Comprehensive GBP/USD for October 24, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the GBP/USD for 20th October 2023. 

Key Takeaways 

• Unemployment rate is the key: The British unemployment rate rose slightly in August, which means that the labor market continues to cool down, reducing inflation to a certain extent. If the unemployment rate continues to rise today, the pound may weaken and fall. 
• Economic pressure in the UK: UK PMI data for October will be released this afternoon, which has always been below the 50 boom-bust line in the early stage. Last week’s UK retail sales data and inflation report both showed that economic activity is weakening, and today’s data may still be in the contraction range. 

GBP/USD Technical Analysis 

GBP/USD Daily Chart Insights

• Stochastic Oscillator: The indicator completed the “golden cross” structure again yesterday, and there is a certain probability that the short-term market will continue to rise. 
• Price Action: Last week the bar came out of a bottom structure. In conjunction with the sharp rise yesterday, the bar has formed an evening star combination structure. The market has a probability of continuing to rise. 
• Moving average resistance: The current exchange rate is below the 33-day moving average (black line). At the same time, the overall market price and short-term moving average are also below the 200-day moving average (dashed line). Even if it is now experiencing a short-term rise, it cannot be premature to conclude that the reversal of the pound is coming. 

GBP/USD 1-hour Chart Analysis

• Stochastic oscillator: The indicator is entangled in the overbought area. Currently, bulls in the market have the upper hand, and there is some correction pressure on the short-term exchange rate. 
• Price action: In the end, the market price broke through the previous lowering highs, the overall downward structure was destroyed, and the intraday market ushered in a reversal. If you want to enter the market with the trend, you need to wait for the retracement structure to appear. 
• Elliot wave structure: After the market price quickly broke through the upward channel line yesterday, it can be temporarily judged that driving wave 3 is underway. The support position is the upper edge of the upward channel. After the market falls back, you can look for trading opportunities. 

Ultima Markets MT4 Pivot Indicator 

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1.22157, 
• Bullish Scenario: Bullish sentiment prevails above 1.22157, first target 1.22890, second target 1.23315; 
• Bearish Outlook: In a bearish scenario below  1.22157, first target 1.21739, second target 1.21013. 

Conclusion 

Geopolitical Turmoil Fuels Oil Price Surge

Amidst the volatile landscape of the global oil market, October 2023 stands out as a month of upheaval and uncertainty, with crude oil prices surging to a noteworthy $90 per barrel.

This escalation can be attributed to escalating geopolitical tensions, notably the intensifying conflicts between Israel and Gaza, which has far-reaching implications for the world’s energy sector.

Crude Prices Rushed to US$90 on Escalating Tensions in Middle East   

Escalating turmoil between Israel and Gaza ramped up concerns of supply disruptions among key producers in the Middle East. Additionally, U.S. military forces in Iraq were targeted in two separate drone attacks further intensifying market sentiment. Both WIT and Brent have emerged at the $90 per barrel mark, a significant technical threshold.  

(Brent Crude One-year Chart) 

(WIT Crude One-year Chart) 

Sharp Decrease in Global Oil Reserves 

According to the latest International Energy Agency (IEA) report, in August, there was a significant decline in global oil inventories, with a decrease of 63.9 million barrels (mb) observed.

This drop was primarily driven by a massive drawdown of 102.3 mb in crude oil stocks. Initial data indicates that inventories on land continued to decrease in September, but there was a rebound in oil stored on water as exports started to recover.

Inventory Trends

In the OECD countries, industry stocks experienced an unusual decline of 6.5 mb in August, reaching a total of 2,816 mb, which is substantially lower by 105.3 mb compared to the five-year average. 

Conclusion

In conclusion, the surge in crude oil prices to $90 per barrel in October 2023 can be primarily attributed to escalating geopolitical uncertainty, particularly in the Middle East.

