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WTI crude oil prices hovered near the middle band. The price of WTI crude oil on Wednesday, October 8th, drew a doji candle, indicating market confusion. The price formed a high of 62.45, a low of 61.69, and a close of 61.97, opening at 61.78 on FXOpen's platform. The direction of WTI crude oil prices is influenced by several factors, including US inventory data, OPEC+ production policy, the outlook for global demand versus supply, and the US dollar. Recent data from the IEA showed inventories at the Cushing, Oklahoma, hub fell sharply, the largest decline since June. National US crude inventories are also near seasonal low levels, and refined product holdings have declined, indicating strong demand. The decrease in inventories, particularly at Cushing, the WTI hub, indicates tighter supply in the US and supports prices. On the other hand, OPEC+ decided to increase production at a smaller rate than expected, such as an increase of 137,000 barrels per day or a smaller increase in November. The decision to moderate production increases helped keep supply from flooding the market, thereby supporting prices. However, the overall production increase by OPEC+ could limit broader price increases. Oil demand appears to be strengthening based on US refined product data. However, the IEA projects the global oil market will experience a record surplus next year of around 3.33 million barrels per day, as OPEC continues to increase production and US production is projected to reach a record high. In the short term, oil is supported by US demand, but the prospect of a future global supply surplus could limit upward price momentum. Another factor of concern is the value of the US dollar. Generally, a weaker US dollar makes oil traded in USD more affordable, and vice versa. Sentiment regarding the possibility of a future Fed interest rate cut can support oil prices. USD performance is usually measured by the US Dollar Index (DXY), which tracks the performance of the USD against six major currencies. Today, it's important to pay attention to the USD-related news schedule, including the FOMC meeting minutes and unemployment claims, which may impact the USD's performance in the short term. However, the US shutdown may cause a delay in the data release. The forecast intraday price range is estimated to be in the range of $61.50-$64.60 per barrel, with key resistance at 63.50-64.60, a pivot point at 62.50, and key support at 61.50-62.00. A decrease in these levels could trigger a rally to 60.00.
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Back2 road joined the community
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Whats the best video game ever?
MrD replied to 1Shot1Opportunity's topic in Introduce Yourself & General Chat
@Warfare hahahaha I didnt knew this song 🙂 Thanks for sharing it -
Whats the best video game ever?
⭐ Warfare replied to 1Shot1Opportunity's topic in Introduce Yourself & General Chat
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JosephWeus joined the community
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Gold hits new all-time high: $4,000 per ounce Gold has surged to a record high of $4,000 per ounce amid growing expectations of a dovish shift from the US Federal Reserve, a weakening dollar, and aggressive gold purchases by central banks seeking a safety cushion. Additional drivers include rising capital inflows into gold-backed funds and escalating geopolitical tensions. What happened today? On Wednesday morning, spot gold broke above the $4,000 mark for the first time ever, confirming this year’s impressive rally. The market is supported by expectations of interest rate cuts and steady safe-haven demand from both retail and institutional investors. Triple your power! 202% deposit bonus Deposit $202 or more, use promo code TOPUP25 in support chat — and trade with triple the capital! Bonus Terms As part of our company’s anniversary celebration, we’re preparing surprises — stay tuned! Upcoming growth triggers: 1. US CPI for September – October 15, 2025: Lower-than-expected inflation would strengthen the case for easier policy and boost demand for gold. 2. Fed Meeting – October 28–29, 2025: Any hint of additional rate cuts or dovish tone would support precious metals. 3. US Retail Sales – November 15, 2025: A key indicator of consumer demand strength. Weak figures would raise concerns about economic slowdown and increase expectations of further easing — bullish for gold. Did you know? Gold powers tech and AI. Gold use in technology rose 7% in 2024 to 326 tons, with Q4 marking the strongest quarter since late 2021 — driven by demand for servers, chips, and corrosion-resistant connectors. Emerging market central banks keep buying. Despite record prices, dedollarization efforts in countries like China, India, and Turkey continue. Gold is seen as a strategic reserve, anchoring long-term demand even in volatile conditions. Production growth lags due to cost inflation. High prices haven’t led to new supply, as rising costs for energy, fuel, and labor make new mining projects unprofitable — creating a structural physical shortage. Rate hikes haven’t deterred institutional demand. Major funds are diversifying via gold ETFs, viewing the metal as a hedge against US “soft landing” risks and geopolitical uncertainty. Retail demand in Asia is at record highs. Consumers in China and India are buying gold heavily as a safe alternative to struggling sectors like real estate and equities, boosting physical demand. FreshForex analysts believe gold could reach $4,200 per ounce by year-end, supported by not only financial but also structural factors. Industrial use is rising, while new mining projects take years to bring online — reinforcing long-term support. Trade metals with up to 1:1000 leverage and earn with FreshForex! TRADE GOLD (XAU/USD)