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WTI Crude Oil saw the 80.000 USD level penetrated upwards on Wednesday of last week, only to falter and then begin a rather steady push lower. The price of WTI Crude Oil this week will begin trading near the 77.120 mark, this after touching a depth around the 76.640 ratio this past Friday. The ability to trade downwards and come within sight of values seen the previous Friday while testing mid-terms lows could prove to be significant. However, before traders rush into to say the dominant trend is downwards, they should acknowledge that a run higher early last week in WTI Crude Oil achieved a high of nearly 80.590 on Wednesday. The incremental move higher starting last week only to run into headwinds after month long resistance was tested is noteworthy. Also of importance is that OPEC will be conducting a meeting today to discuss pricing and production. WTI Crude Oil’s ability to move back to mid-term lows before the oil conference will spark intrigue and concerns in the minds of specul...

After penetrating the 80.000 USD price level on Thursday of last week WTI Crude Oil has shown sustained value and the coming days will be intriguing for speculators. WTI Crude Oil will open trading within eyesight of the 81.000 USD price early Monday. Last week’s trading saw the 80.000 mark penetrated and brushed to the side on early Thursday as speculators seemingly reacted to U.S Inventory data from the previous day, which showed a shortfall of over one million barrels. The U.S and global production is solid, but the price of WTI has been showing a steady flirtation with higher prices since early February. The bullish trend in WTI not only passed the 80.000 USD mark on Thursday, but sustained its momentum without any volatile reversals lower. Since late in February, the 77.000 USD price has acted as rather durable support and did so again this past Tuesday and early on Wednesday. The ability of WTI Crude Oil to start marching upwards on Wednesday and then reach velocity on Thursday i...

The yellow metal starts the week on a negative note even though the number of coronavirus cases has started to increase in China and the U.S, reigniting fears of the second wave of the virus. China, where the first outbreak began reported 57 cases on June 13. While the U.S states like California, Texas, Florida, North Carolina, Arizona, and Alabama reported more than 1000 cases each on Sunday. As of now, gold is trading at 1727.25, down by 0.34%. Talking about the previous session, initially, the bullion touched an intraday high of 1743.13 on the back of falling global equities as investors feared the number of rising COVID -19 cases in some parts of the U.S. However, in the American session, the equity markets were able to make up for some of the losses after the U.S Prelim UoM Consumer Sentiment data came better than expected. As a result, the bullion lost some of its safe-haven bids and concluded the day at 1729.65 with a 0.13% gain. On the data front, the investors will ...