FX Careers

Asia – Commodities Fundamental Forecast || 29 September 2023

Gold (XAU)

Key news events today

GDP (12:30 pm GMT)

Unemployment Claims (12:30 pm GMT)

What can we expect from DXY today?

The final GDP reading for the second quarter of 2023 is likely to show the US economy growing 2.2% QoQ, which is slightly higher than the previous estimate of 2.1%.

Not only have unemployment claims been trending lower over the past five weeks, they also have printed lower than their respective forecasts. Another round of lower-than-expected claims combined with a strong GDP figure is likely to function as another bullish catalyst for the DXY which in turn drives gold lower. This precious metal dropped as low as $1,870/oz overnight and overheard pressures remain.

Next 24 Hours Bias

Medium Bearish



Key news events today

No major news events.

What can we expect from Oil today?

EIA crude oil inventories fell by 2.2M which was higher than the expected drawdown of 1.3M barrels of oil. Along with the ongoing tighter supplies, this larger draw boosted crude prices with WTI oil breaking above the $93-mark. Crude prices are expected to remain elevated and could climb above $94 per barrel this week.

Next 24 Hours Bias

Medium Bullish