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Oil competes with gold in delivering gains for traders

Technical Analysis
By Mostafa Mahmoud
Oil competes with gold in delivering gains for traders
0 7

USOIL

النفط

Oil is trading below the resistance level of $70.50, and this area is likely to limit the pace of the upward movement during today’s trading.

Support

 69.10 68.15 66.50
Resistance 70.50 71.40

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Crude oil prices saw a significant upward movement, rising sharply due to the convergence of several factors. First, the increase in global demand for oil supported prices, especially with the improvement in economic activity in major markets such as China and the United States. Second, concerns about oil supply eased, as the OPEC+ alliance succeeded in maintaining balance between production and demand through decisions to reduce or stabilize production levels, which helped alleviate pressure on the markets.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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