Quick look at Oil, Gold & Dollar Index
I'm closely monitoring the oil market, adopting a cautious stance as I await a compelling catalyst to drive oil prices upward. A potential factor on my radar is the increasing involvement of the UK and the US in the tensions between Israel and Palestine. If this geopolitical situation intensifies and draws in Iran to support Palestine, it could contribute to a surge in oil prices.
Shifting the focus to gold, my outlook is optimistic for a bullish trend in 2024. Historically, gold tends to perform well in the first quarter of the year, and I anticipate a positive trajectory for the precious metal.
On the currency front, my analysis suggests a bearish trajectory for the US dollar index throughout 2024, potentially reaching 0.96 by the year-end. This projection reflects a cautious stance on the strength of the US dollar in the coming months.
Shifting the focus to gold, my outlook is optimistic for a bullish trend in 2024. Historically, gold tends to perform well in the first quarter of the year, and I anticipate a positive trajectory for the precious metal.
On the currency front, my analysis suggests a bearish trajectory for the US dollar index throughout 2024, potentially reaching 0.96 by the year-end. This projection reflects a cautious stance on the strength of the US dollar in the coming months.