{"id":16648,"date":"2020-08-06T07:34:27","date_gmt":"2020-08-06T05:34:27","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=16648\/"},"modified":"2020-08-06T07:34:27","modified_gmt":"2020-08-06T05:34:27","slug":"black-gold-goes-for-50","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/black-gold-goes-for-50\/","title":{"rendered":"Black gold goes for $50!"},"content":{"rendered":"\n\n\n
\n

Gold<\/span>\u00a0 2045,26
\n(+0,38%<\/span>)<\/h4>\n<\/th>\n

\n

EURUSD<\/span>\u00a0 \u00a01,1881
\n( +0,13%<\/span>)<\/h4>\n<\/th>\n

\n

DJIA<\/span>\u00a0 27122,50
\n(+0,28%<\/span>)<\/h4>\n<\/th>\n

\n

OIL.WTI<\/span>\u00a0 42,19
\n(+0%<\/span>)<\/h4>\n<\/th>\n

\n

DAX<\/span>\u00a0 \u00a012621,04
\n(+0,01%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n

At the beginning of the trading session on Wednesday, oil quotations rose sharply. Maximum daily candlestick touched the 200-day moving average. Then speculators got scared and allowed a small pullback by the end of the trading session. Let’s find out what’s going on with black gold.<\/p>\n


\nOIL.WTI<\/strong><\/p>\n

\"OIL.WTI\"<\/p>\n

Commercial oil reserves in the U.S. fell by 7.3 million barrels last week, according to the U.S. Department of Energy weekly report. Experts interviewed by Bloomberg expected oil reserves to decline by only 3.4 mn barrels.
\nOn the other hand, the US stock market showed another confident day of growth, also pushing the demand for black gold. Speculators waited for the optimal point to break through the range of the last 2 months and break the bear’s footprint.
\nHopes for a faster recovery of the world economy make some experts talk about the price of $50 per barrel by this autumn. We believe that such expectations are still unfounded. On the one hand, the holiday season will end in autumn, which is currently increasing the demand for fuel. On the other hand, a second, even more powerful wave of coronavirus may come in autumn.<\/p>\n


\nGold
\n<\/strong><\/p>\n

Breaking through the $2,000 per troy ounce on Tuesday, the gold doesn’t think to stop. On Wednesday, the yellow metal successfully withdrew its stops at the level of 2050$. It is logical to assume that the level of $2100 will be taken in the coming days. Moreover, it will not be the new buyers of gold who will be to blame, but rather the sellers of derivatives, who panically liquidate their positions.<\/p>\n


\nIndices
\n<\/strong><\/p>\n

The ISM Manufacturing Index for July came out much better than expected. This is exactly what we wrote about last week. The U.S. economy is falling very fast, but it is also starting to grow rapidly. Positive news pushed the S&P 500 index by another 1%. Although August is considered to be not a good month for buying stocks, this particular month is likely to be an exception. And we will see another historic high on the S&P 500.<\/p>\n


\nWhat’s waiting for us today?<\/strong><\/p>\n

08:00 Bank of England decision on interest rate
\n08:00 Minutes of the meeting of the Bank of England at the interest rate
\n13:30 Speech by the Governor of the Bank of England, E. Bailey.<\/p>\n

\n

Important Notes on This Publication: <\/small><\/p>\n

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold\u00a0 2045,26 (+0,38%) EURUSD\u00a0 \u00a01,1881 ( +0,13%) DJIA\u00a0 27122,50 (+0,28%) OIL.WTI\u00a0 42,19 (+0%) DAX\u00a0 \u00a012621,04 (+0,01%) At the beginning of the trading session on Wednesday, oil quotations rose sharply. Maximum…<\/p>\n","protected":false},"author":37,"featured_media":13158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-16648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nBlack gold goes for $50! | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"At the beginning of the trading session on Wednesday, oil quotations rose sharply.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bernstein-bank.com\/en\/black-gold-goes-for-50\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Black gold goes for $50! | Bernstein Bank\" \/>\n<meta property=\"og:description\" content=\"At the beginning of the trading session on Wednesday, oil quotations rose sharply.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bernstein-bank.com\/en\/black-gold-goes-for-50\/\" \/>\n<meta property=\"og:site_name\" content=\"Bernstein Bank\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-06T05:34:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2019\/10\/morning-news.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"455\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Wordpress Support\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Wordpress Support\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bernstein-bank.com\/en\/black-gold-goes-for-50\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bernstein-bank.com\/en\/black-gold-goes-for-50\/\"},\"author\":{\"name\":\"Wordpress Support\",\"@id\":\"https:\/\/bernstein-bank.com\/en\/#\/schema\/person\/f2be4e4423d78d9d97bf1e9a8db9fd48\"},\"headline\":\"Black gold goes for $50!\",\"datePublished\":\"2020-08-06T05:34:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bernstein-bank.com\/en\/black-gold-goes-for-50\/\"},\"wordCount\":576,\"image\":{\"@id\":\"https:\/\/bernstein-bank.com\/en\/black-gold-goes-for-50\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2019\/10\/morning-news.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"ENH\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bernstein-bank.com\/en\/black-gold-goes-for-50\/\",\"url\":\"https:\/\/bernstein-bank.com\/en\/black-gold-goes-for-50\/\",\"name\":\"Black gold goes for $50! 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