Gold (XAU)
Key news events today
Unemployment Claims (1:30 pm GMT)
Industrial Production (2:15 pm GMT)
What can we expect from Gold today?
Unemployment claims have edged higher over the past three weeks, signalling potential cracks in the US labour market. The current forecast of 221k points to another week of increase. Should claims print higher than 221k, the greenback is likely to come under heavy selling pressure.
Industrial production grew steadily in the second half of 2023 but October’s estimate points to a decline of 0.4% MoM. Not only would this mark the first decline in four months, it would also be the steepest fall since June. A larger than anticipated decline in production would negatively impact the dollar and thus provide a boost for gold prices.
Next 24 Hours Bias
Weak Bearish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
EIA crude oil inventories came in higher at 3.6M barrels of crude versus the forecast of 2.5M. A stronger than expected inventory build typically signals weaker demand in the US. WTI oil rose as high as $78.50 per barrel yesterday before reversing sharply and looks set to fall under $76.00 as Asian markets come online.
Next 24 Hours Bias
Medium Bearish