Oil
Oil prices appear to have stabilized this week on optimism that OPEC + will once again do whatever it takes to tighten output and on hope that the coronavirus peak is nearing despite the sudden jump in cases that stemmed from revised methodology in diagnosing cases. The trajectory of the coronavirus over the next several days could determine if oil prices rise or fall by $5 a barrel. The global economic slowdown has obviously dealt a tremendous blow to crude demand forecasts, but that could be fully priced in optimism grows that the virus peak is in fact nearing.
Gold
Financial markets remain unsure of the trajectory of new coronavirus cases, but they are starting to become confident that gold prices may rise higher no matter what. Gold, the favored safe-haven trade is benefiting from risk aversion flows following the unexpected increase in new coronavirus cases. If optimism returns that the virus could still be nearing its peak in the coming weeks, the global economic rebound could trigger a weakening dollar that will ultimately support commodity prices.
The most powerful patterns for Forex tradersOil prices appear to have stabilized this week on optimism that OPEC + will once again do whatever it takes to tighten output and on hope that the coronavirus peak is nearing despite the sudden jump in cases that stemmed from revised methodology in diagnosing cases. The trajectory of the coronavirus over the next several days could determine if oil prices rise or fall by $5 a barrel. The global economic slowdown has obviously dealt a tremendous blow to crude demand forecasts, but that could be fully priced in optimism grows that the virus peak is in fact nearing.
Gold
Financial markets remain unsure of the trajectory of new coronavirus cases, but they are starting to become confident that gold prices may rise higher no matter what. Gold, the favored safe-haven trade is benefiting from risk aversion flows following the unexpected increase in new coronavirus cases. If optimism returns that the virus could still be nearing its peak in the coming weeks, the global economic rebound could trigger a weakening dollar that will ultimately support commodity prices.
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