fbpx

Forex Focus: Oil Prices Rise on US Fuel Demand Optimism


DXY

( Yesterday given Sell on rise around 104.00 first target done)

Sell around 103.550
Stop loss above 103.750
Target 103.350–103.150

XAUUSD

(Yesterday given Buy around 2780 first target done)

Buy on dip around 2771
Stop loss below 2560
Target 2780–2790

XAGUSD

Sell on rise around 33.65
Stop loss above 33.90
Target 33.40–33.15

USOIL

( Yesterday given Buy around 68.00 all target done)

Buy around 68.60
Stop loss below 68.80
Target 69.40–70.20

COPPER (HG1)

Buy around 4.3400
Stop loss below 4.3200
Target 4.3600–4.3800

NASDAQ

( Yesterday given Sell below 20700 all target done)

Sell around 20350
Stop loss above 20450
Target 20250–20150

S&P 500 E-Mini

( Yesterday given Buy around 5875 first target done)

Sell on rise around 5814
Stop loss above 5825
Target 5805–5995

Top Pick

NZDUSD

Buy around 0.59600
Stop loss below 0.59400
Target 0.59800–0.60000

Oil prices increased, driven by positive sentiment surrounding U.S. fuel demand. An unexpected decline in gasoline inventories and speculation that OPEC+ may delay a planned output increase contributed to the upward movement. Additionally, expanding manufacturing activity in China and ongoing diplomatic efforts for a ceasefire in the Middle East are influencing market dynamics, although geopolitical tensions seem to have a muted effect on oil prices.

Happy Trading!

Commodity Samachar Securities
We Decode the Language of the Markets

Also Read: What to expect in Great British Pound apost UK budget?

Recommended Read: Trader’s Guide: Could You Profit from 2024’s Silver and Gold Price Fluctuations?

Want Help On Your Trades ?

Chat with RM