EUR/USD 1.18705
0.031%
Gold 3694.45
0.125%
Oil 64.193
0.037%
USD/JPY 146.259
-0.129%
GBP/USD 1.36576
0.095%
GBP/JPY 199.759
-0.028%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Futures data from September 17th: Spot gold prices surged above the 3,700 mark overnight, with COMEX gold futures rising 0.23% to $3,727.50 per ounce, and SHFE gold futures closing up 0.19%. Expectations of a Federal Reserve rate cut, a weakening dollar, and geopolitical uncertainty are all contributing to golds performance. Focus is on the Federal Reserves September meeting and the subsequent Quarterly Economic Projections (SEP). The US dollar continued to weaken on Tuesday, with the US dollar index falling 0.74% to a low of 96.54, hitting a near two-month low. Furthermore, the dollar fell 0.9% against the euro, reaching its lowest level since September 2021. Regarding economic data, US retail sales for August, released on Tuesday, rose 0.6% month-over-month, exceeding expectations of a 0.2% increase. The previous reading was revised from 0.5% to 0.6%, demonstrating resilience in consumer spending. The Federal Reserve held its meeting early Thursday morning, and a rate cut is all but certain. With the US Presidents newly nominated Fed Governor, Milan, participating in the FOMC meeting, the published dot plot is expected to show a more dovish tone, with the number of rate cuts for 2025 expected to fluctuate between two and three. Furthermore, continued pressure from the White House on Powell and other governors is crucial. Concerns about the Feds independence may continue to exacerbate market volatility.According to the Wall Street Journal: Eli Lilly (LLY.N) will invest $5 billion to build a factory in Virginia, USA.Japanese Ministry of Finance: Japans exports to the United States fell 13.8% year-on-year in August; exports to the European Union increased 5.5% year-on-year in August.Japans seasonally adjusted merchandise trade account in August was -150.125 billion yen, compared with expectations of -341.3 billion yen and the previous value of -303 billion yen.Japans annualized rate of merchandise imports in August was -5.2%, in line with expectations of -4.2%. The previous value was revised from -7.50% to -7.40%.

WTI Price Analysis: Gains $78.00 in weekly rising wedge

Daniel Rogers

Feb 10, 2023 11:33

 截屏2022-09-22 下午4.38.10.png

 

After falling from a one-week high to the first daily loss in four on Thursday, WTI crude oil rises to $78.00 on Friday. Sluggish MACD signals and steady RSI may explain black gold's recent inaction (14).

 

Oil sellers remain optimistic following the previous day's pullback from the 61.8% Fibonacci retracement level of the quote's downturn from January 23 to February 03.

 

However, energy bears will need confirmation from the 200-Hour Moving Average (HMA) level of $76.96 after a clear break of the $77.30 support.

 

After that, the monthly bottom of $72.50 can buffer the south run to the December 2022 multi-month low around $70.30. The $70.00 round figure might push WTI sellers above $70.30.

 

WTI rebound might also target the $78.80 Fibonacci retracement obstacle again.

 

Even if the commodity crosses the $78.80 barrier, the wedge's top line, at least $79.30, will precede the $80.00 psychological magnet to challenge the quote's additional rise.

Suggestion