Does the Middle East drive the Oil?
By: Ahura Chalki
In the last months, several times Iranian have threatened that if they cannot export the Oil, nobody else can, especially from the “Hormuz” strait in the Persian Gulf. Whatever we saw in the last two-three weeks, starting from Tanker explosions and ending (For now) with shooting down U.S. surveillance drone by Iranian made the tensions as much as it is possible. All those happened while we can see some movements in Stock markets and getting some hopes back to the markets, which brings more buyers and for sure raising the prices as well. Gold tested $57.72, the highest price of the month, overnight, now trading around $56.80 with some corrections.
From the technical side, indicators remain of bearish in the H1 charts. H4 charts RSI and Stochastic still showing positive signs where the price also got back above 200-Period MA.
Pivot point: 56.47
Resistance levels: 58.60 / 59.43
Support levels: 55.60 / 53.51
The expected trading range for today is between 55.60 support and 58.60 resistance.
The analyses here are just an Idea and no investment consulting. Invest in the Financial market has a high level of risk. In case if you are looking for a personal investment read this PAGE