Daily Market Analysis 06.09.2022: OIL

Instrument: OIL

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if price trades above 96.15 with take profit at 96.43
Bearish Preference: 
A Sell position is envisaged if price trades below price 95.14 with take profit at 94.94
No major fundamental

Gold prices recovered sharply from a six-week low on Tuesday as a worsening energy crisis in Europe drove up safe-haven demand, while copper extended gains on expectations of more Chinese stimulus measures. Spot gold jumped 0.5% to $1,718.95 an ounce, while gold futures were up 0.5% at $1,730.0 by 21:03 ET (01:03 GMT). Both instruments were recovering from a six-week low hit earlier in the month.

Analysis: SCRUM Team

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