#WTI:
The delay in freeing the ship stuck on the Suez Canal boosted oil. The task of re-floating the 200,000-ton container ship called Ever Given, which is still firmly wedged across the vital maritime trade route, will require about a week of work and potentially longer. The fear now is that the Suez incident will exacerbate Europe’s logistical challenges. Of the 39.2 million barrels per day of total seaborne trade in crude in 2020, 1.74 million bpd went through the Suez Canal, according to tanker tracking firm Kpler. Additionally, 1.54 million bpd of refined oil products such as gasoline and diesel fuel flow through the canal, about 9% of global seaborne product trade, Kpler said.
Trading recommendation: buy 59.10 and take profit 62.00.
#SP500:
The United States has administered 136,684,688 doses of COVID-19 vaccines the U.S. Centers for Disease Control and Prevention said. The agency said 89,559,225 people have received at least one dose, while 48,695,172 people were fully vaccinated. The U.S. outlook got a boost after President Joe Biden doubled the goal for vaccinations in his first 100 days in office to 200 million. The US administration is preparing two more fiscal stimulus packages. The total size of the two packages could be $3 trillion. This is a positive signal for the stock market!
Trading recommendation: Buy 3918 and take profit 3989.
XAUUSD:
Gold prices are looking vulnerable as Treasury yields continue to push higher. There is a historical connection on the market between the yield of US 10-year Treasury bonds and gold. Gold gets cheaper in periods when the yield of the bonds is bigger than inflation in the US. If in the summer, when gold set a historical maximum, the yield on bonds was 0.7% less than inflation, now the indicator is 0.1% higher than inflation. The investors begin to sell the precious metal waiting for the yield of bonds to grow.
Trading recommendation: sell 1750.50 and take profit 1711.47.
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