Gold (XAU)
Key news events today
FOMC Member Waller Speaks (4:00 pm GMT)
FOMC Member Bowman Speaks (5:00 pm GMT)
What can we expect from Gold today?
Federal Reserve Governor Christopher Waller is due to speak about the economic outlook at the Distinguished Speaker Seminar hosted by the European Economics and Financial Centre in London where audience questions expected while another Governor, Michelle Bowman, will be delivering her opening remarks at the Fed Listens event hosted by the Federal Reserve Bank of Richmond. Should both these governors follow in the footsteps of Fed Presidents Patrick Harker’s and Tom Barkin’s neutral remarks on Monday and Tuesday respectively, the US dollar could come under significant pressure once more and result in higher gold prices later today.
Next 24 Hours Bias
Medium Bullish
Oil
Key news events today
China Industrial Production (2:00 am GMT)
EIA Crude Oil Inventories (2:30 pm GMT)
What can we expect from Oil today?
Industrial production in China rose by 4.5% YoY in August, beating the forecast of 3.9% and was also higher than July’s print of 3.7%. It was the strongest expansion in industrial output since April, following recent support measures from Beijing to bolster economic recovery. Another round of stronger-than-expected production figures could function as a bullish catalyst for crude oil.
Crude oil gained strongly overnight as fears surrounding an escalation in the ongoing Middle East conflict lifted prices with WTI oil climbing above the $87.00 per barrel mark. Following yesterday’s surprise drawdown in API stockpiles, another round of higher-than-expected draw for the EIA inventories could function as an additional bullish catalyst for crude prices during the US session.
Next 24 Hours Bias
Medium Bullish