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DISCUSSION POINTS OF OIL OF GOLD AND RAW:
- The price of gold drops as Fed Vice President Clarida approves the political status quo
- Fed Chairman Powell could afford to see gold suffer more
- The status quo of crude oil prices could be interrupted by EIA inventory statistics
Gold swoo priceas the US dollar reached its highest level in a month, undermining the appeal of anti-fiat alternatives. The bulk of the decline in gold seemed to come courtesy of comments from FVice President ed Richard Claridawhich qualified the economy as "healthy" and supported the current strategy of gradually raising interest rates. He even warned against a rate hike too slow and too fast.
This is an important clarification of Mr Clarida's previous remarks – the markets interpreted as signaling a progressive shifting of guidance towards the front – and aligns it with the status quo of Fed policy (as expected). The projector is now turning to a speech by Fed Chairman Jerome Powell. It seems likely to reiterate the case for further tightening. This could further boost the US dollar, damaging the gold by extension.
G20 SUMMARY OF EARLY OIL OF CRUDE OIL, DATA ON EI INVENTORY
Meanwhile, crude oil prices continued to mark the time near the lows established after The spectacular Friday dive. It may be that traders are not willing to show their commitment in one way or another while they expect news of the negotiations on the reduction of production between Saudi Arabia. Saudi Arabia and Russia on the sidelines of the government. G20 Summit in Argentina. Moscow hesitated to join another coordinated reduction in production.
It remains to be seen if the news EIA Inventory Flow Data will be too difficult to ignore. The forecast is for a narrow influx of 590.1 thousand barrels, but similar IPA figures released yesterday called for a much larger increase of 3.45 million barrels. If official statistics approach this projection, worries about global oversupply could revive sales pressure.
Learn what gold buying / selling decisions of other traders tell about the price trend!
TECHNICAL ANALYSIS GOLD
Gold prices retreated after the fall of the trendline resistance to test support in the area between 1211.05 and 14.30. A daily close below exposing a rising trend line at 1202.88, followed by a low end in the 1180.86-87.83 zone. Alternatively, a push above the resistance – now at 1226.59 – targets 1235.24-41.64
TECHNICAL ANALYSIS OF GROSS OIL
The shy rise in crude oil prices is slowing down after a new support resistance test in the 52.10-83 zone. A new downward momentum from here that builds on 49.16, theThe lowest of October 2017, target the minimum of August 31, 2017 to 45.62. Alternatively, a daily close above 52.83 exposes resistance in the 54.48-55.21 area (former support, declining trend line).
COMMERCIAL RESOURCES ON GOODS
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
To contact Ilya, use the comments section below or @IlyaSpivak on Twitter
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