Gold (XAU)
Key news events today
Unemployment Claims (12:30 pm GMT)
What can we expect from Gold today?
Not only have unemployment claims trended lower over the past six weeks, but they have also printed lower than their respective forecasts which have acted as a bullish catalyst for the US dollar. Another round of weaker-than-expected claims could once again function as a bullish catalyst for the greenback and drive gold prices even lower.
Next 24 Hours Bias
Weak Bullish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
EIA crude oil inventories experienced a larger than expected draw as 2.2M barrels of crude were used versus the estimate of a 100k-drawdown. However, this did not stop crude prices from tumbling sharply overnight as the combination of rising US Treasury yields – which could halt global economic growth and hence slowdown demand for crude oil – and diminishing concerns surrounding supply weighed on prices. WTI oil plunged under the $84.00 per barrel mark overnight, losing nearly 6.0% in the process. Overhead pressures are likely to remain for this commodity today.
Next 24 Hours Bias
Medium Bearish