Gold (XAU)
Key news events today
PPI (12:30 pm GMT)
FOMC Meeting Minutes (6:00 pm GMT)
What can we expect from Gold today?
The Producer Price Index (PPI), which measures wholesale inflation, increased by 0.7% in August – the highest level since June 2022 – and exceeded market expectations of a 0.4% rise due to a 10.5% surge in energy costs. September’s forecasts for headline PPI and core PPI point to an increase of 0.3% and 0.2% respectively MoM. ‘Softer’ PPI readings could function as a bearish catalyst for the US dollar and in turn could lift gold prices.
In addition, the minutes from September’s FOMC meeting will be released where we will get further insights into the decision-making process and monetary policy outlook by Federal Reserve Chairman Jerome Powell and his fellow committee members. Although the Fed kept interest rates on hold in September, their statement and press conference were both hawkish. Should the minutes sing a similar tune, they could function as a bullish catalyst for the US dollar and potentially drive this precious metal lower.
Next 24 Hours Bias
Weak Bullish
Oil
Key news events today
API Weekly Crude Oil Stock (8:30 pm GMT)
What can we expect from Oil today?
Crude oil prices remained relatively unchanged overnight as supply concerns in the Middle East began to subside. WTI oil traded around the $84.50 per barrel mark during the US session and is now edging higher this morning. API crude oil stocks are due to be released towards the end of the US session where another larger than expected draw in inventory levels could provide an additional boost for crude oil.
Next 24 Hours Bias
Weak Bullish