![\"support](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/4-April-20\/14-04-2020\/xau-usd.PNG\")
<\/p>\nDuring the previous weekend the\u00a0OPEC plus group<\/b>\u00a0had concluded on a\u00a0massive production cut<\/b>\u00a0program to help\u00a0stabilize the Oil market<\/b>. The official written report by OPEC states that from\u00a0May to June 2020<\/b>,\u00a09.7M barrels per day<\/b>\u00a0will be cut and the\u00a0agreement extends even further<\/b>\u00a0from July to December with cuts reaching 7.7M barrels per day. In the latest meeting,\u00a0Russia and the Saudi kingdom<\/b>\u00a0confirmed they are both obliged to each other to continue to meet in the future and that they will\u00a0continue to work together<\/b>\u00a0on\u00a0predefined goals and targets<\/b>, they had set back in the summer of 2019. However,\u00a0Oil demand could drop<\/b>\u00a0even further in the second quarter of the current year which is seemingly\u00a0keeping Oil prices lower<\/b>\u00a0at the moment. Furthermore, the\u00a0global oil market<\/b>\u00a0will have the largest spare capacity in at least a decade which also puts\u00a0negative pressure on Oil prices<\/b>.\u00a0WTI traded just below $30<\/b>\u00a0per barrel yesterday. We expect the effect of the\u00a0production cuts on Oil prices<\/b>\u00a0to make its presence gradually in the next months when economic activity around the world starts picking up. The\u00a0global economy’s performance<\/b>\u00a0in the following months will\u00a0determine Oil demand and price><\/b>.<\/p>\nGold rockets to 7 year high over economic uncertainty<\/h3>\n
Worries over the\u00a0performance of the global economy<\/b>\u00a0currently and for the next weeks due to the\u00a0coronavirus outbreak effect<\/b>, have sent the\u00a0precious metal<\/b>\u00a0above the $1700 price for the first time\u00a0since February 2013<\/b>. So far, the\u00a0economic impact<\/b>\u00a0of the virus has led to\u00a0economic uncertainty<\/b>\u00a0around the world. In the US, the\u00a0unemployment rate<\/b>\u00a0is steadily\u00a0increasing<\/b>\u00a0on a weekly basis. However,\u00a0FED chairman J.Powel<\/b>\u00a0confirmed\u00a0unemployment<\/b>\u00a0will be\u00a0rising<\/b>\u00a0temporarily. On the other hand, some\u00a0economic measures<\/b>\u00a0taken from the FED in the past week are seemingly\u00a0increasing the supply<\/b>\u00a0of the USD which has the effect of\u00a0reducing its value<\/b>. A\u00a0low greenback value<\/b>\u00a0usually sends\u00a0Gold\u2019s price higher<\/b>. Also, some actions\u00a0Europe<\/b>\u00a0is also facing\u00a0economic deterioration<\/b>\u00a0with many countries of the block\u00a0suffering from lack of activity<\/b>, while being on lockdown.\u00a0\u0e17\u0e2d\u0e07<\/b>\u00a0has been\u00a0steadily rising<\/b>\u00a0in the last two to three weeks as its safe-haven ability is\u00a0attracting buyers<\/b>, with the\u00a0global economy<\/b>\u00a0possibly facing a\u00a0recession<\/b>.<\/p>\nAUD moves higher on upbeat Chinese data<\/h3>\n
AUDUSD moved higher during the Asian session today after financial releases from China displayed an improved trade balance figure. The currency was also boosted by the Export and Import yearly figures that also showed improvement, even though remained in the negatives. During the Asian session Australian financial indicators like Business Confidence were also released, yet the data might had been ignored as the figures moved more into the negatives. AUD\u2019s sensitivity to Chinese data is very evident and we may continue to see it reacting to improved data from the Mainland.<\/p>\n
Today we have a light calendar once again with Czech Republic\u2019s Inflation data for March and current account balance for February due out in the European session. In the US session we get the API weekly reading. We also have three speakers from the US consisting of St. Louis Fed President Bullard, Chicago Fed President Evans, and Atlanta Fed President Bostic. In tomorrow\u2019s Asia session we get the Consumer Confidence reading for April.<\/p>\n
XAU\/USD 4 Hour Chart<\/b><\/p>\n
<\/p>\n
Support: 1700 (S1), 1685 (S2), 1665 (S3)
\nResistance: 1725 (R1), 1750 (R2), 1775 (R3)<\/b><\/p>\n
WTICash 1 Hour Chart<\/b><\/p>\n
![\"support](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/4-April-20\/14-04-2020\/wti-cash.PNG\")
<\/p>\n
Support: 28.45 (S1), 25.75 (S2), 22.45 (S3)
\nResistance: 30.60 (R1), 33.20 (R2), 36.00 (R3)<\/b><\/p>\n
![\"benchmark-14-04-2020\"](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/4-April-20\/14-04-2020\/benchmark.png\")
<\/p>\n
![\"table-14-04-2020\"](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/4-April-20\/14-04-2020\/table.png\")
<\/p>","protected":false},"excerpt":{"rendered":"
During the previous weekend the\u00a0OPEC plus group\u00a0had concluded on a\u00a0massive production cut\u00a0program to help\u00a0stabilize the Oil market. The official written<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_daim_seo_power":"","_daim_enable_ail":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-14541","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"\n