What's happening in the markets? We've put together some of the most important news and events that may affect your trades in the near term.
Middle East Shock Triggers Oil and Gold Price Swings
The Middle East tensions escalated quickly and have caused retaliation by the involved countries.
Due to the tensions, oil and gold prices significantly increased in volatility. Oil prices moved considerably higher in the Asian session before retreating near the psychological level at 70.00 USD per barrel after one of the major oil producers assured the supply was safe.
Meanwhile, gold prices approached the previous swing highs of around 3,440 USD per troy ounce, increasing the potential for a new record high should the escalation continue.
Gold's volatility has increased by over 50% since the late US session, while oil's volatility has increased by over 100% since the same session. The condition may continue to widen if the tension further escalates.
Traders should closely monitor geopolitical developments to better understand the potential increase in volatility that may significantly increase traders' market exposure.
We'll continue to keep you informed about current market trends and the drivers behind them. Stay tuned for more updates in the future.
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Warm regards, The Exness Team
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