Oil and gold are growing on the head start of geopolitical risks
2022.11.16 03:16
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Oil
Budrigannews.com – Energy traders have digested another round of economic data to support the idea that the Fed could still provide a soft landing, and oil prices remain volatile as stockpiles remain near 18-year lows. Earlier, crude oil fell due to Beijing suffering from a surge in COVID cases. Also keeping the oil market on edge is the proposed price cap for Russian crude oil. Some analysts expect a gradual decline in Russian production, but they will not find it until next month.
Oil rose after reports that the Dolziba pipeline was halting oil deliveries from Russia. The rise in oil prices widened after reports that 2 Russian missiles hit Poland, killing 2 people.
Gold
Prices are holding steady as Wall Street seems to be waiting to see if it continues to fall. Gold has benefited from some soft inflation reports, but now it looks like it will have to wait a while to see if that trend continues.
Gold has great resistance at the m1800 level, but this may be difficult to reach unless we see a big move.
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