Technical Analysis: Oil falls below major resistance, how deep could it go?
So far in August, WTI has shed over 7% after hitting a strong resistance level around $77. How further downside should traders expect? It’s a popular fact that the world runs on energy thus the black commodity (oil) reflects the global economic growth. Since Covid, we have seen a new face of the oil market. […]
USDCAD stays range-bound ahead of BoC’s tapering expectation
Canadian dollar sheds profits on Wednesday ahead of the Bank of Canada monetary policy meeting. The bank is expected to keep rates unchanged at 0.25% as well as cutting down its quantitative easing program. The Canadian dollar restored dominance over its peers in March, rising most against the Euro and Yen. EURCAD dropped over 400 […]
Gold Technical Forecast – Is the bearish phase really out of the picture?
Gold fell sharply on Monday toward the 1845-1850 support zone. Technically, can we say the bullish push from 1760 has signaled the end of the bearish phase? Gold is an interesting asset. Many times, it exhibits a safe-haven nature just like we saw when the pandemic was strong in the first half of the year. […]
December 3 Market Updates and Forecasts – Risk drivers, Stocks, DXY & Gold
Risk sentiment headlines are mixed on Thursday as traders weigh on which (hopes or concerns) would have a bigger impact on the market. Market is driven by vaccine and stimulus hopes amid rising Covid cases On the fore-front of risk aversion is the rising global Covid cases. Lockdowns are therefore extended in France, Germany, and […]