Another year and another lesson learned. As a day trader navigating the fast-paced and volatile world of financial markets, one crucial lesson stands out above the rest in 2023: mastering risk aversion.
Gold enjoyed a rally toward the $2050/Oz mark before facing some selling pressure as Fed rate cut expectations continue to sway back and forth. PCE data later in the week could prove key to where Gold prices end the week.
Cable faced selling pressure today thanks to a revival in the US Dollars haven appeal. Looking ahead and developments around the US Dollar is likely to be the major driving force of GBPUSD for the rest of the week.
Oil prices failed at a technical hurdle today as the OPEC+ meeting failed to convince. Despite announcing around 2 million bpd cuts for Q1 2024 market participants were expecting more as Global Markets continue to flash signs of a slowdown.
Oil prices continue to advance as news filtered through regarding the possibility of additional cuts by OPEC+ at tomorrow's meeting. News remains murky but market participants are running with it. Can an OPEC+ cut push WTI back above the $80 mark?