Mold: oil is becoming more and more expensive

Today's problem will start from the oil market, because the unexpected strong growth of us black gold reserves has not put pressure on oil prices. Let me remind you that US crude oil reserves have increased for the ninth consecutive week this year. At the same time, their growth record doubled to 15million barrels and doubled to 7.5million barrels. However, although the reserves increased again and exceeded the forecast by more than three times, the price of American grade WTI oil has increased, not decreased. Growth is not very strong, but against the backdrop of obvious bearish factors, it may not seem logical.

Death: China actively buys oil

It is no secret that China has lifted quarantine restrictions, thereby increasing the actual demand for oil in the medium term.

Earlier, the media actively discussed the issue of large-scale oil purchases by Chinese companies in Abu Dhabi, which is the country's largest oil trader. Now there is information about the same company buying about 100 million barrels of oil in the United States. Thus, the basic factor of bearishness was compensated by the increase of crude oil reserves by slightly more than 7.6 million barrels.

Mold: US GDP

Continuing to discuss the macroeconomic report released by the United States, I will focus on GDP and labor market data. The number of first-time applications for unemployment benefits in the United States is still less than 200thousand, indicating the prospect of further reduction in the unemployment rate.

At the same time, GDP growth slowed more than expected. Preliminary estimates of GDP show that the U.S. economic growth rate slowed from 3.2% to 2.9% in the fourth quarter of 2022. However, the final data released yesterday showed that the GDP growth rate fell to 2.7%. Most likely, the report put moderate pressure on the dollar to prevent it from achieving stronger growth. After all, the strong labor market is an important reason for the Federal Reserve to further tighten monetary policy. Although the slowdown in GDP growth may increase investors' doubts about whether the US regulators are willing to raise interest rates and maintain them at a high level for a long time.

Mold: gold is looking for support

Now let's turn to gold. Although there is no significant change, the good news for buyers is that sellers can not continue to fall below the support level of $1820 per ounce. At the same time, bearish conditions remain a priority and will be relevant until the price returns above $1845.

Mold: bitcoin optimism is fading

In addition, the cryptocurrency market has not changed dramatically, although the activities of bitcoin and Ethereum buyers continue to decline. It is too early to talk about the obvious advantages of sellers, but at the same time, we see the weakening of buyers. The reason for the decline in optimism is that the interest in risk has generally declined against the background that the Federal Reserve may tighten monetary policy for a long time. It is also important to consider that in order to further grow, bitcoin needs a strong bullish basic factor, because it is trading at a resistance level that has prevented buyers from resuming growth.

This is for me. Pay close attention to the news and be prepared for all surprises in the market.