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Japanese Prime Minister Shigeru Ishiba: The Bank of Japan is implementing various measures to stabilize prices.March 10, Berenberg analysts said that Europes military budget will grow at least in the high single digits by 2035, and at the same time, regional governments will promote the ordering of European defense equipment instead of American equipment, which will boost European defense stocks. They pointed out that the UKs commitment to increase its defense spending to 2.5% of GDP by 2027 is higher than they expected, which will especially benefit QinetiQ and Babcock International, which derive more than half of their revenue from the UK Ministry of Defense. The agencys first choice is German arms manufacturer Rheinmetall.On March 10, Heng Koon How, head of market strategy at UOB Global Economics and Market Research, said in a report that physical gold short squeeze is expected to push gold above $3,000 per ounce. "Uncertainty over trade tariffs has led to a sudden return of a large number of gold bars to the New York Mercantile Exchange and the United States, triggering a global gold short squeeze. In addition, the main positive drivers for gold remain unchanged, such as growing concerns about slowing economic growth." UOB recently raised its gold price forecast for the second quarter from $2,800 to $2,900 per ounce, the third quarter forecast from $2,900 to $3,000, and the fourth quarter forecast from $3,000 to $3,100.Germanys industrial output in January was -1.6% year-on-year after adjusting for working days, compared with -3.10% in the previous month.Germanys seasonally adjusted trade balance in January was 16 billion euros, compared with expectations of 20.6 billion euros and the previous value of 20.7 billion euros.

Crude Oil Price Forecast – Crude Oil Markets Continue to Pull Back

Daniel Rogers

Jul 01, 2022 11:07

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WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has declined dramatically during the trading session on Thursday to break down below the $107 level. At this point, it appears like the market is going to test the big trend line from previously, and so I think it’s probably only a matter of time until we see substantial movement one way or the other. If we do break down below the uptrend line, the next target will be the $100 mark. Breaking below that level then opens up the chance of entirely shifting the trend. It is worth mentioning that the rest of the commodities markets have suffered a blow to the face, therefore oil is the “last man standing.” 

Brent Crude Oil Technical Analysis

Brent markets definitely appear quite similar, since they are challenging the uptrend line beneath which is closer to the $107 level. If we break down below there, then the Brent market is expected to travel to be $100 level where it will start to tangle with the 200 Day EMA. Breaking down below that of course would be pretty bad as well, setting off what would officially be termed a “downtrend.”

 

On the other side, if any one of these markets rebounds off the uptrend line, then it appears like they are going to try to save themselves. That being said, the previous couple of days have seen a genuine shift in momentum, and it does imply that more problems is on the way. Consequently, I am not too enthusiastic about holding crude oil at the moment. The markets are simply way too risky.


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