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March 1, 2022

USOil Surges Above $100: Watch These Pairs Now

Frank Cabibi

The price of gold and oil rise as USOil surges above $100 as the Russian-Ukrainian conflict intensify. This marks the highest price has been for 7 years.

Supply Shortage As USOil Surges

The US is set to release 30 million barrels from global oil reserves. Global supply as a whole will decrease by 60 million. Major banks in the US are now predicting a price target of $125 per barrel in the second quarter.

Usoil surges
https://tradingeconomics.com/commodity/crude-oil

Above is an image of Crude, Brent and natural gas P&L over days, months and years. With new price predictions of longer term growth, we can now expect that gold will likely benefit while equities will likely suffer.

With this in mind, let's watch these pairs now to catch potential trade setups before they take off.

Trade Setups

Gold

usoil surges

Gold is definitely more bullish after hearing news of harsh sanctions on Russia and their oil supply. Price is coming back up to test the highs near $2000 on the 1D timeframe. The metal also broke above a double top around the $1950-60s but couldn't close above. So, today's movement looks like it wants to test that level for another attempt above that double top.

SPX500

usoil surges

SPX500 came up to hit a falling trend line on the 1D chart after a bullish couple days. Now it looks like price is coming back down with weak momentum overall. Lower lows and highs suggest we could see SPX hit a price under the $4000s level.

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