The oil tankers started moving, and gold prices moved along too. $XAU is currently quoted around $4,075, with a short-term uptick of about 0.26%.
As for the news, according to Jinni data on July 2, citing trade sources and shipping data: at least five very large crude carriers loaded with about 10 million barrels of Saudi crude have already sailed out of the Strait of Hormuz. It is said that Saudi Aramco has increased export volumes at the Ras Tanura port and shifted toward spot sales; UBS also said it lowered its near-term oil price forecast because a memorandum of understanding was signed between the U.S. and Iran and oil flows through Hormuz have increased.
Put into plain language: oil through Hormuz is flowing again, the “risk premium” embedded in oil prices is fading, and some of the defensive funds that were previously betting on crude have started redirecting toward gold—this is the main storyline behind this round of gold price volatility, and the direction is more bullish.
Going forward, you can watch two things: first, whether the status of passage through Hormuz will change again (reports say the U.S. has warned Iran not to alter the status quo); second, the pace of any pullback in oil prices. Can $4,075 hold as support—what do you think?
#黄金 #GoldTrading
As for the news, according to Jinni data on July 2, citing trade sources and shipping data: at least five very large crude carriers loaded with about 10 million barrels of Saudi crude have already sailed out of the Strait of Hormuz. It is said that Saudi Aramco has increased export volumes at the Ras Tanura port and shifted toward spot sales; UBS also said it lowered its near-term oil price forecast because a memorandum of understanding was signed between the U.S. and Iran and oil flows through Hormuz have increased.
Put into plain language: oil through Hormuz is flowing again, the “risk premium” embedded in oil prices is fading, and some of the defensive funds that were previously betting on crude have started redirecting toward gold—this is the main storyline behind this round of gold price volatility, and the direction is more bullish.
Going forward, you can watch two things: first, whether the status of passage through Hormuz will change again (reports say the U.S. has warned Iran not to alter the status quo); second, the pace of any pullback in oil prices. Can $4,075 hold as support—what do you think?
#黄金 #GoldTrading