Gold (XAU)
Key news events today
Building Permits (1:30 pm GMT)
What can we expect from Gold today?
Building permits have printed higher than their respective estimates over the past two months. October’s forecast of 1.45M permits is lower than the previous two readings and a softer number could signal weakness in the residential construction sector and potentially add downward pressure on the greenback during the US session; thus providing a boost for gold prices.
Next 24 Hours Bias
Weak Bullish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Oil prices dropped around 5% on Thursday to their lowest in four months, as investors worried about global oil demand following weak data from the U.S. and Asia.
Brent crude oil fell to $77.42 a barrel, and WTI crude oil fell to $72.90 a barrel. Both Brent and WTI earlier traded at their lowest since July 7, at $76.60 and $72.16, respectively.
After reaching a 4-month low, we can expect the price of oil to retrace slightly, gaining slight bullish momentum before continuing its bearish momentum.
Next 24 Hours Bias
Weak Bullish