09/05/2023 Evening Reports
*The Minister of Energy of the United Arab Emirates stated that they are not worried in the oil market for the short term and that they can balance the supply/demand relationship. There are still concerns for the long term, so it is said that there may be an increase in capacity.
The oil market continues to be priced cautiously before the US April inflation, which will be announced tomorrow and is very important for the FED’s June meeting.
* ECB members made statements during the day that inflation is very persistent and sticky, and therefore interest rates should be continued and interest rates should remain at higher levels for a while.
*We will follow the critical April inflation data coming from the USA tomorrow. The fact that the data is different from the expectations may increase the volatility on the commodity and bond side, especially on the Dollar index.
*This week, we would also like to remind you that the Chinese inflation and UK interest rate decision will come on Thursday.
While the EURUSD parity fell below 1.10 to 1.0950 today, Ounce Gold 2025 and US 10-year bond interest are at 3.51%.
EURUSD – Pullbacks Approach Fibonacci 50 Level…
The pullbacks that started at the level of 1.1053 in the euro-dollar parity continue to be effective. While the instant pricing continues around 1.0960, it is close to the fibonacci 50 level. In the continuation of the pullbacks, the 1.0948 level, which coincides with the Fibonacci 50 level, and then the 1.0935 level can form support. On the upside pricing, the 1.0972 level may form resistance.
Crude – Priced Around 72.40…
The downtrend, which came from the level of 83.34 in the crude oil chart that we watched in 4-hour periods, was tested again at the level of 73.68. Reactions from this level and slight pullbacks show their effect. Pricing is in the range of 72.14 / 73.12. In the continuation of the pullbacks, 72.14 and 71.35 levels can form support, respectively. In upward pricing, 73.12 level can be followed as resistance.
GAUTRY– The Uptrend From 1239 Level Continues…
Gram gold TL continues to adapt to the uptrend from 1239 and tests the resistance at 1272.55. In the chart we watch in the 4-hour period, instant pricing is above the moving average. In the continuation of the rises, the 1281.38 level can be followed as resistance. In retracements, the trend line can form support. If the trend line is broken down, the level of 1263.74 may come to the fore and create support.
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