Today, the focus is on the collapse of the S&P 500, the closure of US borders to Europeans, as well as the reduction in oil prices by Iraq and Kuwait.
S&P 500 trading was stopped due to reaching the collapse limit. Affects Gold
Donald Trump closes the US borders to those from Europe. Affects EUR
The ECB kept the key rate unchanged, but announced the buildup of other economic incentives. Affects EUR
The United States recorded a sharp drop in producer price index. Affects USD
Following Saudi Arabia, Iraq and Kuwait announced declines in oil prices. Affects Brent
A report on the number of active oil derricks in the US will be published by Baker Hughes. A past report showed a total of 793 units. If the updated information shows growth, Brent quotes may decline.
Hard times for the oil market continue. The cost of raw materials fell sharply again after Trump actually closed the US borders for Europeans. However, this is just an excuse. The real reason still lies in the lack of coordination of countries exporting raw materials, as well as the slowdown in the global economy due to coronavirus. The situation could be saved by China, which is probably the first to recover from the epidemic.
A technical view of the situation indicates that the trend will continue downward until the asset reaches the range of 30-32, or the RSI enters the oversold zone on the 4-hour timeframe.
Bitcoin broke through the support level of 6500. In fact, the road to 4000 opened up for the asset.
Gold behaves quite atypical. The price of the precious metal is falling, despite the situation in the world. The situation for gold will worsen if quotes break the support level of 1500.
Gold on this day in history
- Since 2000, Mar. 13th has been a trading day 15 times.
- On 53% of those days, the asset finished trading with growth.
- The maximum strengthening range was 1.2%.
- The downward trend was limited to 3.27%.