Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Commodities

WTI drops to near $77.50 as US PCE, OPEC+ meeting loom

Source Fxstreet

WTI price lost ground ahead of the US PCE on Friday.
OPEC is expected to maintain supply cuts of 2.2 million barrels per day on June 2.
EIA Crude Oil Stocks Change declined by 4.156 million barrels in the previous week, against the expected 1.900 million-barrel draw.

West Texas Intermediate (WTI) crude Oil continues its losing streak for the third consecutive day, trading around $77.50 per barrel during the Asian session on Friday. Traders are likely awaiting the upcoming meeting of the Organization of the Petroleum Exporting Countries and its allies, including Russia (OPEC ), scheduled for June 2. OPEC will begin a series of online meetings at 1100 GMT on Sunday.

According to Reuters, three sources familiar with OPEC discussions indicated on Thursday that the group is working on a complex deal to be agreed upon at its meeting on Sunday. This deal will potentially allow OPEC to extend some of its deep Oil production cuts into 2025.

The hawkish remarks from Federal Reserve (Fed) officials have raised concerns about potential rate hikes. Higher interest rates are negatively impacting the US economic outlook, which dampens the demand of the crude Oil.

The US Energy Information Administration (EIA) released its Oil stockpiles report, indicating that US crude inventories declined by 4.156 million barrels in the week ending on May 24. This figure exceeded expectations for a draw of 1.900 million barrels.

On Thursday, Dallas Fed President Lorie Logan expressed continued concerns about upside risks to inflation despite recent easing. Logan warned that the Federal Reserve needs to remain flexible and keep "all options on the table" as it monitors data and determines how to respond, according to Reuters. Additionally, Bloomberg reported on Wednesday that Atlanta Fed President Raphael Bostic stated the path to 2% inflation is not guaranteed and highlighted the significant breadth of price gains.

The US Dollar (USD) bounces back as investors brace for the release of the Federal Reserve's preferred inflation measure, the Core Personal Consumption Expenditures (PCE) Price Index, scheduled for Friday. However, the decrease in US Treasury yields might restrain the USD's gains. This could, in turn, bolster Oil demand as it becomes more affordable for purchasing countries with alternative currencies.

XAG/USD

Overview
Today last price	30.92
Today Daily Change	-0.25
Today Daily Change %	-0.80
Today daily open	31.17

Trends
Daily SMA20	29.74
Daily SMA50	28.02
Daily SMA100	25.62
Daily SMA200	24.46

Levels
Previous Daily High	32.1
Previous Daily Low	31.01
Previous Weekly High	32.51
Previous Weekly Low	30.05
Previous Monthly High	29.8
Previous Monthly Low	24.75
Daily Fibonacci 38.2%	31.43
Daily Fibonacci 61.8%	31.68
Daily Pivot Point S1	30.75
Daily Pivot Point S2	30.34
Daily Pivot Point S3	29.66
Daily Pivot Point R1	31.84
Daily Pivot Point R2	32.51
Daily Pivot Point R3	32.93

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Gold falls below $4,300 as higher US yields bolster Fed rate hike bets Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

Author FXStreet

Yesterday 01: 23

Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

【Daily Brief】10-year Treasury yield briefly tops 5%, S&P 500 slips to 7,602 and the dollar firms at 99.3 as the Fed's decision eve begins The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Author Irene Q.

Yesterday 08: 16

The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

5 hours ago

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

5 hours ago

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Related Instrument