Gold (XAU)
Key news events today
Fed Chair Powell Speaks (8:35 pm)
What can we expect from Gold today?
Federal Reserve Chair Jerome Powell is due to deliver opening remarks at the Moynihan Lecture in Social Science and Public Policy in Washington DC where his remarks could have an impact on the direction of the US dollar and thus drive gold prices. Stronger-than-expected flash Composite PMI readings drove gold prices down as low as $1,955/oz overnight but prices rebounded quite sharply to trade around $1,975/oz as Asian markets came online.
Next 24 Hours Bias
Weak Bullish
Oil
Key news events today
EIA Crude Oil Inventories (2:30 pm GMT)
What can we expect from Oil today?
Stronger than expected readings for yesterday’s API stockpiles, where nearly 2.7M barrels of oil were drawn versus the estimate of a build of 1.6M, could not prevent the slide in crude oil prices. Prices slid lower for the third consecutive session as yesterday’s weak European PMI data weighed negatively on the outlook for energy demand. WTI oil fell below the $84.00 per barrel overnight and continued to slip lower towards $83.00 this morning. The estimate for EIA inventories points to a small drawdown of just 500k barrels – it is unlikely that a larger drawdown will provide the necessary catalyst to reverse the course of direction for this commodity.
Next 24 Hours Bias
Weak Bullish