Gold (XAU)
Key news events today
Retail Sales (12:30 pm GMT)
Industrial Production (1:15 pm GMT)
What can we expect from Gold today?
US retail sales advanced 0.6% MoM in August, higher than the forecast of 0.2%. Sales continue to highlight robust consumer spending despite the combination of elevated prices and high borrowing costs. Sales at gasoline stations recorded the biggest increase as gasoline prices soared 10% MoM. September’s estimate of 0.3% points to a sixth consecutive month of growth but at a slower rate.
Industrial production rose 0.4% MoM in August which was above market expectations of a 0.1% increase. However, September’s forecast points to production stalling which would end two consecutive months of gains for this sector. A weaker-than-expected reading would highlight industrial momentum dissipating in the US. A resulting weaker US dollar could provide a lift for gold prices later today.
Next 24 Hours Bias
Medium Bearish
Oil
Key news events today
API Weekly Crude Oil Stock (8:30 pm GMT)
What can we expect from Oil today?
Crude prices extend their overnight losses as a lack of immediate escalation in the Middle East appears to assure markets that the conflict may not spillover into the rest of the region for now. WTI oil tumbled under the $86.00 per barrel level overnight and continued to slide lower towards $85.00 as Asian markets came online. Following last week’s surprise build in API stockpiles, another round of higher-than-expected reading could function as an additional bearish catalyst for crude prices towards the end of the day.
Next 24 Hours Bias
Medium Bearish