Crude oil prices expected to be extra volatile on Monday due to OPEC and allies including Russia is scheduled to meet later in the day. The oil investors and traders across the globe waiting for the OPEC+ meeting decision to get a clear picture of the oil price long term direction.
In September, OPEC+ agreed to increase its output targets by 400,000 barrels per day in October and during this month the oil prices went up 9%, the biggest monthly gain since June.
Global stocks managed to start October and the fourth quarter with some nice gains. While the US stock futures are losing some ground in the premarket trading session on Monday as investors remain concerned that the Fed will soon announce the reduction of its asset purchase program.
Crude oil prices slightly reversed from the earlier gains and trading session low, with US oil futures falling to $75.50 a barrel and Brent crude to $79.45 a barrel.
In the currency market, the Euro slightly rebounded against the US dollar while the Canadian dollar holding the previous week gains are supported by higher oil prices.
The safe-haven metal trading was slightly lower on Monday as investors awaited key economic readings out of the United States this week. At the time of writing, the gold price trades below $1760.
Moving ahead today, the important events to watch:
Canada – Building permits: GMT – 12.30
US – Factory orders: GMT – 14.00
Worldwide, more than 232 million people have been confirmed infected and more than 4.7 million have died. The United States has confirmed over 43 million cases and has had more than 693,000 deaths from COVID-19, the highest totals in the world.
EURUSD: The currency pair holding the early session gains on Monday. For today, the currency pair should find near term support near 1.1560 whereas resistance levels could be 1.1640.
The important levels to watch for today: Support- 1.1580 and 1.1560 Resistance- 1.1620 and 1.1650.
GOLD: The precious metal trades above $1750. On the other side, if the metal break and close above $1766, the next level to watch $1770/72. On the flip side, the immediate support at $1747 followed by $1735.
The important levels to watch for today: Support- 1750 and 1744 Resistance- 1765 and 1772.
Quote of the day- “I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.” – Tom Basso.
Read more- https://gulfbrokers.com/en/daily-market-report-380