Started by PocketOption, May 06, 2022, 05:11 am
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Asian oil markets trade sideways ahead of the FOMC
News that OPEC compliance had reached 164%, i.e., they can't even pump the quotas they have agreed, failed to lift oil markets in Asia. Oil prices are almost unchanged thanks to a mainland China and Japan holiday today. Overnight, oil continued its noisy range-trading, awaiting direction from /e, EU/ oil sanctions, or a slowdown/or not from China. Brent crude fell 1.60% to USD 105.80, and WTI fell by 1.35% to USD 103.50 a barrel. In Asia, moribund trading sees Brent crude and WTI unchanged.
Brent crude remains well supported on dips to USD 100.00 a barrel, with resistance at USD 110.00. WTI is trading in a noisy USD 100.00 to USD 108.00 range. In the bigger picture, Brent crude is still in a broader USD 100.00 to USD 120.00 range and WTI in a USD 95.00 to USD 115.00 range. Only a weekly close above or below those levels signals a new directional move.
Gold markets trade sideways ahead of the FOMC
Gold traded in a USD 30 dollar range overnight between USD 1850.00 and USD 1880.00 an ounce, moving inversely to the US dollar's intra-day moves. It crept to a 0.27% gain to USD 1868.00 an ounce by the New York close. In Asia, holidays and the FOMC meeting are impacting volatility as well, gold edging slightly lower to USD 1866.00 in directionless trading.
Like everything else, the FOMC statement will determine gold's near-term direction unless the decision is either a 0.25% or 0.75% hike. From a technical perspective, gold still looks vulnerable and is relying on US dollar falls tonight to steady the ship. It has been unable to regain the USD 1880.00 an ounce region, which is also its 100-day moving average (DMA). Support lies at USD 1850.00 and then the tip of the breakout triangle at USD 1835.00.
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