#WTI:
According to the Bureau of Safety and Environmental Enforcement, just about 40% of manned platforms in the U.S. Gulf of Mexico remained shuttered. More than 80% of oil production and 60% of gas stopped in the Gulf of Mexico due to the impending Hurricane Laura, which was assigned category 4 (total categories 5). This event will have a positive impact on oil prices. The storm also scored a near-direct hit on Lake Charles in Louisiana where Citgo’s 769,000 barrels-per-day refinery is located. The refiner said all its employees were safe and damage was being assessed.
Trading recommendation: Buy 42.90 and take profit 44.10.
#SP500:
We are expecting the bullish rally to continue in the new five-day period. Federal Reserve said it will deliberately foster above-target inflation and that interest rates will still remain pinned to the floor as price pressures rise. D. Powell noted that inflation in the United States has rarely exceeded 2% in the past two decades, so the Fed will not worry and take action if inflation rises above this level for several months. Keeping the Fed rates low for a long time will contribute to the continuation of the upward trend in stock market.
Trading recommendation: Buy 3491 and take profit 3539.
XAUUSD:
The new monetary policy of the Federal Reserve signals a continuation of the upward trend in the precious metals market. Previously above-target inflation could've been likely to incite an interest rate rise but now the Fed says it will use its monetary policy to actively foster above-target inflation in order to make nice for past as well as present periods where it has fallen short of the objective for 2% price growth. This is a negative signal for the U.S. currency and a positive signal for gold. The Dollar Index was down -0.92% at 92.29 at its lowest ebb Friday, which was its steepest intraday loss since May 26.
Trading recommendation: Buy 1940 and take profit 1970.
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