Crude Oil Price Poised For A Breakout Amid Stormy Times
Crude oil prices have been under intense pressure. WTI crude has been trading below the $70 level; Brent crude has been hanging on to that level by a whisker.
Crude Oil Prices Take A Breather Amid Improved Inventories
The crude oil price has jumped more than 10% since the start of the week. Lat week, oil prices fell to a nine-month low before bouncing back this week.
Silver price remains range-bound as the US bond yields rebound from Friday’s intraday low. In the new week, the focus will be on manufacturing PMIs from various countries.
Crude oil price remains on an uptrend ahead of the OPEC+ meeting scheduled for Thursday next week. Analysts expect the alliance to increase output modestly even as demand surges.
Silver price: Key levels to watch with Powell’s Testimony in focus
Silver price is trading sideways for the second consecutive session ahead of Powell’s testimony before the US Congress. The Fed Chair has maintained that price pressures are transitory.
Gold price rallies as investors dance to Fed’s tune
Gold price is trading higher even after the US inflation data came in higher than expected. It is a sign that investors have bought the Fed’s narrative.
Gold price pulls back after Yellen’s comments on inflation
Gold price has retreated as investors digest Janet Yellen’s remarks on inflation. The Treasury Secretary stated that higher interest rates may be a good thing.
Silver price is trading lower ahead of the US ADP employment report and the initial jobless claims data. It may trade on a tight range in the near term.
Gold price forecast ahead of the FOMC meeting minutes
Gold price ended Friday’s session at 1,843.16 after the stagnation of April’s retail sales pushed the US dollar lower. In the coming week, the focus is on FOMC meeting minutes.
