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Silver Rally Short-Lived? Crude Higher today.

   

Welcome to this week’s Market Blast Fundamentals where we will take a look at GBPUSD, USDCAD, Brent Crude (UK Oil), WTI (US Oil), Gold (XAUUSD) and Silver (XAGUSD).

 

A frenzy of retail trading has driven the price of Silver to open with a gap to the upside at almost $29.Screenshot 2021-02-01 at 11.26.39

We had a recent high 6 months ago at almost $30 and we need to zoom out to the monthly charts to see higher prices from 9 and 10 years ago.

We expect the rally to be short-lived so be careful as many investors in physical silver and ETFs may decide to take profit driving prices lower.

The question is “when?”Screenshot 2021-02-01 at 11.26.50

Gold also opened with a gap based on this activity in silver and geo-political disruptions in Myanmar but it is still trading within the current range.

If you want to know more about this and other instruments, don’t forget to check out our Blog on the January review and there is a link below and a link at the end of this video.

https://www.valutrades.com/en/blog/market-recap-january-2021

In that blog we talked about OPEC production cuts and it looks like oil producing nations are following the guidelines and we see the price of both Brent Crude and WTI up today and we will look at this in tomorrow’s video.Screenshot 2021-02-01 at 11.27.07

This, of course, is helping the Canadian Dollar.Screenshot 2021-02-01 at 11.27.26

Pound strength is continuing against all except the Canadian Dollar as the UK is making great progress with their COVID Vaccine plans, contrary to other nations.

But watch out for Thursday’s Interest Rate decision and speeches by Andrew Bailey this week.

In fact, every major economy has economic events this week so watch for volatility.

Thanks for watching and don’t forget to subscribe to our YouTube Channel and register on the Valutrades website to get notifications on new content as it happens.

That’s all for now.  Happy trading with Valutrades and we will see you tomorrow.

CFDs and FX are leveraged products and your capital may be at risk.

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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