Commodities outlook: oil and gold
What are the projections for the oil and gold prices? Let's discover that in the review for commodities.
Cable extends gains on softer dollar as buyers start to eye 1.4000
Information is not investment advice
Ichimoku Kinko Hyo
EUR/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 after further weakness is trading below 38.2% retracement area. Bulls show signs of resistance.
US Market View
World shares rose to new all-time highs overnight and European indexes strengthened, with market sentiment generally upbeat on the prospect of fiscal stimulus and vaccine rollouts and ahead of a speech by U.S. Federal Reserve Chair Jerome Powell. U.S. President Joe Biden said on Tuesday he agreed with a proposal by Democratic lawmakers that would limit or phase out stimulus payments to higher-income individuals as part of his $1.9 trillion COVID-19 relief bill.
China's consumer price index fell more than expected, but factory prices posted their first year-on-year rise in 12 months, suggesting gathering momentum in the industrial sector. up. Chinese stocks rose to multi-year highs on the last trading day before the week-long lunar new year holidays.
The U.S. government will begin shipping COVID-19 vaccines directly to community health centers next week, as part of Biden's goal of administering 100 million doses of the vaccine in his first 100 days in office. U.S. Federal Reserve Chair Jerome Powell will speak in a webinar about the state of the U.S. labour market at 1900 GMT.
EUR/USD has been holding gains above 1.21, as the dollar remains on the back foot. Investors remain upbeat about US fiscal stimulus while shrugging off Europe's slow vaccination campaign. US inflation and Fed Chair Powell's speech are awaited.
USA Key Point
- BOJ may seek to clarify in March policy review that it has room to deepen negative rates.
- Gold continues to keep steady but buyers starting to near test of key resistance levels.
- Germany reportedly to extend lockdown until 14 March.
- ECB prepared to adjust all instruments as needed to reach inflation target.
- Chinese markets will be closed for about a week starting tomorrow.
Gerasimos Papagiannis
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Commodities outlook: oil and gold
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