The tensions between Israel and Gaza, coupled with drone attacks on U.S. military forces in Iraq, have heightened concerns about potential disruptions in the global oil supply chain.

As a result, the energy industry and financial markets are navigating a period of uncertainty, emphasizing the interconnectedness of geopolitics and global energy markets.

We will continue to watch these developments closely, as they have the potential to reshape the oil market landscape in the coming months.

Comprehensive GBP/USD for October 20, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the GBP/USD for 20th October 2023. 

Key Takeaways 

• High Inflation low hike expectations: Although Wednesday’s CPI data was stronger than expected, considering that CPI is still lower than the central bank’s August forecast of 6.9%, the monthly price level still maintains a downward trend. Therefore, the Bank of England may continue to maintain the current high interest rates for some time. 
• Powell disturbed the market: In the early morning, Federal Reserve Chairman Powell gave a speech that if he saw further signs of strong economic growth, he might raise interest rates again. This statement shocked the market. 
• Lack of long-term economic momentum in the UK: The UK faces high public debt, a possible recession, rising energy prices and the upcoming general election, all of which may limit economic growth and hit the pound. 

GBP/USD Technical Analysis 

GBP/USD Daily Chart Insights

• Stochastic Oscillator: The indicator fell below the midline yesterday, and there is a possibility that the market will decline further. 
• Price Action: The bar closed as a doji bar yesterday, indicating the current balance of long and short forces. The market today is bound to be a big fluctuation market – either it will accelerate the decline, or it will rise sharply. 

GBP/USD 4-hour Chart Analysis

• Fibonacci price: Yesterday, the exchange rate rose rapidly after falling to the 78.6% retracement price of the previous upward trend line. It is currently blocked by the 33-period and 65-period moving averages. If the 78.6% retracement level still fails to prevent the market from falling, the exchange rate may look towards the 1.2036. 
• Stochastic Oscillator: The indicator has formed a golden cross yesterday and is currently blocked at the 50 midline. This means that short-term bulls are exhausted, and transactions still need to wait for the breakthrough of the midline before confirmation. 
• Price Action: The market has rebounded four times in a row, and each rebound cannot exceed the previous one. The continuous lowering of high price means that the short force always has the upper hand. If the market wants to reverse, it needs to destroy the current structure, that is, break through the previous rebound high of 1.2190. 

Ultima Markets MT4 Pivot Indicator

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1.21427, 
• Bullish Scenario: Bullish sentiment prevails above1.21427, first target 1.21933, second target 1.22434; 
• Bearish Outlook: In a bearish scenario below  1.21427, first target 1.20921, second target 1.20402. 

Conclusion 

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Australia Unemployment Rate Hit New Lows in the last three months

As of September, the nation boasts a strikingly low unemployment rate of 3.6%, surpassing market expectations and marking a significant improvement from August’s 3.7% figure.

The ripple effect of this achievement is evident as 19.8 thousand people found employment, reducing the total number of unemployed individuals to 520.5 thousand. The youth unemployment rate remains stable at 8.1%.

Peeling Back the Layers: A Deeper Dive

While the reduced unemployment rate is undoubtedly a noteworthy feat, a more granular analysis unveils a complex employment landscape:

Employment Statistics

• Total employment increased by a modest 6.7 thousand, reaching 14.11 million, falling short of market expectations set at 20 thousand.
• August saw a more substantial increase of 63.3 thousand, highlighting the employment market’s volatility.
• Part-time employment surged, with 46.5 thousand individuals securing part-time positions, totaling 4.30 million. In contrast, full-time employment saw a decrease of 39.9 thousand, resulting in 9.81 million full-time workers.

Participation Rate and Underemployment

• The participation rate, calculated as the number of job seekers relative to the total adult population, witnessed a slight decrease, falling from the all-time high of 67% to 66.7%. This hints at the nuanced dynamics of employment.
• On the flip side, underemployment, reflecting the number of individuals seeking additional work, saw a modest drop from 6.5% to 6.4%. This suggests that those who are employed are aligning their work with their preferences and skill sets.

