Oil
The price of WTI crude oil continues to recover from recent lows, and it may attempt to gain additional upside momentum before the weekend.
Yesterday, OPEC presented its monthly report on the oil market. The growth rate of global oil demand in 2022 was lowered downward. Interestingly, this correction had no effect on oil prices, and it appears that some traders feel the global economic slowdown has already been priced in.
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Meanwhile, Brent oil is attempting to re-establish itself above the psychologically significant $100 threshold. Rising natural gas and coal costs underscore energy shortages and bolster oil markets materially. Before the weekend, oil prices may have a decent possibility of gaining additional upward momentum under the current conditions.
Gold
Gold prices remain stagnant near $1,800. Recent attempts to settle above this level failed, although there was no selling pressure.
Recent dollar weakness has offered substantial assistance for gold prices. The dynamics of the U.S. dollar will continue to be one of the primary drivers of gold.
Today, gold traders should monitor the U.S. Consumer Sentiment report, which could have an effect on DXY. It should be emphasized, however, that it is unclear whether gold is prepared for large price movements before the weekend.
Copper
The upward trend in copper markets continues to be robust. Copper is currently attempting to settle above the 50 EMA. Copper has a reasonable possibility of gaining substantial upward momentum if prices remain above the 50-day exponential moving average (EMA) and the relative strength index (RSI) maintains in the moderate region.
Interestingly, in recent weeks, fears of a recession had no effect on copper prices. After a huge panic, copper was oversold, and the market continues to recover.
