ORBEX: WTI Weakens On Virus Spread Concerns, Gold & Silver Muted
Concerns about the spread of the Coronavirus have continued to push oil prices down, in addition to a poor API report. With Chinese demand falling, a bigger spread could see the prices of oil sliding even lower.
Gold and Silver remain into a consolidation, which seems to suggest that a breakout could be coming soon. Either up or down. However, in the short-term, and when keeping in mind the multiple bearish attempts to break into fresh lows, we could see a slight upside.
ECB day today. And EURUSD correlation to Gold could indeed provide the breakout projected!
Trade safe
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice
Gold and Silver remain into a consolidation, which seems to suggest that a breakout could be coming soon. Either up or down. However, in the short-term, and when keeping in mind the multiple bearish attempts to break into fresh lows, we could see a slight upside.
ECB day today. And EURUSD correlation to Gold could indeed provide the breakout projected!
Trade safe
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice
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