golden aspect: On the morning of Tuesday (February 22) Beijing time, Russian President Vladimir Putin suddenly announced that he recognized the Donetsk Oblast in the Donbass region of eastern Ukraine as the "Donetsk People's Republic" and the Luhansk Oblast. for the "Luhansk People's Republic". As soon as the news came out, the international financial market reacted strongly. The global securities market, represented by the US stock market, was in chaos. The international gold price rose by US$20 in a short time.
Technical aspect: As the situation between Russia and Ukraine is likely to be finalized, gold has closed the negative line after four consecutive positives. However, it cannot be considered that with the reverse K-line, gold cannot rise. The last time a similar daily K-line was closed was on February 15, and the strength was greater. Its subsequent trend can be used as a reference. In view of the closing of the reverse K-line, the short-term has the opportunity to repair the deviation rate from the 13-day moving average.
Gold price chart: Golden hour chart
Crude oil: While the Ukraine incident has undergone a major turning point, news of continued progress in the Iranian nuclear negotiations has also been spread. Russia’s special envoy for the Iran nuclear negotiations expressed optimistic expectations, believing that the negotiations to restart the Iran nuclear agreement are obviously about to cross the finish line; while the UAE Minister of Energy is relatively cautious, saying that he cannot comment on the Iran nuclear negotiations at the moment because this is not a supply and demand issue, but a geopolitical issue. .
Bank of America Global Research predicts that oil demand will be strong in 2022, with demand increasing by another 3.6 million barrels per day to nearly 101 million barrels per day. Iraq's Oil Minister said that despite the surge in international crude oil prices to nearly $100 per barrel, it is still appropriate for OPEC+ to gradually increase production and there is no need for the organization to increase production. In addition, OPEC+ will take into account the growth in production of non-OPEC+ members such as Brazil and Canada and make flexible arrangements.
On the whole, the rise in crude oil prices is not due to the situation between Russia and Ukraine, but to the relationship between supply and demand.
Technical: Oil prices rose and fell back yesterday (February 22), closing with a long upper shadow and a small positive line, indicating greater pressure above. From a technical point of view, oil prices will now stand above the 13-day moving average, and the technical indicators have not weakened much. Overall, the possibility of high-level shocks is slightly greater. Today, just focus on the gains and losses of the 13-day moving average.
Crude oil price chart: Crude oil hourly chart
Important statement: Bailihao Global provides you with daily analysis of gold and crude oil prices. The above content and opinions are for reference only and do not constitute any investment advice. Investors operate accordingly at their own risk. .
