Commodities Analysis by Fawad Razaqzada covering: Gold Spot US Dollar, Silver Spot US Dollar, Gold Futures, Silver Futures. Read Fawad Razaqzada's latest article on Investing.com
Middle East tensions stabilize as traders consider the potential impacts of the US presidential election on oil supply.prices rebounded more than 1% in the first half of Monday’s session. But after a 9% drop in the week before, the path of least resistance remains to the downside – especially while WTI remains below the long-term pivotal level of $70.00.
He has said that he wanted to be “a dictator for one day” to address two issues: “for drilling and for closing the border.” If Trump is elected, oil supply could increase further in the US, just as when the OPEC+ is expected to release some of its withheld supplies. This could only mean one thing: lower oil prices.Following last week’s reversal, crude oil remains rooted near its recent lows despite today’s decent bounce.
In terms of support levels to watch, there are at least three levels that come into focus now. The first one is $68.00, which has not been broken decisively in the last couple of years. Even if we have had a few breaches of this $68.00 level, the downside has been fairly limited, before prices have invariably rebounded.
Indeed, the underlying trend is bearish. Not only do we have lower highs in place, but the bearish trend line established since prices peaked in September 2023, coupled with falling 21- and 200-day moving averages, tell you all you need to know about the direction of the trend in a non-subjective way.
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