Gold (XAU)
Key news events today
UoM Consumer Sentiment (3:00 pm GMT)
UoM Inflation Expectations (3:00 pm GMT)
What can we expect from Gold today?
The University of Michigan (UoM) will release its preliminary findings on consumer sentiment and inflation expectations for the month of November today. Sentiment has trended lower over the past few months due to ongoing concerns about inflation and uncertainty over the implications of negative news both domestically and abroad.
Meanwhile, inflation expectations rose strongly from 3.2% to 4.2% in October. Continued increase in expectations would indicate that inflationary pressures remain and could function as a bullish catalyst for the greenback and thus drive gold prices lower.
Next 24 Hours Bias
Weak Bullish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Crude prices are all but certain to notch a third consecutive week of strong decline as the combination of weaker global demand and hawkish signals from the Federal Reserve weigh heavily on this commodity. WTI oil has tumbled well over 6% just this week thus far – the largest decline in six weeks. In all, WTI has dropped over 15% since 20th of October.
Next 24 Hours Bias
Medium Bearish