A commodity chart shows the price movement of marketable commodity in the forex market; talking about currency pairs, metals, natural resources, and more. It is important in the career life of a forex trader as there is so much that can be done with it, all geared towards making profitable trades. From a forex commodity chart, a trader can tell which of the commodities in the market is doing well and the ones that are not, and quite frankly, every trader needs these reports at all time in order to trade wisely. Forex commodity charts also shows in a glance how a commodity is faring in the market within a time range like within a week range, two weeks, months, or even years. From this, an investor can develop interest in a particular commodity that is doing well.
CRUDE OIL MAKING THE WAVES IN THE MARKET CURRENTLY
One of the currencies that are making the news in the forex market is crude oil. There has been a lot of deliberation going on about this commodity, including the extension of the ongoing production cut as granted by OPEC. From the commodity charts, it is pretty clear that crude oil prices trend lower in short term, regarding the report of many renowned analysts. As at April ending, crude oil prices were set to close the week trading lower. This means that the trading volume of the commodity as is known will reduce to a great extent; and from analyses, this will be the case with crude oil.
There seem to be little that can be done in the case of the commodity in question trading lower since the key members of OPEC favored an extension of the ongoing production cut, but despite that, the commodity is still set to trade low. Commodities that trade low are known to face the risk of low liquidity; meaning that the degree at which crude oil can be sold or bought will be reduced. This may not sound realistic considering a lot of things but from the forex commodity charts, the crude oil experienced a mini crash of 12 percent just one week after it fell by 5 percent. This is the start of a new trend in the market; the sort that comes with a turmoil.
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