(Unemployment Rate, Australian Bureau of Statistics) 

RBA to hike rates likely again 

For last four months, the Reserve Bank of Australia (RBA) have not changed their interest rate. The RBA has been attempting to determine if those 12 rate increases were sufficient enough to control the inflation levels. 

According to the RBA, inflation will reach its 2–3% target by June 2025. On the other hand, RBA forecasts a slow upward turn in the unemployment rates to reach 4% by 2023 year-end. On Friday, November 10, the RBA will publish their latest forecasts. 

Conclusion

The employment data for September 2023 paints a compelling picture of Australia’s economic trajectory. The substantial drop in the unemployment rate, combined with the intricate details of employment types, has garnered the attention of diverse stakeholders.

As the RBA assesses the impact of its recent rate decisions on inflation, these employment statistics will undoubtedly steer future monetary policy.

In this dynamic economic landscape, staying informed and adaptable is paramount for making well-informed financial choices.

As the future unfolds, keep a vigilant eye on Australia’s employment scenario, a pivotal indicator of the nation’s economic health.

Comprehensive NZD/USD Analysis for October 19, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the NZD/USD for 19th October 2023. 

Key Takeaways 

• CPI data lower than expected: The decline in price levels means that the monetary policy of RBNZ is no longer tense. The market expects RBNZ to raise interest rates in February next year instead of November this year. 
• Political changes in New Zealand: The opposition National Party won the parliamentary election. 
• The U.S. dollar index rose slightly: Federal Reserve Governor Waller changed his tone and said that the Federal Reserve may need to continue to raise interest rates. The U.S. dollar index rose, closing up 0.33% yesterday at 106.58. 

NZD/USD Technical Analysis 

NZD/USD Weekly Chart Insights

• Price Action: The pin bar last week suggests that the New Zealand dollar’s downward trend is not over yet. The price has fallen below last week’s low price. 
• Stochastic oscillator: The indicator once again formed a dead cross in the oversold area, and short-term power prevailed. It is worth noting that due to the weak correction of the exchange rate from September to October, the indicator has the probability of forming a bottom divergence structure. It implies that even if the market falls this week, there is a probability that the price will reverse upward at any time next week. 
• Fibonacci retracement ratio: The market began to rise in mid-October last year and began to adjust in January this year. It fluctuated slightly at 61.8%. Since it continues to decline this week, the next target is the Fibonacci retracement price of 78.6%. 

NZD/USD 4-hour Chart Analysis

• Upward channel destruction: The entire upward channel line (red) was completely destroyed after yesterday’s rapid decline, and the short intraday trend is strong. 
• Price Action: After the market price fell back on the 5-period moving average, it formed a doji structure. Then the exchange rate fell below the low of doji bar, and the short trend was confirmed. 
• Stochastic oscillator: The indicator crosses over again in the oversold area. Although shorts are crowded, one cannot take risks by entering the market to buy the dip. If you want to go long, you can only wait until the bull trend is established and then observe. 

Ultima Markets MT4 Pivot Indicator 

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 0.58757, 
• Bullish Scenario: Bullish sentiment prevails above 0.58757, first target 0.59005, second target 0.59448; 
• Bearish Outlook: In a bearish scenario below 0.58757, first target 0.58322, second target 0.58071. 

Conclusion 

U.S. Retail Sales Thrived in September 2023

As we delve into the latest economic data for September 2023, it becomes evident that the U.S. retail and manufacturing sectors are experiencing notable developments.

This comprehensive report highlights the key statistics and trends that are shaping these critical segments of the American economy.

Consumer Spending Takes the Lead

In September, U.S. retail sales increased by a solid 0.7%, building on the previous month’s 0.8% rise. This is good news, especially given the challenges posed by high prices and borrowing costs. Consumers continued to show confidence by spending more than expected, defying economic uncertainties.

