Analytics, News, and Forecasts for CFD Markets: raw news — 11-08-2021.

FXStreet notes that gold’s spike lower has exhausted ahead of the March lows at $1679/$1677 but strategists at Commerzbank favour some consolidation/recovery as the sell-off has not damaged the underlying long term bull trend.

“Gold saw a massive spike lower and has sold off to the March lows at $1679/$1677, which are currently holding. This is reinforced by the $1670 June 2020 low.”

“The slide lower took out the 2019-2021 uptrend line, which was damaging but has not done enough to tip the market into bearish territory and for now we believe the move lower was exhaustive and favour some near-term consolidation and recovery.”

“Rallies will find initial resistance at the June low at $1750 and face tough resistance now above $1804 and $1834 (100 and 200-day ma and the mid-July high.”

“We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices,” National Security Advisor Jake Sullivan said in the statement obtained by CNBC. “Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery.”

According to CNBC, the Administration of the U.S. president also calls on the Federal Trade Commission (FTC) to “monitor the U.S. gasoline market” and “address any illegal conduct that might be contributing to price increases for consumers at the pump.” The letter from the National Economic Council (NEC) to the FTC urges the regulator to look into the factors contributing to the gain in gas prices in an effort to ensure that consumers aren’t footing an unfair bill. 

“With its suite of tools to monitor industry prices, review merger-and-acquisition activity, conduct market studies, and investigate market manipulation and anti-competitive practices, the FTC is well placed to lead the effort to evaluate what is happening in the U.S. gasoline market and take any necessary steps to address illegal conduct,” the letter said.

FXStreet reports that strategists at Credit Suisse warn of a deeper fall in the price of Brent crude oil on a break below the $67.44 July low.

“Below the $67.44 July low would warn of a more serious break lower, for a move to $64.57 next, with scope for the 200-day average at $62.40, with buyers then expected here.”

“Above $72.43 is needed to ease the pressure off the $67.44 July low for a recovery back to the top of the range at $75.78/77.84.” 

“Weekly RSI momentum holds a top and a bearish divergence, increasing the risk for a top in the market also.”