FX Careers

Asia – Commodities Fundamental Forecast | 27 September 2023

Gold (XAU)

Key news events today

No major news events.

What can we expect from DXY today?

Although the Federal Reserve did not increase the Fed Funds rate last week, Fed officials are jawboning stronger demand for the US dollar with their hawkish statements at various events recently, keeping the DXY elevated which in turn adds further downward pressure on gold prices. This precious metal dipped under the key $1,900/oz level overnight – a threshold that will be closely monitored by many traders today.

Next 24 Hours Bias

Medium Bearish


Key news events today

EIA Crude Oil Inventories (2:30 pm GMT)

What can we expect from Oil today?

Despite API stockpiles adding 1.6m barrels of crude versus the expected drawdown of 1.7M, WTI oil managed to remain above $89.50 per barrel overnight and did not stop prices from rising above $90.50 as tighter crude oil supply keeps the commodity elevated once more.

Next 24 Hours Bias

Medium Bullish