Oman: Geopolitical uncertainty, oil prices stable, gold prices rise
The EU's 18th sanctions package aims to cut Russia's oil revenues by banning imports of petroleum products refined from Russian crude, even when processed in third countries like India, and imposing a dynamic price cap, according to Vijay Valecha, chief investment officer, Century Financial.
Despite these measures, prices haven't sharply fallen, partly due to ongoing geopolitical factors, shifting trade routes, and market uncertainties, including U.S.-China trade talks and supply disruptions like Canadian wildfires.
Adding to the complexity, US President Donald Trump has threatened sanctions on Russian oil buyers and new tariffs on the EU, while upcoming Iran nuclear talks further cloud the future supply outlook, creating a tug-of-war between bearish pressures from increased supply and demand worries and bullish risks from sanctions and other uncertainties.
Gold is up by about 0.55% today.
From a fundamental standpoint, the ongoing episode over central bank independence and policy direction triggered safe-haven buying last week. Although the momentum seems to have faded, the tensions remain.
Gold prices in Oman
24k - RO42.500
22k- RO39.750
18k- RO31.400
From a technical standpoint, the commodity is trading at the neckline of an ascending triangle formation, with a price mark of $3,364-$3,374. A break above the $3,374 price mark signals the bullish trend, with targets extending towards $3,436.
On the contrary, a break of the trendline support connecting the lows of $2,832 on 28th February, $2,956 on 7th April, $3,247 on 30th June, $3,282 on 9th July, and $3,309 on 17th July triggers a bearish trend.
The nearest support levels are at $3,345, followed by $3,331
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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