Leading Categories

Several categories saw remarkable growth:

• Miscellaneous store retailers: Up by 3%
• Non-store retailers: A solid increase of 1.1%
• Motor vehicles and parts dealers: An impressive 1% growth
• Gasoline stations: 0.9% increase

It’s important to note that these figures don’t account for inflation, making these results even more noteworthy.

(Retail Sales, United States Department of Commerce) 

Diverse Sectors Register Growth

In addition to the standout categories, other sectors also did well:

• Food services and drinking places: 0.9% rise
• Health and personal care stores: An 0.8% increase
• Food and beverage stores: 0.4% growth
• General merchandise stores: Also up by 0.4%

However, some sectors experienced declines:

• Electronics and appliances: Decreased by 0.8%
• Clothing stores: A drop of 0.8%
• Building material and garden equipment stores: A slight dip of 0.2%

Even when we exclude automobile sales, gasoline, building materials, and food services, retail sales still rose by a solid 0.6%. These results are a testament to consumer resilience in the face of economic challenges.

Strong U.S. Manufacturing Output Growth 

Manufacturing Shines

In September, production in U.S. factories increased more than expected, even though there were strikes in the automobile industry that limited the production of motor vehicles. This is additional proof that the economy finished the third quarter with strength. 

Positive Manufacturing Data

The Federal Reserve reported a 0.4% increase in manufacturing output last month. In contrast, the data for August was revised downwards, showing a 0.1% decrease in factory production, instead of the previously reported 0.1% increase. Economists surveyed by Reuters had predicted a 0.1% uptick in factory output. 

Year-on-Year Analysis

Looking at the year-on-year basis, production saw a 0.8% decline in September, with no change in the third quarter. Durable goods manufacturing output increased at an annualized rate of 2.3%, but this was offset by a 2.4% decline in nondurable manufacturing. 

(Manufacturing Production MoM, FED) 

Summary

In summary, the data for September 2023 highlights a resilient U.S. retail sector and a manufacturing industry that’s bouncing back from challenges. Consumers are spending with confidence despite rising prices, and manufacturers are adapting positively.

Staying informed and agile in these sectors is essential for businesses and investors looking to seize the opportunities presented by these trends.

Comprehensive Brent Oil Analysis for October 18, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BRENT OIL for 18th October 2023. 

Key Takeaways 

• Demand for Crude oil remains strong: U.S. retail sales recorded a monthly rate of 0.7% in September, exceeding expectations of 0.3%, growing for six consecutive months. Strong consumer spending power suggests crude oil demand remains supportive. 
• Crude oil production may increase: Saudi Aramco claimed that it can increase production within a few weeks if necessary. This is a factor affecting crude oil price fluctuations in the short term. However, on the basis of strong demand, oil prices still surged after the market digested this news. 
• The Israeli-Palestinian conflict has not ceased: On the eve of Biden’s visit to Palestine, the Israeli military air raided hospitals in the Gaza Strip, killing more than 500 people. The Israeli military denied this. The market is weighing the possibility of expanding conflicts in the Middle East, and risk aversion still supports oil prices. 

Brent Oil Technical Analysis 

Brent Oil Daily Chart Insights

• Price Action: After two trading days oscillating, the price was blocked by the 33-day moving average (black) and closed with a pin bar. The final closing price also stood above the 5-day moving average (green). The short-term adjustment of the market may have already finished. 
• Stochastic Oscillator: The price still has not broken through last Friday’s high. The stochastic indicator are very fragile. Bulls have the motivation to break through the previous high. Otherwise, the market will fall into a longer period of correction.  

