SUMMARY

  • Wall Street starts the week with a sideways trend. It is an important week and analysts expect volatility due to the release of the U.S. inflation report.
  • The market is beginning to anticipate a reduction in oil supply due to rising geopolitical tensions. As a result, short-term forecasts are at $100 per barrel.
  • Germany’s industrial production is expected to increase by 0.6% month-on-month. The country’s trade balance is forecast at $25.1 billion. EURUSD starts the week at 1.0832.

 

Main events:

  • German industrial production.
  • FOMC statements
  • German trade balance

GOLD

Specifications

  • Leverage: 100
  • Units: 100
  • Margin requirement: USD$2167
  • Example: movement of USD$10 = $1,000 potential PL.
  • Support 1: 2323,24
  • Support 2: 2321,32
  • Resistance 1: 2328,84
  • Resistance 2: 2332,52

Fundamental Analysis

  • Wall Street starts the week with a sideways trend. It is an important week and analysts expect high volatility due to the release of the US inflation report.
  • On the other hand, global geopolitical tensions are rising, putting upward pressure on commodities. Analysts expect oil prices to reach $100 a barrel.
  • Analysts expect to test US bonds, as the US inflation report should keep yields around 4.5%.
  • Traders are watching German industrial production to gauge demand in Europe.
  • We will have several FOMC statements this week, mainly focused on US inflation results.
  • The Reserve Bank of New Zealand will make an interest rate decision.

WTI

Specifications

  • Leverage: 100
  • Units: 1,000
  • Margin requirement: USD$852
  • Example: movement of USD$1 = $1,000 potential PL.
  • Support 1: 85,47
  • Support 2: 85,25
  • Resistance 1: 85,85
  • Resistance 2: 86,01

Fundamental Analysis

  • The market is beginning to anticipate a reduction in oil supply due to growing geopolitical tensions. As a result, short-term forecasts stand at $100 a barrel.
  • Gazprom is expected to meet its production reduction target by the end of April 2024.
  • Saudi Arabia has started to raise its oil selling prices, due to reduced supply in the Middle East.
  • The WTI price is currently correcting 1.55% and is trading at USD 85.56 per barrel.
  • Traders are awaiting the US inflation report, which has a direct impact on commodity prices due to its direct impact on the cost of capital.
  • For this week, API analysts are forecasting a drop in US inventories of -2.28 million barrels.
  • As for U.S. crude inventories, EIA analysts are forecasting an increase of 3.21 million barrels.

EURUSD

Specifications

  • Leverage: 100
  • Units: 1,000
  • Margin requirement: USD$852
  • Example: movement of USD$1 = $1,000 potential PL.
  • Support 1: 85,47
  • Support 2: 85,25
  • Resistance 1: 85,85
  • Resistance 2: 86,01

Fundamental Analysis

  • The market is beginning to anticipate a reduction in oil supply due to growing geopolitical tensions. As a result, short-term forecasts stand at $100 a barrel.
  • Gazprom is expected to meet its production reduction target by the end of April 2024.
  • Saudi Arabia has started to raise its oil selling prices, due to reduced supply in the Middle East.
  • The WTI price is currently correcting 1.55% and is trading at USD 85.56 per barrel.
  • Traders are awaiting the US inflation report, which has a direct impact on commodity prices due to its direct impact on the cost of capital.
  • For this week, API analysts are forecasting a drop in US inventories of -2.28 million barrels.
  • As for U.S. crude inventories, EIA analysts are forecasting an increase of 3.21 million barrels.

SOURCES

  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview

 

Risk Disclaimer

Any information/article/material/content provided in this document is intended to be used for educational purposes only and does not constitute investment advice or consultation on how the client should trade.

While the authors have ensured that the content of such information is accurate, they are not responsible for any omissions/errors/miscalculations and cannot guarantee the accuracy of any material or any information contained therein.

Therefore, any reliance you place on such material is strictly at your own risk. Please note that the responsibility for using or relying on such material rests with the customer and the company accepts no liability for any loss or damage including, without limitation, any loss of profit which may arise directly or indirectly from the use of or reliance on such information.