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Daily Gold & Oil Trading Signals & Market Forecast: March 13

Gold:

- Gold prices steady in Asian trade; previous tumble from record highs.

- Decline influenced by U.S. CPI data indicating persistently high inflation.

- High inflation dampens prospects for early Fed interest rate cuts.

- Gold impacted by profit-taking after recent surge.

- U.S. CPI data shifts focus to upcoming economic indicators.

- Higher interest rates diminish gold's appeal, affecting its safe-haven status.

- Dollar strength and rising U.S. Treasury yields also pressure gold.


Oil:

- Oil prices rise on strong global demand expectations.

- OPEC maintains strong oil demand growth forecast for 2024 and 2025.

- U.S. crude and fuel inventories reportedly fall.

- Fed rate cut expectations persist despite inflation concerns.

- Analysts anticipate Fed easing policy around June.

- U.S. crude inventory slide, OPEC growth forecasts bolster prices.

- Market unfazed by U.S. output increase and Russia drone attacks.

- Oil market balancing U.S. production increase with OPEC+ output cuts.




Gold & Oil Trading Signals

  XAU/USD (Gold)  WTI (CL-Oil)  BRENT CRUDE (UKOUSD)  


XAU/USD Gold, A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢 XAU/USD Gold

Trading Signal for XAU/USD (Gold)

  • Trade Direction: Sell

  • Entry Point: $2,160

  • Take Profit: TP1: $2,150, TP2: $2,140, TP3: $2,130

  • Stop Loss: $2,175 (just above the recent high)

  • Confidence Level: Moderate, based on the technical indicators and market sentiment.

Technical Analysis

  • Trend Analysis: The short-term trend appears to be bearish as prices are retreating from the record highs, indicating potential continuation of the downturn.

  • Key Levels:

  • Resistance: $2,175 (recent high)

  • Support: $2,150 (psychological level), $2,130 (next potential support area)

Technical Indicators

  • Bollinger Bands: The price has moved towards the lower band, which could indicate an oversold condition and a potential reversal or pause in the downtrend.

  • Ichimoku Cloud: The price is above the cloud, but showing signs of crossing below, which could be an early bearish signal.

  • ATR: 10.190, volatility is increasing which may lead to larger price movements.

  • MACD: The MACD line is below the signal line and descending, suggesting bearish momentum.

  • RSI: At 50.64, nearing the mid-level, indicating a loss of the previous bullish momentum.

Market Sentiment

  • General Sentiment: The sentiment appears to be bearish due to the sharp decline from recent highs, influenced by US CPI data and profit-taking.

  • Impact on Specific Asset: For Gold, the high inflation data is likely to continue weighing down as it diminishes the appeal of gold as a non-interest-bearing asset.

  • Notable Economic Events: Investors are now shifting focus to upcoming economic indicators which may induce further volatility.


An advertisement graphic for Vantage, a trading platform, offering a 50% deposit bonus to supersize trades. The visual features an isometric design with an oversized, three-dimensional arrow pointing upwards, indicating growth or increase. There are stacks of coins on the arrow, and a miniature office setup with a computer displaying charts, suggesting trading activity. A "claim now" button is included, highlighting the promotional offer. Trading risks and terms and conditions are noted at the bottom, alongside the VFSC registration number.



WTI Crude Oil, A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢 WTI Crude Oil (CL-Oil))

Trading Signal for WTI Crude Oil (WTI)

  • Trade Direction: Buy

  • Entry Point: $77.80

  • Take Profit: TP1: $78.30, TP2: $78.80, TP3: $79.30

  • Stop Loss: $77.30 (just below the pivot and ATR range)

  • Confidence Level: Moderate, based on the technical indicators and market sentiment.

Technical Analysis

  • Trend Analysis: The recent uptrend is taking a pause, with potential for continuation as market conditions remain supportive.

  • Key Levels:

  • Resistance: $78.73 (recent high)

  • Support: $77.34 (recent low)

Technical Indicators

  • Bollinger Bands: Price is trading near the middle band, indicating a neutral stance but with potential for an uptrend continuation.

  • Ichimoku Cloud: Price is above the cloud, indicating a bullish trend in the medium term.

  • ATR: 0.632, which is relatively low, suggesting smaller price movements and a more stable trend.

  • MACD: The MACD line is close to the signal line, indicating a lack of strong momentum in either direction.

  • RSI: At 50.09, the RSI is in neutral territory, which doesn't provide a strong directional bias.

Market Sentiment

  • General Sentiment: The sentiment is cautiously optimistic as oil prices rise on strong global demand expectations and OPEC maintains a positive outlook for demand growth.

  • Impact on Specific Asset: WTI is experiencing some bullish support from inventory declines and OPEC's growth forecasts.

  • Notable Economic Events: The market is balancing U.S. production increases with OPEC+ output cuts, and the focus on the Fed's policy in the coming months could introduce volatility.


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BRENT CRUDE (OKOUSD)  A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢BRENT CRUDE (UKOUSD)  

Trading Signal for Brent Crude Oil (UKOUSD)

  • Trade Direction: Buy

  • Entry Point: $83.00

  • Take Profit: TP1: $83.50, TP2: $84.00, TP3: $84.50

  • Stop Loss: $82.30 (below the daily pivot and recent swing low)

  • Confidence Level: Moderate, based on the technical indicators and market sentiment.

Technical Analysis

  • Trend Analysis: The trend for Brent oil has been sideways recently, with a potential bullish bias as it trades near the upper range of its recent price movement.

  • Key Levels:

  • Resistance: $84.00 (psychological level and recent high)

  • Support: $82.30 (daily pivot and near recent lows)

Technical Indicators

  • Bollinger Bands: The price is hovering around the middle Bollinger Band, suggesting a neutral market but with a possible breakout to the upside.

  • Ichimoku Cloud: The price is above the cloud, indicating a potential bullish trend in the medium term.

  • ATR: 0.608, indicating low volatility and potentially steadier price movements.

  • MACD: The MACD line is close to crossing above the signal line, which could suggest an upcoming bullish momentum.

  • RSI: At 49.66, the RSI is just below the midpoint, suggesting that there is room for an upward price movement before the asset becomes overbought.

Market Sentiment

  • General Sentiment: The sentiment in the oil market is cautiously optimistic, with prices stabilizing and demand forecasts remaining strong.

  • Impact on Specific Asset: Brent crude is finding support from the global demand outlook and OPEC’s positive forecast, as well as inventory reports.

  • Notable Economic Events: The markets will be closely watching central bank actions, particularly those of the Fed, which could influence the strength of the dollar and commodity prices.

 

Disclaimer: These Gold & Oil Trading Signals are based on the current charts and market conditions. Always conduct your own analysis and consider risk management strategies before entering any trade. Markets are dynamic, and conditions can change rapidly.



As with all investments, your capital is at risk. Investments can fall and rise and you may get back less than you invested.

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