#WTI:
Oil demand from China has been one of the few bright spots for a global petroleum industry severely impacted by a long-term global supply glut and the economic fallout from the COVID-19 pandemic. The world’s second-largest economy hunger for energy keeps growing despite the global COVID-19 pandemic and a resultant sharp decline in global economic activity during 2020. Data from China’s General Administration of Customs show oil imports for January to December 2020 grew by 9.1% year over year to an average of 13.5 million barrels daily. We are expecting a bullish rally in the oil market in the new five-day period.
Trading recommendation: Buy 48.50 and take profit 50.00.
#HSI:
China's factory activity expanded in December as hot export demand fueled a recovery in the world's second-largest economy from the coronavirus slump, although higher labour and transport costs slowed the pace of growth. China's vast industrial sector has staged an impressive recovery from the COVID-19 shock thanks to surprisingly strong exports. The economy is expected to expand around 2% for the full year - the weakest pace in over three decades but much stronger than other major economies still struggling to contain infections.
Trading recommendation: Buy 27150 and take profit 27500.
XAUUSD:
According to the Federal Reserve, the M2 money supply in the United States has renewed its all-time high and reached $19.29 trillion. The indicator increased by $70 billion, against $299 billion a week earlier. The growth rate of the money supply has been accelerating for the third week in a row. The growth rate has renewed its historical maximum and is 26% y/y. This is a negative signal for the US currency and a positive signal for the precious metal. The Federal Reserve will buy $26.3 billion in Treasury bonds on this week. Thus, the financial system will receive just over $26 billion, which will support the precious metal market.
Trading recommendation: Buy 1910 and take profit 1930.
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