Gold (XAU)
Key news events today
JOLTS Job Openings (2:00 pm GMT)
What can we expect from Gold today?
The JOLTS job openings data has been trending lower over the past seven months with July’s reading coming in much lower than the estimate. Falling job openings signal a potential slowdown in the US labour market and another softer print for the month of August is likely to function as a bearish catalyst for the US dollar and could finally provide some lift for gold in the near-term during the US session.
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?
China’s declining oil demand is impacting crude oil markets while previously overlooked new oil supplies from Iran, Iraq, Libya, Nigeria, and Venezuela have also contributed to the current pullback in crude oil prices. WTI oil tumbled below the $88 per barrel mark and continues to slide lower. The API weekly stockpiles are due to be released later today and a larger-than-expected draw could act as a bullish catalyst for this commodity in the near-term and provide some cushioning to oil prices.
Next 24 Hours Bias
Medium Bearish