Recent moves in Oil and Gold contradicts fundamentals - Hantec Markets
‘Gold likely to move higher, and Buy the rumour sell the fact trade ahead for Oil’, Richard Perry, Market Analyst at Hantec Markets said on the Tip TV Finance Show, as he offers insights on WTI Oil, USD, Gold, Silver, and DAX. Also joined by Mike Ingram, Strategist at BGC Partners, and Zak Mir, Technical Analyst at Zak’s Traders Cafe.
Dollar strengthening a little bit ahead of Jackson hole..having impact on commodities space.
Oil victim of strong dollar and more of bearish fundamentals.
WTI Oil - Key support at 46.80, break lower would expose.
US reporting back to back weekly higher inventories and Baker Hughes shows rigs coming back online.
‘Buy the rumor sell the fact’ trade on September OPEC meeting. Cant see output freeze happening.”
Gold – Playing into corrective theme of commodities, but moving lower in last few days. Overall, remains in a large rising channel..key level $1310-1300 area.
“I think Fed is unlikely to move rates in December.. so gold likely to continue moving higher” - Richard Perry
Silver – Breakdown in Silver on daily chart. 89-day moving average has been used as support on multiple occasions this year.
DAX – Strong dollar generally seen as negative for DAX.