Brent Oil 1-hour Chart Analysis

• Alternative trend lines: Ultima Markets has previously shared the use of alternative trend lines. Such a structure has appeared on the 1-hour cycle of crude oil. The rapid rise stepped back on the alternative trend line (red), and the price stepped back on it again yesterday. At the same time, a pin bar appeared. The subsequent upward trend suggested that the adjustment has ended. 
• The key resistance level: $90.8 is an important resistance level for crude oil. It is also the neckline of the top structure. It suggested that the bulls were beginning to gain the upper hand. 
• Stochastic Oscillator: The technical indicator once again formed a golden cross.Bulls will maintain momentum until the indicator completely enters the overbought zone.  

Ultima Markets Pivot Indicator 

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 90.851, 
• Bullish Scenario: Bullish sentiment prevails above 90.851, first target 91.635, second target 92.638; 
• Bearish Outlook: In a bearish scenario below  90.851, first target 89.865, second target 89.072. 

Conclusion 

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Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Disclaimer

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2023 Ultima Markets Ltd. All rights reserved. 

The Resilient Rise of Wegovy and Ozempic

The Danish pharmaceutical company, Novo Nordisk (NVO), has recently updated its financial outlook for the year due to the increasing demand for its weight loss drug, Wegovy, and diabetes medication, Ozempic.

These drugs are administered through weekly injections and have been sought after by patients for their significant weight loss effects. 

These two medical innovations have taken the pharmaceutical world by storm, delivering remarkable results for patients who have long sought effective solutions for their health concerns.

Novo Nordisk Market Triumph

Novo Nordisk’s financial outlook for the year has seen a remarkable revision, reflecting the surging popularity of Wegovy and Ozempic.

As demand for these life-changing drugs continues to grow, the company is now anticipating a substantial boost in sales.

Novo Nordisk’s revised forecast suggests a growth in sales between 32% to 38%, up from the previous estimate of 27% to 33%.

The company also anticipates an operating profit growth of 40% to 46%, an increase from the earlier prediction of 31% to 37%.

It’s evident that Novo Nordisk’s optimistic outlook is fueled by the unanticipated success of Ozempic, particularly in the U.S. market.

Novo Nordisk’s Stock Hit YTD High 

The popularity of Wegovy and Ozempic has propelled Novo Nordisk to become Europe’s most valuable company. The company’s U.S.-listed shares (ADR) also saw a new high for the year.

This exceptional market performance is a testament to the company’s unwavering commitment to improving the health and well-being of individuals around the world.

The market is keenly awaiting Novo Nordisk’s third-quarter earnings report, scheduled for release on November 2nd, which is expected to underscore the company’s impressive growth trajectory.

Strategic US$1.3B Acquisition: Ocedurenone

In a strategic move to further expand its portfolio and contribute to improved healthcare, Novo Nordisk has made a substantial acquisition.

Novo Nordisk has decided to buy the new drug called Ocedurenone for $1.3 billion from KBP Biosciences. The drug can help people with high blood pressure that is hard to control.

This acquisition, set to be finalized by the end of 2023, is anticipated to be a game-changer in the field of cardiovascular health. Importantly, it’s worth noting that this acquisition is not expected to affect Novo Nordisk’s overall profit for the year, ensuring that the company’s financial stability remains intact.

(Novo Nordisk ADR YTD Chart) 

Novo Nordisk’s continuous commitment to pioneering medical breakthroughs, coupled with its exceptional market performance, solidifies its position as a key player in the pharmaceutical industry.

The company’s unwavering dedication to improving patients’ lives is reflected in their outstanding financial results and their strategic acquisitions, setting the stage for a promising future in healthcare.

Novo Nordisk Transformative Impact

In conclusion, Novo Nordisk’s success story is a testament to the transformative impact of Wegovy and Ozempic.

Their upwardly revised financial forecast, soaring stock performance, and strategic acquisitions are all indicators of a company that’s dedicated to making a meaningful difference in the lives of people worldwide.

As Novo Nordisk continues to innovate and meet the ever-growing healthcare needs of the population, its future prospects appear exceedingly bright.

For the latest news and updates, delve deeper into our articles.

