The news is by your side.
AED
$0.27
0%
AFN
$0.01
0%
ALL
$0.01
0%
AMD
$0.00
0%
ANG
$0.56
-0%
AOA
$0.00
+0.08%
ARS
$0.01
+0.1%
AUD
$0.68
-0.37%
AWG
$0.56
0%
AZN
$0.59
0%

Commodities and Cryptos: Oil dips, Gold off highs, Bitcoin lower – MarketPulse


Oil

Crude prices edged lower as political pressure grew for the White House to lobby OPEC+ to make sure the group as a whole can hit their quotas as a few members have struggled. The short-term outlook still has many risks, but optimism is high that will be short-lived.  Delta CEO Ed Bastian expects omicron to delay the rebound in travel demand by 60 days.  The oil market will remain very tight this year and most likely over the next few years as most energy companies are not investing in massive new drilling projects.

WTI crude may pullback here only on speculation that President Biden is losing public favor and needs to do something to keep Americans happy.  Biden seems like he is nowhere near getting Build Back Better done with Senator Manchin and Senator Sinema said she will not support changing the filibuster.  Biden may resort to another SPR release and while that won’t solve any problems, it could send WTI crude down to the $80 level.

Gold

Gold prices are stuck in a range, edging lower on the day after risky assets took a big hit following a slight cooling with producer inflation.  Gold is still comfortably above the $1800 level and could see a strong test tomorrow if earnings season, retail sales, and consumer sentiment paint an upbeat picture about the economy. Gold’s best environment in the short-term might be if risk appetite remains strong, but risks to the outlook continue to grow.

Bitcoin

Bitcoin declined alongside US equities and commodities as risky assets may struggle with an aggressive interest rate hiking environment by the Fed.  The flows were somewhat light today, so many traders are shrugging off this decline.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Ed Moya

With more than 20 years’ trading experience, Ed Moya is a senior market analyst with OANDA, producing up-to-the-minute intermarket analysis, coverage of geopolitical events, central bank policies and market reaction to corporate news. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.

Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.

Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business and Sky TV. His views are trusted by the world’s most renowned global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Breitbart, The New York Times and The Wall Street Journal.

Ed holds a BA in Economics from Rutgers University.

Ed Moya
Ed Moya





Read More : Commodities and Cryptos: Oil dips, Gold off highs, Bitcoin lower – MarketPulse

You might also like
Leave A Reply

Your email address will not be published.