Weakened Dollar Raises Oil and Gold prices
Positive risk appetite alongside a weaker dollar compelled oil prices to edge higher. Meanwhile, both Brent and WTI are steady at the upper end of their ranges; no threat of a breakout can be seen.
Brent crude is at a resistance around $45.50, the lows of the past weeks of around $43.50 have now been turned into the key support. WTI sees the same resistance in the $43 area; the previous week’s lows of $41 is also now the WTI’s support.
The economic situation remains the same, global outlook is still at uncertain terrain with a new wave of coronavirus cases ravaging national economies, OPEC+ rendered the same employment cuts which had raised partial output in August, with the US falling behind and has not recovered since.
The matter stands that the value of gold had inched higher, now trading at around $1,958 earlier morning, owed to reprieve given by a weaker dollar. The greenback’s rebound greenback hampered gold recovery trade just as it was at the cusp of breaking into $2,000.