Commodities outlook: oil and gold
What are the projections for the oil and gold prices? Let's discover that in the review for commodities.
AUD is the strongest and JPY is the weakest
Information is not investment advice
Ichimoku Kinko Hyo
CAD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
Fibonacci Levels
XAU/USD: Gold remains weak and is trading below the 38.2% retracement area.
US Market View
US stocks are seen edging higher Thursday, continuing the recent strong rally after Fed chief Jerome Powell reaffirmed that the central bank’s monetary policy will remain supportive for some time yet. Stock markets have benefited from large amounts of financial largesse, both fiscal and monetary, as central banks and governments sought to try and support their Covid-hit economies.
Federal Reserve Chairman Jerome Powell stated Wednesday that the central bank’s accommodative policies still need to stay in place for a considerable time, saying the employment picture is a “long way” from where it needs to be.
Additionally, talks are still underway in Washington over President Joe Biden’s $1.9 trillion stimulus package, although Congress currently seems to be fully focusing on former President Donald Trump’s second impeachment trial.
The number of people filing initial claims for unemployment benefits again came in higher than expected, extending a sequence of only minimal declines as the pandemic continues to generate high numbers of layoffs.
USA Key Point
- US initial jobless claims come at 793K vs. 760K than the estimate.
- The UK vaccinates nearly 20% of the population.
- Cable falls to session lows as pound gains ease a little.
- Germany's Merkel supports that lockdown will not be maintained a day longer than necessary.
Kseniya Medik
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Commodities outlook: oil and gold
What are the projections for the oil and gold prices? Let's discover that in the review for commodities.
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