Commodities have been watched closely by market participants over the last couple of months which saw Oil move from a Bear market at the end of 2018 to a 30% gain in 2019.
A close eye will be on Crude Oil Inventories released tomorrow as well as the U.S. Energy Information Administration (EIA) weekly report to see what the knock-on effects are.
Let’s take a closer look at some of the commodities:
The Oil market has reached new highs for 2019 mainly due to the Organization of the Petroleum Exporting Countries (OPEC) and partners production cuts. OPEC and its partners are committed to continue and go beyond with production cuts until June when they will meet again.
Technical factors on Brent Crude Oil to look out for are as follow:
Source – MetaTrader5
Gold has seen a short term move lower as the U.S Dollar (USD) started to gain momentum but we have seen the precious metal gain some ground over the last week. More volatility is expected the closer we get to the FOMC Interest rate decision on Wednesday 20:00 SAST which might give some direction on Gold.
Looking at some technical factors on the chart:
Source – MetaTrader5
Palladium has been pushing higher as demand for the precious metal continue to drive the price higher. Supply pressure from Russia continues which saw Palladium back at all time highs and pushing higher.
Looking at some technical factors on the chart:
Source – MetaTrader5
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