Gold Market Wire
News, analysis and commentary for gold traders and investors
Crude Oil Market Update
Crude Oil Gaps Again - But Can it Close above $90/bbl ?
January 31, 2022 - (Gold Market Wire) - Another day, another gap higher in Crude Oil. All well and good - but can it actually close above $90.00/bbl Brent, especially at the all-important end of month? Today will be a highly indicative day.
As we head into the end of month, there is an aura of foreboding over the markets. Everyone is now expecting an equity market collapse, so the contrarians have shot back into the digital space. That expected fall is supposedly going to cause crude to fall, especially as even Ukraine is now wondering why the talk of war is being hyped non-stop. The truckers revolt in Canada has garnered massive popular support and the "Premier" is evidently in hiding. Uncertainty abounds. And, as we all know, the markets hate uncertainty.
There is confidence in Government - so Gold should be soaring - right? Wrong!
Gold is under real pressure now, and time is running out. A move below $1780 will be another shot to the body, and bring out the 'last' line of defence at $1760.
The markets are in real flux, and getting a grip on direction is getting more and more difficult. In such a situation, volatility should be rising...right? Wrong!
As it stands, about all we can see at this juncture is that the US dollar looks ready to move higher. The markets are getting harder and harder to trend, and harder and harder to trade. Perhaps the close today will give us some clarity.