Gold (XAU)
Key news events today
FOMC Member Goolsbee Speaks (6:30 pm GMT)
FOMC Member Bowman Speaks (6:32 pm GMT)
FOMC Member Goolsbee Speaks (7:30 pm GMT)
What can we expect from Gold today?
FOMC member Austan Goolsbee will be delivering the welcoming remarks at a Fed Listens in Chicago along with Federal Reserve Governor Michelle Bowman. Following which, Goolsbee will be participating in a fireside chat about youth employment. Any hawkish remarks by either one of them is likely to accelerate the gains in the DXY and thus drive gold prices further down south.
Next 24 Hours Bias
Weak Bullish
Technical:
The current chart momentum suggests a neutral trend in the market, with no clear indications of strong bullish or bearish movements. There is a possibility that price could fluctuate between the 1st resistance and the 1st support levels.
The 1st support at 1885.58 is identified as a multiple swing-low support. Additionally, the 2nd support at 1867.68 is identified as a support level that aligns with the 127.20% Fibonacci extension level.
To the upside, the 1st resistance at 1906.61 is identified as an overlap resistance that aligns with the 23.60% Fibonacci retracement level. Similarly, the 2nd resistance at 1926.35 is also identified as an overlap resistance that aligns with a 38.20% Fibonacci retracement level.
Oil
Key news events today
API Weekly Crude Oil Stocks (8:30 pm GMT)
What can we expect from Oil today?
After last week’s larger than expected draw down, API stockpiles could continue to be drawn down which could act as a short-term bullish catalyst for crude oil. After climbing above the $81.50 per barrel mark, WTI prices retreated and proceeded to drop under $80 per barrel as hope for demand from China begins to fade. Crude prices are expected to remain under pressure today.
Next 24 Hours Bias
Medium Bearish
Technical:
The WTI/USD chart currently exhibits a bearish momentum, indicating a prevailing downward trend that is attributed to price being positioned below the bearish Ichimoku cloud.
The 1st support level at 78.83 is identified as an overlap support that aligns with the 127.20% Fibonacci extension level. Similarly, the 2nd support at 76.90 is also identified as an overlap support that aligns with the 161.80% Fibonacci extension level.
To the upside, the 1st resistance level at 81.44 is identified as an overlap resistance that aligns with the 50.00% Fibonacci retracement level. Furthermore, the 2nd resistance at 83.15 is identified as a pullback resistance that coincides with the 78.60% Fibonacci retracement level.
