Analyst
Bullish Preference: Buy position is envisaged if price trades above 72.03 with take profit at 72.40.
Bearish Preference: Sell position is envisaged if price trades below 71.06 with take profit at 70.63.
Crude Oil Inventories 4:00 PM
Comment: Oil prices rose for a third day on Thursday on expectations of a surge in fuel demand later this year, particularly in the United States and Europe and China, at the same time major producers are maintaining supply discipline. The consensus among market forecasters, including the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, is that oil demand will exceed supply in the second half of 2021, which has spurred the recent run.
Bullish Preference: Buy position is envisaged if price trades above 1899.84 with take profit at 1902.45.
Bearish Preference: Sell position is envisaged if price trades below 1891.08 with take profit at 1889.06.
ISM Services PMI (USD) 3:00 PM
Comment: Gold was down on Thursday morning in Asia, but remained near five-year highs. investors digested China’s Caixin services economic data and now await key U.S. economic data to further gauge the economic outlook. The dollar, which usually moves inversely to gold, inched up on Wednesday and the benchmark 10-year U.S. Treasury yield slipped below 1.60%.
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