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Gemini Predicts released its latest breakdown of the top news in the world of trading.
Commodities Contracts Remain Volatile
March was a wild month for commodities markets, with oil prices upended by US and Israeli strikes on Iran and the latter’s subsequent decision to close the Strait of Hormuz.
The price of oil has since gone haywire, with brent crude trading in the $90–$112 range as diplomatic signals and the prospect of coordinated strategic petroleum reserve releases from G7 nations have injected uncertainty.
Meanwhile, copper, which hit an all-time intraday high near $14,500 per metric tonne in January, has retreated to approximately $12,250 per tonne as a slowdown in Chinese industrial purchasing weighs on demand. Goldman Sachs recently warned of a potential bearish correction ahead, with analysts projecting prices could slide toward $11,000 by year-end amid an anticipated global surplus.
As of Wednesday morning, 57% of traders believed the price of Brent Crude Oil would be above the $102 mark by week's end.
Trade on our oil contracts here. Trade on our copper contracts here.
Bitcoin and Ethereum Contracts Send Mixed Signals
The price of bitcoin and ether edged higher Monday, pushing above $67,000 and $2,000, respectively, after President Donald Trump said the US had made “great progress” in negotiations with Iran to end US military intervention in the region.
$68,300 was the magic number at Gemini Wednesday morning with 57& of traders believing the price of Bitcoin will be above that mark by week's end. 74% felt the price of Bitcoin would close above that number by the end of day Wednesday April 1.
Get ready for the Final Four
The NCAA Tournament is never short on drama, but UConn’s last-second three to take down Duke on Sunday exceeded expectations and wreaked havoc on prediction market contracts that had Duke slated to advance. The Final Four now tips off this weekend in Indianapolis with No. 2 UConn against No. 3 Illinois and No. 1s Arizona and Michigan facing off.
Gemini Predictions traders firmly believe the national champion will come from the winner of the latter matchup, pricing in a 37% chance of Arizona winning the national championship, followed by Michigan (34%), Illinois (21%), and UConn (17%).
- Aaron Goldstein, Gambling911.com
