The calm before the storm? Key weekend risk incoming – Overnight Market Check

Another day, another desperate wait for any sign of peace in the Middle East.

Markets are gripped by uncertainty, and with no signs of clear progress in the negotiations, Participants are in a wait-and-see stance.

Some overnight news maintained the fog around the Iranian diplomatic team, which has faced constant changes and challenges, with Parliament Speaker Ghalibaf (one of the main negotiatiors) being ousted from the negotiating team for pushing to include Nuclear issues during the talks.

There goes Iranian diplomatic credibility once again, as it shies away from the talks.

While the talks will surely take even more time to materialize, the US seemingly does not care much about extending the Ceasefire, as it allows the strategic Hormuz Blockade to persist, which is taking a huge toll on the Iranian economy.

For those looking to learn more about the geopolitical effects of the strategy, I invite you to check this post.

To resume, however, with no Tankers allowed to cross, Iranian energy commodities are stuck within their borders, stalling production and causing economic strain.

While they were able to leverage their dominance over the Strait at the beginning of the conflict, monopolizing traffic, Iran now faces a major crisis if it isn't able to sustain its oil and Gas trade.

In the meantime, US Crude orders (and Canadian) multiply, giving North Americans even more reasons to maintain the pressure.

With Iranian diplomats now returning to Islamabad, a path for diplomacy seems to be opening, but it is still too early to confirm it.

The more time goes, the more Oil prices have the chances to grind higher, pressured by the lack of concrete diplomatic advances.

Still, as long as the commodity remains below $100, widespread panic is to be avoided.

With prices diverging right after testing the psychological barrier, it seems that a more rangebound path will grip Markets; This time however, it seems that the action won't get below $92 until a solution lands.

Let's check out even more charts to get ready for today's weekend risk session.

Discover:

• Silver (XAG/USD) is under pressure from Ceasefire clouds – In-depth analysis
• USD/CHF Price Analysis: Bulls eye key resistance after base formation
• Chart alert: EUR/USD drifted down to 1.1665/1635 key support for potential bullish reversal

Stock Markets are diverging quite remarkably this morning, with Intel up another 20% after earnings, showing that State ownership in companies is yet another reason for investors to flock in such Stocks.

A new version of the too big to fail, this time for Tech. Intel is up 320% since July!

Tech investors continue to absolutely dominate the picture as the sector gets a much softer influence from Middle East conflicts.

For those looking to get access to Index technical levels, don't forget to log in to our Stock Market Check around the mid-session!

Gold and other metals are the best at depicting the uncertainty and confusion across assets – After rejecting their intermediate tops, the precious commodities are now looking for a narrative to trade on.

Don't forget to check out our past day Silver analysis.

After reaching a key resistance level around 99.00, some profit-taking is occurring and quite frankly, FX remains stuck.

For those looking for action, in case the action remains dull next week, look for Minor FX pairs.

Check out our in-depth US Dollar and FX reviews right here:

• USD/JPY maintains a clear range ahead of Japanese CPI – FX Analysis
• A temporary Ceasefire extension maintains a bullish action – North American Mid-Week Market Update

As always, make sure to follow talks around US-Iran negotiations.

Safe Trades!

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