Gold (XAU)
Key news events today
FOMC Member Harker Speaks (1:00 pm GMT)
UoM Consumer Sentiment (2:00 pm GMT)
What can we expect from Gold today?
Federal Reserve Bank of Philadelphia President Patrick Harker is due to speak about the 2023 economic outlook at the virtual event of Delaware State Chamber of Commerce where audience questions are expected. He could follow a similar tune as the other top Fed officials by signalling a less ‘hawkish’ monetary policy outlook.
The preliminary survey findings from the University of Michigan (UoM) Consumer Sentiment will be released today where inflation expectations could show a moderate increase from the previous month’s reading of 3.2% YoY following the increase in yesterday’s CPI data. Another higher reading for inflation expectations could trigger another round of demand for the greenback and halt the recent gains for gold.
Next 24 Hours Bias
Weak Bullish
Oil
Key news events today
EIA Crude Oil Inventories (3:00 pm GMT)
What can we expect from Oil today?
Following the surprise larger-than-expected API stockpiles, the EIA also experienced a massive increase in inventory levels. Instead of a forecasted drawdown of 400k, 10.2M barrels of crude were instead added to inventories which indicate weaker consumption in the US. WTI oil was trading around $83.70 per barrel prior to the release of this data point and it tumbled under the $82.00-threshold by the end of the US session. Crude prices are expected to remain under pressure today to notch a fourth consecutive week of decline.
Next 24 Hours Bias
Weak Bearish