Gold (XAU)
Key news events today
Unemployment Claims (1:30 pm GMT)
Fed Chair Powell Speaks (7:00 pm GMT)
What can we expect from Gold today?
Not only have unemployment claims in the US started to trend high over the last couple of weeks, they have also printed stronger than the respective estimates – this result usually functions as a bearish catalyst for the greenback while boosting gold prices.
Meanwhile, Federal Reserve Chair Jerome Powell will be participating in a panel discussion titled “Monetary Challenges in a Global Economy” in Washington DC where audience questions are expected. Following his overnight speech where he did not offer many clues, Powell could shed more light on the outlook for monetary policy at his panel discussion later today which in turn could drive gold prices. Any hawkish rhetoric is likely to weigh on this precious metal.
Next 24 Hours Bias
Weak Bullish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Although EIA inventories rose by 774k barrels, it was lower than the estimate of 1.3M. This lower-than-expected inventory build did not manage to stem the slide in crude prices as WTI oil dipped under the $75.00 per barrel mark overnight. However, crude prices are rising as Asian markets came online, a possible sign of short-covering by traders after a brutal sell-off this week.
Next 24 Hours Bias
Medium Bearish