Today, the focus is on the forecasts of investment banks, the forecast of a contraction in the UK economy, as well as the decision to reduce oil production.
Oil exporting countries agreed to reduce the production of black gold. Affects Brent
Norway may reduce oil production. Affects Brent
The UK Treasury Secretary Rishi Sunak expects a 30% decline in the economy. Affects FTSE 100
JP Morgan revises the forecast for US growth in a negative direction. Affects S&P 500
Federal Reserve Vice Chairman Richard Clarida said that the regulator has all the tools to avoid deflation. Affects USD
A report will be published on changes in weekly crude oil inventories according to the American Petroleum Institute. Any positive value will have a negative impact on the dynamics of oil prices.
As part of the OPEC+ agreement, there will be an additional reduction in production by 9.7 million barrels per day. On the one hand, oil companies can rejoice, as they have been able to avoid a deterioration in the market situation. On the other hand, the United States remained and a number of other exporters are in no hurry to support this decision.
The expected rise in oil prices did not follow. And such passivity of traders caused a backlash. The formed candlestick pin bar pattern was the first incentive. If quotes fall below 32, the likelihood of quotes returning to 26 will increase. In addition, investment bank Goldman Sachs forecast the continuation of the downtrend.
Basic altcoin index
The asset’s 4-hour timeframe adheres to the boundaries of the upward channel. Against this background, the trend of the asset may be volatile until quotes break through a boundary of the formation.
Further dynamics in precious metal trading will depend on the determination of traders to break through the strategic resistance level of 1700. If this plan is implemented, the price of gold will continue to grow.
Gold on this day in history
- Since 2000, Apr 14th has been a trading day 13 times.
- On 38% of those days, the asset finished trading with growth.
- The maximum strengthening range was 1.18%.
- The downward trend was limited to 1.47%.