Oil Volatile, Gold Nears Key Resistance
2022.12.12 05:26
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Oil
have started the week with a lot of volatility. Two factors underpin the price of crude and . Firstly, Russia has threatened to punish the West for its price cap act.
Putin said on Friday that Russia could reduce its oil production significantly and that it will refuse to sell oil to any countries that will follow the rules set by the US and EU regarding the Russian oil cap.
The Saudi narrative on this matter is going to be crucial. Going forward, traders will keep a close eye on it. The Saudis will set the narrative.
Gold
prices are being challenged by the dominant , which is now controlling the narrative. As mentioned earlier, the US reading and the meeting will determine the price action.
For now, if the support at 1,800 turns into resistance, it will dictate prices going ahead.
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