
What are the forecasts for silver, platinum and palladium?
Don’t waste your time – keep track of how NFP affects the US dollar!
Beginner Forex book will guide you through the world of trading.
We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.
Information is not investment advice
Key indicators
Performance in 2020: -23%
Last day range: $52.50 – $53
52-week range: $52.50 - $75
Oil’s breakeven price
Next Thursday, OPEC will hold its extraordinary (meaning, urgent) meeting in Vienna. Why? Because to many oil-exporting countries from the Middle East (they make the bulk of OPEC) such as Saudi Arabia, $50 per barrel is approximately the breakeven price. That means, the current price of oil leaves little room for those countries to extract as many profits as were planning for – if any. Hence, the urgency of the meeting.
That gains even stronger momentum as there are larger disagreements within the OPEC+ (where Russia is a key player) about further cutting the supply, which is the main (if not only) lever the cartel can use to support the oil price.
Very probably, the dynamics of the global Coronavirus spread outside China will strongly impact the decision to be taken at the meeting on March 5. And the intrigue is: although the issue becomes clearer with China itself (infection pace decreases, projections for confident virus containment are set in mid-April), what about the rest of the world, especially the US? We are yet to see that. As well as Mohammed Barkindo, OPEC Secretary-General.
One thing is for sure: OPEC will use all means to stop the oil price slumping. If we hear strong measures announced by Mr. Barkindo in line with confident virus containment plans by the global community by next Thursday, very likely oil (Brent, in our chart) will get back to $60-70$ channel of movement.
Technical levels
Resistance $60
Support $50
What are the forecasts for silver, platinum and palladium?
USD/CAD continues dipping. Follow US jobless claims and the speech of Fed’s Powell!
How may the USD be impacted by the impeachment process? Read and prepare.
Jump in to get the technical analysis of GBP/JPY and GBP/USD!
How to trade the gold price while it's oscillating between 1 837 and 1 864? Read the article, and you'll know how!
US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to COVID-19
Your request is accepted.
We will call you at the time interval that you chose
Next callback request for this phone number will be available in 00:30:00
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later