US discharges oil storage: Latest Update

The United States will release 50 million barrels of crude oil from its Strategic Petroleum Reserve along with China, Japan, India and South Korea, the White House said in a statement - an unprecedented effort that included coordination of the largest oil consumers to tame prices.  The decision to collectively "discharge" crude inventories after OPEC+ countries rejected calls to significantly boost output marked a diplomatic victory for the United States and challenged Saudi Arabia, Russia and other OPEC+ producers in the market.

 WTI oil prices are down 1.45% on the day to $75.64/barrel.

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Technical & Fundamental analysis on Xauusd

 XAUUSD H1

 The market price made a strong decline after the sentiment news was released as well as testing at the 1785.00 level before a strong decline took place.

 From yesterday's decline is the potential to make such a continuation?

 Let's take a look at the bigger picture, the decline that took place yesterday, has already been tested at the highest area where 1765.00 is the nearest resistance level and has already been tested today.  So through this chart, I am of the view that if the market makes a continuation of the decline the price should be below that price.

 If the current market conditions are above that level, it is likely that the price will rise again.  But since a strong decline took place yesterday, so it is likely that today, the market will make a flat price where 1770.00 and 1760.00 will be the prices seen to perform as short-term trades.

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Oil slid. 72.07 USD (-0.33 USD )

Oil

MARKET VIEW

Weekly changes: XBRUSD -0.59%

Last week, XBRUSD slightly slipped after a less-than-expected U.S. jobs report indicated a patchy economic recovery that could mean slower fuel demand during a resurgent pandemic. Brent crude settled lower at 72.07 USD a barrel.

BULLISH TRIGGERS

The concerns that U.S. supply would remain limited in the wake of Hurricane Ida, which cut production from the U.S. Gulf of Mexico, supported oil prices. Oil production in the region remained primarily halted in the aftermath of Hurricane Ida, with 1.7 million barrels, or 93%, of daily crude output, suspended.

BEARISH TRIGGERS

The employment report impacted by the Delta variant shows that the coronavirus is still moving oil demand. Nonfarm payrolls missed expectations with an increase of 235,000 jobs amid softening demand for services and persistent worker shortages as COVID-19 infections soared. The United States pledged to press the OPEC+ to do more to support economic recovery by unleashing production.

SELL LIMIT CRUDE OIL AT 69.75

SL 70.15

TP 69.55 69.35

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Gold Market Going bounced, Still Buy for Old Level high

 Comment on Gold on March 16, 2021:

In the first trading session of the week yesterday, the world gold price fluctuated not so strongly as it bounced up from 1721 to 1734 (13 $) closed the trading day with a light up candle at 1731. With the end If the daily candlestick is around this price level, the uptrend of the gold precious metal as yesterday I expected will remain. We will remain buying up to at least around the "old high" level of 1740.

- Moving to a shorter time frame than H4, we can see that the downward pressure in yesterday's Asian session on gold precious metal is there, but after many retesting the 1722 price range, the price did not break and back up. This makes the 1722 support level stronger. So in the beginning of today's session, we will prioritize buying when prices recover.

- The support price zone pushed up the precious metal Gold during the day around 1720-1724. That safe target is around the nearest resistance at 1738-1740 and expect it to be around 1746-1750 today.

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Latest Gold Market News

 Comment on Gold on March 15, 2021:

At the end of last trading week, World gold had a week of gaining and recovering after 3 consecutive strong declines from 1675 to 1739 (64 $). With the strong increase of the candle last week, in my opinion, it is highly likely that in the beginning of the week's session, gold price will continue to be supported to increase.

- Considering the daily chart timeframe we also clearly see this. Friday's candle was a 2-way candle but ended the day as a long-legged push candle, showing that the upside force was regained at the end of Friday's session.

- Moving to the smaller timeframe of H4 in my opinion the nearest support that pushes the price of Gold up for that day is around 1720. Here we can establish a buy position with target short term is the "old peak" on Thursday last week 1740 $ / oz When we reach this price range we will liquidate orders and wait for signals. Here I will have the next update.

Technical Gold Analysis

Market News On Gold

 Gold

MARKET VIEW

Weekly changes: XAUUSD -1.59

After slow-burn over the past two weeks, gold found support at the level of 1,700. The precious metal has its worst first quarter in almost four decades.

The decline comes as higher yields dent the appeal of gold, which offers no interest. The strong dollar sank gold prices to a nine-month low as investors sold the precious metal to reduce the opportunity cost of holding the non-yielding asset.

KEY POINTS

The optimism that the rollout of Covid-19 vaccines will drive a global recovery has pushed investors to switch from the traditional haven gold to other assets.

Federal Reserve Chair Jerome Powell stopped short of forcefully pushing back against the recent surge in long-term borrowing costs, sending U.S. Treasury yields soaring.

The adoption by the Senate of President Joseph Biden's 1.9 trillion USD coronavirus relief bill, which should hand the U.S. a larger budget deficit and higher debt-to-GDP ratio — both is good for gold.

Gold Market Quick Analysis

The world gold price fell beautifully as expected from 1863 to 1829 ($ 34) closed the daily candle at 1836 with a relatively strong drop.  This is the old support price zone that from January 2nd until now the world gold price has not broken and in my opinion, we will start to limit long sell orders and wait.  Gold creates a bottom to establish a buy position.

With the world gold price reaching the old support zone of 1830 immediately rebounded, it proved that this price zone could not be broken immediately, but it will take a few more sessions for Gold to bottom and go up.  next price zones.

