#WTI:
The global oil-refining market is “incredibly squeezed,” with large stockpiles outweighing weak demand. China, which helped spur the recovery in energy demand, may not be strong enough on its own to drive global economic growth. Renewed restrictions on travel and social gatherings across Europe are having a chilling effect on demand for crude. This is a negative signal for the oil market. Talk that the Democrats in the U.S. House of Representatives were working on a $2.2 trillion COVID-19 stimulus package that could be voted on next week helped boost risk sentiment. This is a positive signal for the oil market.
Trading recommendation: range 38.90 - 41.74.
#SP500:
In the United States, M2 money supply renewed its all-time high and reached $ 18.7 trillion. Over the past week, the figure increased by $ 123.9 billion, against $ 112.2 billion a week earlier. The accelerated growth of the money supply will have a positive effect on the American stock market, since there is a relationship between the M2 indicator and the S&P500 index. Federal Reserve Chair Jerome Powell this week stressed the need for more fiscal stimulus, telling lawmakers that it could make the difference between continued recovery and a much slower economic slog.
Trading recommendation: Buy 3303 and take profit 3374.
XAUUSD:
Let us remind you of the precious metal pricing principle. Gold pricing, in addition to supply and demand for physical metal, is associated with the expected level of inflation and the expected level of interest rates in the United States. Gold theoretically has a constant value for paper money, so when money depreciates, the price of gold in dollars rises, which we observe this year. Now the real interest rate in the US is -1.05%. The longer-term outlook remains positive for gold as the global economic recovery will warrant more stimuli. This is a positive signal for gold!
Trading recommendation: Buy 1847 and take profit 1900.
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