There are no big moves on commodities markets today with investors waiting for new market drivers. After the recent rally, WTI is finding a temporary equilibrium between $58 and $58.50. Despite testing $58.90 yesterday, oil does not seem to have sufficient strength for further rallies, for the time being at least. The main trend remains positive however and any news of additional stimulus coming from central banks could trigger a new move higher.
Gold is also steady and has so far been unable to climb above $1,850 with traders in a wait and see scenario. However, just like oil, the long-term outlook remains bullish for the yellow metal.
Chief analyst at ActivTrades and technical analyst for Italian newspaper 'La Stampa'. Carlo Alberto provides regular commentary for UK outlets including the BBC, Telegraph, the Independent Bloomberg & Reuters. He is also a weekly commentator for CNBC Italy and a columnist for La Stampa. He worked for Bloomberg as their Equity Research Fundamental Analyst before joining brokerage ActivTrades in 2011 to specialize in currency markets and commodities. In 2014 he published a 250-pages book on gold and the gold market, followed in 2018 by a new updated edition.
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© 2019 High Leverage FX - All Rights Reserved.