#SP500:
We are expecting the bullish rally in the U.S. stock market to continue. The retail sales rose 0.3% in January. Auto sales rebounded 0.2% after slumping 1.7% in December. Sales at building material stores jumped 2.1%, the most since last August. Sales at restaurants and bars increased 1.2%. Spending at hobby, musical instrument and book stores edged up 0.1%. Core retail sales correspond most closely with the consumer spending component of gross domestic product. The people's Bank of China lowered the loan rate. The rate on loans for a year under MLF will be reduced to 3.15% from 3.25%. This is a positive signal for stock markets!
Trading recommendation: Buy 3382 and take profit 3408
#BRENT:
Good and bad news for the oil market. OPEC+ emergency meeting on the virus faded. Saudi Arabia hasn’t given up on its push for the gathering this month, OPEC and its allies are likely to stick with a scheduled meeting in March after Russia balked at the idea. Russia has resisted Saudi Arabia’s efforts for a swift response to the virus, even after an OPEC+ committee recommended additional collective cutbacks of 600,000 barrels a day — on top of the 2.1 million already being made. This is a negative factor for oil! China, Hong Kong and Singapore have pledged extra fiscal stimulus to counter the economic hit from the deadly coronavirus, with Beijing considering measures such as lowering corporate taxes. This is a positive factor for oil!
Trading recommendation: range 56.40 -58.05
XAUUSD:
A bullish rally in stock markets will have a negative impact on the price of gold. We are expecting the development of a downward trend in the precious metals market. China offered more funding to banks and cut the interest rate it charges for the money to cushion its economy. Singapore has also promised a “strong” package of budget measures and central banks in the Philippines, Thailand and Malaysia have cut interest rates as Asian economies grapple with the virus-induced slowdown. This is a negative signal for gold!
Trading recommendation: Sell 1588 and take profit 1577
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