On the daily chart timeframe, I expect the price of Gold in today's trading session will have some swings down to the sub-channel from November 30, 2020, until now, around the price range 1810-1815 to see.  consider setting buy position on the precious metal Gold.

Daily live gold news

Gold Technical Research-2021

Monthly change: XAUUSD +7.05%

After rising in early January to 1,959 USD due to turmoil in the U.S. preceding President Biden's inauguration, gold dropped after the Federal Reserve kept its monetary policy unchanged. This put gold on course for the worst start to the year in a decade. The precious metal lost about 3% last month, its worst January performance since 2011 as traders weighed the prospects for an economic recovery. Gold may still rise this quarter, buoyed by low U.S. real rates and a weaker U.S. dollar.

 Gold signals

Gold Price Forecast

Gold price forecast 2021

Earlier this month, Samuel Burman, an analyst at Capital Economics, wrote during a note that if “there are going to be a rapid recovery in economic activity thanks to the vaccine, there'll probably be some further selling of gold-backed ETFs”. However, Burman remains positive about the metal over the longer term: “While the positive developments find an efficient vaccine against Covid-19 have boosted investor risk appetite, we still think that gold prices will remain high within the year ahead.

“All told, we expect that persistently low US real yields will support gold demand and offset much of the weakness related to a rise in risk appetite. As a result, we expect that the gold price will stabilize around $1,900 per ounce until end-2021.”

In their gold price forecast published recently, analysts at Goldman Sachs maintained their bullish outlook for the upcoming year, setting their price target for the metal at $2,300 per ounce: “In our view, the structural market for gold isn't over and can resume next year as inflation expectations move higher, the US dollar weakens and emerging-market retail demand continues to recover.

“Near term, however, it's going to be difficult for gold to get a meaningful momentum in either a better or lower direction.”

Citi bank is additionally optimistic about the commodity’s future. In their latest gold price prediction, the bank’s analysts said they see the metal rising to $2,200 per ounce in three months and to $2,400 per ounce in six to 12 months. “We lift the 2021  base case gold price forecast by $300 per ounce, versus our early July update, to a record $2,275 per ounce,” they added.

In their note on the gold price in 2021, analysts at Australian bank ANZ predicted the metal to rise to $2,200 per ounce by the top of 2020 then hike further to $2,300 by early 2021. However, this valuation will likely mark a peak within the commodity’s.

Update- Comex Signals for 24 hrs Profit in 2020

Before discussing the topic; first of all let us talk what Comex is

Comex – It is the primary futures and market option for trading metals such as silver, gold, aluminum, and copper. Comex was previously called as the Commodity Exchange Inc. In 1994, Comex was merged with the New York Mercantile Exchange (NYMEX). It became the division that is responsible for metals trading.

In 1933 Commodity Exchange Inc was founded by the merger of four smaller exchanges in New York, such as the Rubber Exchange of New York, New York Hide Exchange, the National Metal Exchange, and the National Metal Exchange. Comex is the merger between the New York Mercantile Exchange (NYMEX) and the Commodity Exchange Inc. Comex is the world’s largest physical futures trading exchange and operates out of the World Financial Center in Manhattan. It is a division of Chicago Mercantile Exchange (CME).

As per CME, about 400,000 futures and options contracts executed on Comex every day, which makes the most liquid metals exchanges all over the world.

Comex is the leading clearinghouse for silver, gold, and copper futures that are traded in standardized contract sizes and mini or micro version. There are other future contracts traded on Comex such as steel, palladium, aluminum, and platinum.

Comex signal – It is beneficial for trading in a commodity market, which is generally at a fixed cost and time and the message is created by a human analyst or an automated comex robot. It is supplied to a subscriber of the product recommendation or comex signals service and maintains trader updated about movement in global market. Generally it is provided by the professional traders via SMS alerts, email alerts and many more. Comex market is a worldwide platform in which investors and traders to maximize the capital. In this type of market, you can trade Crude oil, Brent crude, Gold, Copper and Silver. These are all parts of comex trading in which you can start invest the money and gain huge profit. For successful trading, investors use comex signals.

It lowers the risk and increases the possibility of getting profit and alerts the trader when the opportunities arise. It provides specific timing to sell and buy currency, and traders can have either free trials or paid, which are offered by the service providers with useful commodity tips.

There are Top Comex signals for 24 hrs profits in 2020 are as given below

1. Gold signals
2. Silver signals
3. Crude oil signals
4. Brent crude signals
5. Energy Signals

Comex recommendations offer reliable and Comex trading tips for customers who are interested in trading in the Comex market.

Comex Tips is a tip for those investors who are interested in trading in global commodities traded on Comex. The Comex Market is vast with features of liquidity and high volume; thus traders can earn with huge profit.

Gold is a costly and precious metal that allows producing better wealth about the market with general Comex Gold Tips. Gold bars are available in several different sizes and shapes for trading in the market.  It is the main Comex Gold tips to avoid purchasing gold bars large in size, which is inconvenient to sell them. We should always buy and sell process as per market trend and right Comex tips.

Investors can prefer gold because it consists of high liquidity, which allows enormous profit and making opportunity at the time when the market is down. When the market is up then the selling of gold is very profitable for the investors. It is the crucial Comex Gold tips for investors in the global market to earn huge profits. The opportunity is for the traders to take leverage in gold trading through predicting based on options or markets and equity.

Source- <https://www.moneyliferesearch.com/top-comex-signals-for-24-hrs-profit-in-2020/>