XAUUSD:
We are expecting the development of a bullish trend in the precious metals market! Speculators increased their net short dollar position in the latest week, according to calculations by U.S. Commodity Futures Trading Commission data released on Friday, the largest bearish position since April 2018. The value of the net short dollar position rose to $16.83 billion in the week ended June 23, compared with a net short of $15.69 billion the previous week, CFTC reported. This is a positive signal for gold, since the precious metal has an inverse correlation with the dollar.
Trading recommendation: Buy 1765 and take profit 1785
#WTI:
The U.S. Energy Information Administration, in its weekly update said crude output was estimated at 11 million barrels per day for the week ended June 19, versus 10.5 million bpd in the previous week. It was the first rise in U.S. production in 13 weeks. It comes after a 20% drop in output that followed the demand destruction for fuel caused by the COVID-19 pandemic, after the record highs of 13.1 million bpd set in mid-March. The outlook for a global economic recovery has worsened. Globally, India, South Korea, United States and New Zealand have all reported higher incidences of the Covid-19 in recent weeks. This is a negative signal for oil prices.
Trading recommendation: Sell 38.20 and take profit 37.00
#SP500:
Good and bad news for the stock market. Hong Kong will be in the Chinese parliament's sights when it meets on June 28-30 to finalise a security law aimed at tackling separatism, subversion, terrorism and collusion with foreign forces. Geopolitical tensions between the United States and China have a negative impact on the value of corporate shares. The Trump administration plans to publicly release details about COVID-19 relief loans for small businesses by the end of week after reversing its position on withholding the data. This is a positive signal for the stock market.
Trading recommendation: range 2980 -3110.
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