Gold (XAU)
Key news events today
FOMC Meeting Minutes (7:00 pm GMT)
What can we expect from Gold today?
The Federal Reserve will release its minutes for the FOMC meeting that took place on the 1st of November where Fed Chair Jerome Powell and his fellow policymakers kept the Fed Funds rate on hold at 5.25% to 5.50% for the second consecutive meeting. Markets will receive a detailed understanding of the deliberations undertaken by the committee for November’s meeting as well as provide the outlook for the final meeting that will take place on the 13th of December. Any hawkish tone within the minutes is likely to spur demand for the greenback and thus drive gold prices lower.
Next 24 Hours Bias
Medium Bullish
Oil
Key news events today
API Weekly Crude Oil Stock (9:30 pm GMT)
What can we expect from Oil today?
Crude oil prices rose overnight with WTI oil climbing as high as $78.40 per barrel. Prices then proceeded to ease this morning as demand concerns arising from a slowing global economy outweighed the prospects of additional supply cuts by Saudi Arabia and the OPEC members.
API stockpiles have increased over the past three weeks which typically signals weaker demand in the US. Crude prices could face additional downwards pressures should inventory levels experience another week of stronger-than-expected increase for this data point.
Next 24 Hours Bias
Weak Bullish