sparked supply concerns.

 

The Saudi Energy Minister affirmed that the existing OPEC+ agreement will remain until the end of 2023, confirming rumors that OPEC+ will intervene in the oil market to maintain oil prices from their unbalanced fluctuations. Previously, oil exporting nations agreed to reduce daily oil output by two million barrels in order to increase oil prices. The action is expected to disrupt the current demand-supply mechanism; consequently, oil prices are becoming more efficient.

 

On the demand side, the escalation of Covid-19 infections in China has prompted concerns over the future oil consumption. The present trend of increasing Covid-19 cases could push the Chinese government to reinstate Covid-19 limitations, as they are the sole means of restricting the virus's spread. The investment banking firm Goldman Sachs has reduced its projection for Brent crude oil prices in the fourth quarter from US$110 per barrel to US$100 per barrel due to the rising infection rates in China.

 

In the meantime, the demand for US Durable Goods will also reveal the future oil consumption in the US economy. According to forecasts, US Durable Goods Orders will settle at 0.4%, the same as their previous publication. Additional growth in the market for durable goods would eventually indicate oil demand forecasts.

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