Commodities outlook: oil and gold
What are the projections for the oil and gold prices? Let's discover that in the review for commodities.
USD/CAD: softer US dollar and higher crude oil helping the pair
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 facing a further weakness the last hours and trading below 23.6% key retracement area. Gold bulls are disappointed from the current price action.
US Market View
U.S. stocks are seen opening slightly lower Thursday, consolidating after recent gains amid cautious trading ahead of key unemployment data, while the cold snap keeps oil prices elevated. Oil prices extended recent gains Thursday, as although the winter storm that crippled the Texas electrical grid is moving out of the state, freezing temperatures remain, hampering attempts to restore power.
Data Wednesday pointed to a strong economic recovery, with retail sales climbing 5.3% on the month in January and producer prices climbing more sharply than expected, but the FOMC minutes from its last meeting emphasized that its monetary stance will nonetheless remain easy for some time.
USA Key Point
- ECB policymakers agreed that ample monetary stimulus remained essential.
- BOE's Saunders supports ‘’don't need to decide yet on negative rates.’’
- Cable closes in on the week's high as buyers stay in the hunt towards 1.4000.
- US futures keep lower ahead of North American trading.
- EUR/USD regains some of yesterday's decline, but sellers stay in near-term control.
- EUR/GBP falls to lowest levels since April last year as the technical breakdown continues.
- The GBP is the strongest and the USD is the weakest.
Gerasimos Papagiannis
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Commodities outlook: oil and gold
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