#WTI:
We are expecting a bullish rally in the oil market in the new five-day period. President of Russia, in a meeting with Russia’s oil-industry bosses, said trimming global oil production by about 10 million barrels from first-quarter levels is possible. That figure was first mentioned by Trump, as he called for a coordinated effort. This is positive news for the oil market! International Energy Agency head Fatih Birol said Saudi Arabia should organize a G20 meeting to address the glut. A deal with non-OPEC+ nations including the U.S. would set a historic precedent.
Trading recommendation: Buy 29.10 and take profit 30.30
#SP500:
The Federal Reserve implements this week a temporary repurchase agreement facility for foreign and international monetary authorities to help support the smooth functioning of financial markets, including the U.S. Treasury market. The Federal Reserve provides U.S. dollar-denominated banking services to FIMA account holders in support of Federal Reserve objectives. The FIMA Repo Facility, which adds to the range of services the Federal Reserve provides, will be available beginning April 6 and will continue for at least 6 months. This factor reduces the demand for the dollar and will have a positive impact on the value of the stock market.
Trading recommendation: Buy 2555 and take profit 2641
XAUUSD:
Negative macroeconomic statistics from the United States will have a positive impact on the price of gold. Gold and the U.S. dollar have an inverse correlation. This is the basic instrument of fundamental analysis. The Institute for Supply Management said on Friday its non-manufacturing activity index fell to a reading of 52.5 last month, the lowest since August 2016, from 57.3 in February. The ISM reported on Wednesday that manufacturing activity contracted in March, with new orders received by factories tumbling to an 11-year low. The ISM survey's measure of new orders for the services industry fell to a reading of 52.9 in March, the lowest since August 2016.
Trading recommendation: Buy 1625 and take profit 1644.
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