Oil and gold are growing steadily
2023.01.18 09:45
Oil and gold are growing steadily
On Wednesday, oil prices are slightly higher than when they reached their peak earlier this month. The expectation of stronger growth in the world’s two largest economies is boosting demand, and this optimism is spreading to commodity markets as well as equity markets.
We would reach levels not seen since the beginning of November if we moved toward $90, indicating that traders are much more optimistic about the global economic outlook. Naturally, this is likely to fluctuate frequently unless we receive a consistent supply of reliable data, and earnings season may dampen sentiment.
After stalling just above $1,920, gold is accelerating once more. In recent years, the region between $1,880 and $1,920 has served as a significant support and resistance zone, and it appears to have slowed its ascent this time around as well.
However, the rally’s strong momentum suggests that the pause may only be brief. It could lead to additional profit-taking and possibly a correction if it fails to maintain that momentum during the most recent move higher.
More Gold and oil are gaining momentum
