An Update On Crude Light, TNotes, EURGBP, And Gold | Summary and Q&A

TL;DR

Potential trading opportunities in oil, tea notes, pound, gold, and Aussie dollar in London market session.

Key Insights

• 😮 President Trump's tweet and OPEC allies' commitment to the supply cutting pact have led to a reversal and rise in oil prices.
• 🍵 Tea notes are breaking out of a charting pattern, potentially driven by a more dovish Fed.
• 🫷 Positive Brexit news has strengthened the pound, but traders should be cautious of a downward push in the near term.
• 🏅 Gold is waiting for a breakout, which could be influenced by dollar strength or weakness.

Transcript

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Questions & Answers

Q: What caused the reversal in oil prices?

The reversal in oil prices was triggered by a tweet from President Trump and the OPEC allies' commitment to the supply cutting pact.

Q: What is the potential trading opportunity in tea notes?

The breakout in tea notes presents an opportunity for traders to take advantage of potential retracement or continuation of the upward trend, especially considering a more dovish Fed stance.

Q: How has Brexit news affected the pound?

Positive Brexit news, such as the delay and extension of Article 50, has led to a strengthening of the pound. However, there is a possibility of a push lower in the near term.

Q: What are the factors that could influence gold's breakout?

Gold's breakout could be influenced by the strength or weakness of the dollar. Traders should consider this factor to determine the best trading opportunity.

Q: What trading opportunity exists with the Aussie dollar?

If the Aussie dollar retests a certain level in the afternoon, it presents a pivot point for a short trade. Traders should monitor this possibility.

Summary & Key Takeaways

• Oil prices have reversed and continue to rise after OPEC allies agreed to stick to supply cutting pact.

• Tea notes are breaking out of a charting pattern, possibly driven by a more dovish Fed.

• The pound has strengthened due to positive Brexit news, but may experience a push lower in the near term.

• Gold is waiting for a breakout, with the possibility of being influenced by dollar strength or weakness.

• The Aussie dollar is drifting lower, providing a potential short opportunity if it retests a specific level in the afternoon.