Weaker Oil, roaring Silver
|Important news for the day
Wed, 17th, 06:00 CET UK Consumer price index.
Wed, 17th, 22:45 CET NZ Gross domestic product.
Oil prices
Oil prices continue to fluctuate and have been trading below the USD 60.00 level for about two weeks. With the fall below the important support zone a further slide in prices should be expected. Today, the price had started to resume some momentum. Trump's’ efforts to block oil tankers in Venezuela, which had been sanctioned, seem to support the market currently. In the early 2000’s Venezuela had nationalized oil fields, which also included foreign as well as US companies. The US President named President Maduro a terrorist regime and stated that he will soon start sending troops to the country. The efforts to potentially cause a regime change had already started months ago, with previous attacks on so- called drug- boats.
Market talk
Markets continue to remain volatile and with the current strength of the Dollar might also continue to do so. Both the S&P 500 index and the Nasdaq have resumed some upside and hence cleared most losses from earlier this week. Whether markets will be able to create another all- time- high in the coming trading days might remain in question. Also, the crypto market rather looks like it will move lower as no intention towards higher prices can be observed. Trading at USD 87k Bitcoin has broken below the psychological USD 90k support zone. Silver, on the hand had shot higher and is currently trading at the USD 66.00 range. With the RSI indicator being extremely overbought traders should remain cautious with more upside momentum.
Tendencies in the markets
- Equities sideways, USD stronger, crypto weaker, oil at support, Silver strong, Gold positive.
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