The bullish rally in the oil market! | 04 Tháng sáu 2021

#WTI:

Memorial Day marks the unofficial start of the peak U.S. summer driving season and the American Automobile Association expects as many as 37 million travelers for the occasion this year, up 60% from last year’s pandemic-suppressed number of 23 million. Those driving over the three-day stretch usually fill their tanks more than once, typically resulting in a boon for gasoline consumption. Bets over Memorial Day consumption also helped oil prices offset lingering concerns about a possible surfeit in supplies from Iran entering the market in coming months if Tehran succeeds in clinching a new nuclear deal with world powers that would lift U.S. sanctions on its crude exports.

Trading recommendation: Buy 65.70 and take profit 67.05.

#SP500:

The White House unveiled a $6 trillion budget proposal that would ramp up spending on infrastructure, education and combating climate change, arguing it makes good fiscal sense to invest now, when the cost of borrowing is cheap, and reduce deficits later. Biden's plan for fiscal year 2022 calls for $6.01 trillion in spending and $4.17 trillion in revenues, a 36.6% increase from 2019 outlays, before the coronavirus pandemic bumped up spending. It projects a $1.84 trillion deficit, a sharp decrease from the past two years because of the COVID-19 pandemic, but up from 2019's $984 billion. A positive factor for the US stock market!

Trading recommendation: Buy 4165 and take profit 4251.

XAUUSD:

U.S. Commerce Department report showed, that consumer prices accelerated 3.1% in the year to April, blowing past the Federal Reserve's 2% target and posting its largest annual gain since 1992 read more. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, also rose at a 11.3% annualized rate in the first quarter, positioning the economy for strong growth as rising vaccinations eases COVID-19 pandemic's grip. High inflation in the United States will have a positive impact on the value of gold. Investors traditionally consider gold as a means of protection against inflationary risks.

Trading recommendation: buy 1890 and take profit 1910.