The oil prices continue an upward movement amid the aggravation of the conflict in the Middle East. Today Brent increased by 1.93% and WTI by 1.63%.
Investors anticipate the escalation of the conflict in the region, which is the main energy supplier within the global market. The US and Iran exchanged threats over the weekend. Donald Trump threatened to strike at targets in Iran in the event of an attack on US citizens or facilities. Iran stayed it would not leave the assassination of General Kassem Suleimani unpunished.
Responses from both sides can lead to a serious escalation of the conflict, which can increase the growth rate of oil prices and the value of protective assets, primarily gold.
Regarding the chart, for the first time since April 2019, the level of 64.00 was tested. Bulls could not gain a foothold above this mark, but the upward trend still dominates on the chart, so the scenario of further rise remains a medium-term priority.
The main scenario - an increase towards 64.00.
An alternative scenario - a decline towards 63.50.
The fundamental outlook is positive. Within the daily framework, we consider longs from the level of 63.50.
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