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On January 28th, WTI and Brent crude oil futures settled up 3% on Tuesday, at $62.39 and $67.57 per ounce, respectively. Analysts and traders estimated that U.S. oil producers lost up to 2 million barrels per day (approximately 15% of national production) over the weekend due to a severe winter storm that swept across the country, putting pressure on energy infrastructure and the power grid. Tamas Varga, an oil analyst at brokerage PVM, stated, "The cold weather in the U.S. could lead to a significant drop in oil inventories in the coming weeks, especially if the weather persists." Ship tracking service Vortexa reported that crude oil and liquefied natural gas exports from U.S. Gulf Coast ports fell to zero on Sunday due to the cold weather. The companys head of analysis stated that exports rebounded on Monday with ports reopening, reaching above seasonal levels. Furthermore, two informed sources previously indicated that Kazakhstans largest oil field, Tengiz, may recover to less than half of its normal production by February 7th, as it slowly recovers from fires and power outages. However, CPC, the company that operates Kazakhstans main export pipeline, said that the terminals loading capacity has been restored to full capacity after maintenance was completed at one of its three mooring points on Russias Black Sea coast.U.S. API crude oil production for the week ending January 23 was down 15,000 barrels per day, compared to a previous weeks down 176,000 barrels per day.U.S. refined product imports for the week ending January 23 were -190,000 barrels per day, compared to -8,000 barrels per day in the previous week.U.S. crude oil imports for the week ending January 23 were -803,000 barrels, compared to 101,000 barrels in the previous week.U.S. heating oil inventories for the week ending January 23 were 388,000 barrels, compared to a previous weeks decrease of 327,000 barrels.

Predictions for Gold Prices — Gold prices rose as the dollar weakened

Alina Haynes

May 24, 2022 09:43

Gold prices rise as the dollar weakens to start the week. The currency experienced negative pressure on reduced growth prospects and likely march toward recession. Benchmark rates climbed as shares surged today. Today, the yield on the ten-year Treasury note rose by 3 basis points.

 

On Monday, there was little going on in the world of business. Focus continues on Fed Chair Powell’s speech tomorrow and major economic statistics including PCI and first-quarter GDP published this week. Investors are anxious about impending recession and sluggish economic growth.

Analytical Methods

Gold prices came back from session highs but are still higher and possibly be headed to the 1860s. This week's economic statistics might point to a slowdown in economic growth, which would benefit gold.

 

To begin the week, gold prices held above the 200-day moving average of $1839. Support is indicated near the 200-day moving average near 1839. Resistance is apparent at the May 12th peak of 1858.

 

The Fast Stochastic has formed a crossover buy signal, indicating that the short-term momentum is bullish. Prices are no longer oversold as the fast stochastic prints a value of 54.58, considerably above the oversold trigger level of 20.

 

Medium-term momentum turns bullish as the MACD can provide a crossover buy signal. This occurs as the 12-day moving average minus the 26-day moving average passes below the 9-day moving average of the MACD line.

 

Price declines are predicted by the MACD (moving average convergence divergence) histogram, which shows a downward trend in price.

 

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