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Market movers on June 8

Market movers on June 8

Information is not investment advice

Oil prices surged after successful OPEC+ meeting

OPEC+ members have signed a significant deal to cut the oil supply by 9.6 million barrels a day next month. In addition, any country that failed to fully implement output cuts should compensate it during next months. Also, keep in mind that countries a reopening and demand is recovering. That all played well for oil prices: WTI oil opened today at $40 a barrel and Brent oil – at $43. It’s the highest level for over three months! Here below you can see how U.S. Energy Secretary Dan Brouillette welcomed the deal on Saturday.

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Let’s look at the Brent oil chart. It’s headed towards 50% Fibonacci retracement level at $45. And, this price is likely to be reached soon. The next retracement level will be at $51.5. Support levels are $39 and $36.

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S&P 500 is aggressively climbing up

First of all, look at the chart. You’ll see really great performance of S&P 500. The price has passed $3190. If it crosses the retracement level at $3250, it will clear the way up towards $3335. Support levels are 3110 and 3000. What is the reason of such a fast growth? The reason should be the optimistic market sentiment as economies are reopening.

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Gold is recovering its losses

The recent drop of the shining metal seems to be in the process of restoration: XAU/USD is one step away from testing $1,700. Noting the cloudy status of the US-China relations, we are likely to see that cross upwards pretty soon.

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