The energy sector recorded the slightest performance after the news that Hurricane Hurray in the US has caused the closure of some major oil refineries and platforms. The US stock markets started the week with hesitant results, with investor attention focused on the effects of Hurricane Harvey, which has caused considerable damage to Houston and parts of Texas at weekends. As a result, shares of Wall Street oil refineries rose, and futures on gasoline with delivery in September rose by nearly 7%. The leading US indices closed close to opening levels, with only the technological NASDAQ progressing more significantly, adding 0.28% to its value. European markets ended the day mostly with declines, with a focus almost two and a half the annual peak reached by the single currency against the US dollar.
The energy sector recorded the slightest performance after the news that hurricane Harvey in the US has caused the closure of some major oil refineries and platforms. The London Stock Exchange remained closed yesterday due to the official holiday in the country. After another North Korean missile launched, the US dollar hit nearly 4-month low against the Japanese yen, reaching a level of 108.33 in the day. The news also exerted its influence on the price of gold, which reached a 9-month high in the face of geopolitical tension. At the end of the session, an ounce of precious metal was trading at a price of nearly $ 1,310. In commodity markets, merchants' attention was focused on tropical storms spilling over parts of the United States. As a result of several closed refineries, the price of US gasoline reached its highest levels since 2015 from $ 1.7799 per gallon. Light crude oil fell by more than 2%, ending the day at $ 46.80 a barrel.
Magellan Midstream Partners - Living Room
The company is engaged in the transportation, storage and distribution of petroleum products and the price and is located to levels of support around $ 65, which we expect to give the rebound for the new appreciation. We need to see a higher bottom of the price, while the Stoastic indicator is an upward crossing. This will show us the start of the upward movement, and a break in the 50-day trend line will confirm the trend reversal and the beginning of a longer-term appreciation of the stock.
energy sector - Daily
After the break above level 1.15, the currency pair confirmed its upward movement as the price reached a three-year high and was about to test the psychological level of 1.20. A momentum driven by a speech by ECB President Mario Draghi has led to an appreciation over the local maximum, which has further pushed prices to higher values. The MACD indicator shows the start of a new upward wave. Appropriate purchase levels are macro adjustments to test ascending trend lines and support levels.
XAU / USD - Daily
Uncertainty in financial markets is increasingly leading to investment in asset havens, such as gold. The appetite for a more reliable investment led to a breakthrough over the strong resistance at 1300 dollars per troy ounce, which facilitated the path to appreciation to $ 1400. The RSI indicator starts entering the overpriced market area, which in turn signals a pending correction. This may lead to a 1300 level test to confirm the breakthrough, which will enable us to enter a long position. Decreasing the precious metal below 1250 will show strong pressure from the market and will not yet be ready for a new appreciation.
NASDAQ - Living Room
The tech index is weakly volatile and can not absorb in a clear direction, as indicated by the values of the ATR indicator that measures the power of market movements. We expect the ATR above 25 to see strong moves to draw the future direction of the index. The Nasdaq is currently backed by the 50-day average that acts as support, while a topline has a downward resistance line that, if broken, will make it easier to reach a new historical maximum of over 6,000 points.
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