Comprehensive XAU/USD Analysis for October 13, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the XAU/USD for 17th October 2023. 

Key Takeaways 

• Market sentiment: The Palestinian-Israeli conflict is still ongoing, and the conflict may continue for a long time. As a result, short-term market risk appetite recovered, and gold prices fell slightly. 
• The probability of the Federal Reserve raising interest rates is reduced: Federal Reserve Board member Harker continues to be dovish, reiterating that the Federal Reserve should not consider further raising interest rates and that inflation is expected to weaken. The probability of not raising interest rates in November is over 90%, and the probability of raising interest rates in December is only 30%. 

XAU/USD Technical Analysis 

XAU/USD Weekly Chart Insights 

• Price action: The bar showed a bullish price action, but it still needs to wait for this week to break through last week’s high. 
• Stochastic Oscillator: The fast line has crossed the slow line, suggesting that the bulls are currently dominant. When entering the market, you need to wait patiently for the price to break through last week’s high. 

XAU/USD Daily Chart Analysis 

• Elliot Wave: The rapid rise since last Friday is temporarily regarded as motive wave 1, and the internal wave structure is obviously incomplete. This means that the market will continue its upward trend after short-term adjustments. The target looks towards the end point of the double zigzag wave X, which is the key price level. 
• Joint resistance area: In addition to the double-zigzag wave, the early neckline extension will also be near the price. It needs to wait for the market to completely break through this resistance range. At that time, short-term long positions may be closed and exited near this price. 
• Stochastic oscillator: Technical indicators have just entered the overbought zone, and the market’s bull momentum is still very strong. You need to switch to a smaller period chart and pay attention to the opportunity to enter the market at any time. 

Ultima Markets Pivot Indicator 

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1919.52, 
• Bullish Scenario: Bullish sentiment prevails above 1919.52, first target 1930.51, second target 1941.23; 
• Bearish Outlook: In a bearish scenario below 1919.52, first target 1908.93, second target 1897.81. 

Conclusion 

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Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2023 Ultima Markets Ltd. All rights reserved. 

U.S. oil production hits record high 

The U.S. Department of Energy announced on Oct. 12 that U.S. crude oil production had hit an all-time high of 13.2 million barrels per day, entirely wiping out Covid-era losses of more than 3 million barrels per day. Meanwhile, the S&P 500 Energy Index tripled after three and a half years.  

Oil demand has slowly rebounded after the 2020 downturn and lingering supply-chain shock. And rising prices for WTI crude – which careened during Covid to less than $15 a barrel, shot back to $120 in 2022, and is now near $90 – can make previously unprofitable plays work. 

(US oil production，Energy Information Administration) 

Oil companies conservative in capital spending 

U.S. oil companies cut capital spending to $106.6 billion last year from $199.7 billion in 2014, according to Statista, contributing to the decline in oil production and arguably delaying the recovery. And they put that money to work paying higher dividends and doing stock buybacks.  

According to Energy Department data, oil and gas companies paid about $75 billion per quarter last year. The department says the share of oil-company operating cash flow going to shareholders rose to half of operating cash flow from about 20% in 2019. 

(S&P Energy Sector Index) 

Higher productivity per crude well 

Offsetting the decline in capital spending is higher productivity per well — while all of the U.S. oil production is back, the closely watched Baker-Hughes rig count is barely half of 2018 levels. The average production per rig of new wells just topped 1,000 barrels a day, up from 668 four years ago, according to the Energy Department. So the industry didn’t have to add a ton of new wells or drill in as many new places to recover fully. 

Even as more cars go electric, demand from older cars and uses of oil in chemicals will keep the oil business very large. “The U.S. production will rise to 13.6 million barrels per day next year and 13.9 million in 2025. After that, forecasts get more difficult because so much can change, but by late this decade oil consumption should peak before beginning to ebb”, Rystad Energy said. 

Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.