After the spike in volatility seen at the start of the conflict, gold appears to have been stuck in a range for the past few days as the situation between Russia and Ukraine seems to be stalling. The precious metal has managed to rebound from the lower limit of the short term trading range around $1915 and after gaining almost 0,75% is trading around the previous reaction area of $1930. While the geopolitical situation remains uncertain, any major events could once again spark a renewed interest for the safe haven asset which has benefited greatly from investor panic by nearing its all time high just a few weeks ago. On the other hand, even if we were to see a pullback, it will be essential to see if the aforementioned support level will manage to hold once again or if the price will extend the downward move this time. 

Oil remains uncertain ahead of DOE inventory report

Oil is trading slightly higher today after Russia warned about a sharp drop in oil exports through the Caspian pipeline after infrastructure was damaged by a storm. While it is said that 1 million barrels of daily exports could be in danger, this has added to the rising uncertainty surrounding the key commodity which has experienced significant volatility since the start of the Russia-Ukraine conflict. On the other hand, according to the Wall Street Journal, Chevron told US authorities that it may be able to help Venezuela double its oil production which could be interpreted as a sign that the US is moving in the direction of a deal with the major oil producing country in an attempt to alleviate some of the pressure. In either case, the situation remains unclear and traders await today's EIA inventory report for any indication of how the economy is responding to the rising gas prices and worrying prospects for the energy market.

X-Trade Brokers Dom Maklerski S.A. does not take responsibility for investment decisions made under the influence of the information published on this website. None of the published information can be treated as a recommendation, disposition, promise, or guarantee that the investor will achieve a profit or will minimize risk using the information published on this website. Transactions including investment instruments, especially derivatives using leverage, are in its nature speculative and can provide both profits and losses that can exceed the initial deposit engaged by the investor.

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD: A tough barrier remains around 0.6800

AUD/USD: A tough barrier remains around 0.6800

AUD/USD failed to maintain the earlier surpass of the 0.6800 barrier, eventually succumbing to the late rebound in the Greenback following the Fed’s decision to lower its interest rates by 50 bps.

AUD/USD News
NZD/USD advances to near 0.6200 due to risk-on mood, Fed interest rate decision awaited

NZD/USD advances to near 0.6200 due to risk-on mood, Fed interest rate decision awaited

The NZD/USD pair edges lower to near 0.6200 during the early Asian session on Thursday. The recent GDP data revealed that New Zealand's economy shrank again in the second quarter, suggesting the depths of its economic malaise.

NZD/USD News
Gold surrenders gains and drops to weekly lows near $2,550

Gold surrenders gains and drops to weekly lows near $2,550

Gold prices reverses the initial uptick to record highs around the $$2,600 per ounce troy, coming under renewed downside pressure and revisiting the $2,550 zone amidst the late recovery in the US Dollar.

Gold News
Australian Unemployment Rate expected to hold steady at 4.2% in August

Australian Unemployment Rate expected to hold steady at 4.2% in August

The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.

Read more
Ethereum could rally to $2,817 following Fed's 50 bps rate cut

Ethereum could rally to $2,817 following Fed's 50 bps rate cut

Ethereum (ETH) is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's (Fed) decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds (ETF) recorded $15.1 million in outflows.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Majors

Cryptocurrencies

Signatures