#WTI:
Energy traders are pushing crude prices higher in anticipation of disruptions in output in the Gulf of Mexico and on growing expectations OPEC+ might resist raising output given the recent Delta variant impact over crude demand. Oil producers have shut-in 59% of Gulf of Mexico crude production as the ninth-named storm of the season barreled towards the key U.S. offshore oilfields, according to the Bureau of Safety and Environmental Enforcement. U.S. oil and gas companies raced to complete evacuations from offshore Gulf of Mexico platforms before Hurricane Ida slams into Louisiana as a major storm early week.
Trading recommendation: Buy 68.01 and take profit 70.00.
#SP500:
U.S. Treasury yields fell after Federal Reserve Chair Jerome Powell gave no new hints on when the U.S. central bank is likely to begin paring bond purchases, leading investors to assume a taper is unlikely until later in the year. The U.S. economy making progress toward the Fed's benchmarks for reducing pandemic-era emergency programs, but Powell stopped short of signaling the timing for any policy shift. Five-year note yields, which are more sensitive to intermediate interest rate hikes fell to 0.80%, and are down from a more than seven-week high of 0.86%.This is a positive signal for the US stock market.
Trading recommendation: Buy 4476 and take profit 4529.
XAUUSD:
In remarks to the annual Jackson Hole economic conference, Powell indicated the Fed will remain cautious in any eventual decision to raise interest rates as it tries to nurse the economy to full employment, saying he wants to avoid chasing “transitory” inflation and potentially discouraging job growth in the process - a defense in effect of the new approach to Fed policy he introduced a year ago. The further spread of the Delta variant” of the coronavirus, Powell noted, raising risks that would need to be evaluated as the debate over the bond-buying “taper” continues ahead of the Fed’s Sept. 21-22 policy meeting. This is a negative signal for the dollar and a positive one for gold, since the assets have an inverse correlation.
Trading recommendation: buy 1809.30 and take profit 1833.10.
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