Massive Price Declines As U.S. – China Trade War Continues
Nomsa Ndlovu | Jul 12, 2018 09:27AM ET
Crude Oil WT
Yesterday the price of oil had a massive drop following the news that Libya plans to resume with exporting oil. This massive on day drop last took place a long time ago. Price even reached 72.94 (which is a support level) from 78.26, now that was a huge drop in price. The US – China trade tensions also have an impact in the oil price. Currently price is trying to regain strength as it is sitting at 74.56. Since price reached a support level and is busy pulling back from it, it might continue decreasing. If price goes past the support level 72.94, then price might fall towards the support level at 70.34.
For any positions it is best to wait for a signal before executing anything. One can wait for price to go past the support level at 70.34.
Gold
The gold price fell back to its 7 month low as it was predicted yesterday. Price decreased from 1251.24 to 1242.73 at a support level. Currently, the price is sitting at 1243.86 and there is a chance that it might continue falling. If price goes past the support level 1242.73, it will continue decreasing towards the support level at 1212.02. As long as the dollar continues getting stronger, gold might continue falling due to a decrease in demand of the metal. Price might actually look to create a new lower low and continue in its downtrend.
Platinum
Platinum price continued to decrease as it reached 825.0 yesterday. At the moment price is sitting at 828.9 and it might continue decreasing towards its 10 years low again. The 10 years low is at the support level at 811.2 and price was sitting there two weeks back before having a small pull back. Price is actually falling towards that level again.
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