EU Bullet Report | Could this be the beginning of an OIL and GOLD Trend?

  • Several FED members are expected to speak this week, while UK inflation figures for March are due later today.
  • Stocks: US stocks ended slightly lower yesterday as sentiment turned negative half an hour before the closing bell. DJIA and S&P 500 indices lost -0.12% and -0.27% respectively. The US earnings season was officially kicked off with aluminum producer Alcoa reporting earnings after market close. Australia and Asian stocks were higher after the close on Tuesday, led by Japanese Nikkei.
  • Oil and GOLD: Both OIL and GOLD enjoyed a significant day of gains yesterday which today though, shows signs of correction. WTI OIL traded as high as $40.73 before correcting to $40 levels. The meeting on the 17th of April in Qatar between OPEC producers and non-OPEC producers including Russia where they will discuss a production freeze, is on center stage as to the price of oil. GOLD staged a solid comeback yesterday and broke $1244 resistance confirming bullish momentum. The price approached $1260 Resistance levels before retreating to $1254 at time of writing. A Break of $1280 in the next few days could signal a renewed trend resumption.
  • Currencies: USDJPY recovered some losses of the past few weeks, with JPY losing a bit of strength on the back of receding risk aversion. GBPUSD gained significantly yesterday where the price rallied from 1.4110 to over 1.4250 without any reason. The rise in OIL has helped boost commodity currencies such as CAD and NOK as well as AUD and NZD.

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