Crude Oil, Gold Prices Echo Sentiment-Driven Swings in US Dollar

CRUDE OIL GOLD TALKING POINTS:

  • Crude oil, bullion cost movement simulate intraday swings in a US Dollar
  • EIA register upsurge information echoing API guess competence boost wanton oil
  • Gold eyes view trends’ change on Fed rate travel expectations

Crude oil and gold prices echoed cost swings in a US Dollar yesterday. Both line edged adult in a initial half of a day as a greenback corrected reduce after a before session’s gains. That offering a de-facto lift to resources denominated in terms of a benchmark banking on tellurian markets.

The pierce topsy-turvy march as a US territory recovered alongside a steepening of a futures-implied 2019 Fed rate travel path. Interestingly, that hawkish change tracked rising US batch prices, implying that a Dollar’s widening produce advantage opposite a G10 counterparts is frame it into a risk-on asset.

EIA INVENTORY DATA DUE, GOLD EYEING SENTIMENT TRENDS

Looking ahead, a weekly EIA register upsurge report is in focus. It is approaching to uncover stockpiles strew 2.16 million barrels final week. An outcome that hews closer to a 6.02 million tub drawdown likely in equivalent API information yesterday competence offer wanton prices a lift.

As for gold, view trends and their knock-on change on Fed process bets sojourn in concentration absent top-tier scheduled eventuality risk. A widespread directional disposition is conspicuously absent however as futures tracking a FTSE 100 and SP 500 equity benchmarks are trade prosaic in Asia Pacific hours.

See a beam to learn about a long-term army pushing wanton oil prices!

GOLD TECHNICAL ANALYSIS

Gold prices are circumference downward along descending trend line insurgency in play given mid-June. A pull belowthe 38.2% Fibonacci enlargement during 1197.94 targets a 50% turn during 1186.42. Alternatively, a daily tighten above insurgency – now during 1209.44 – paves a approach for a retest of former support during 1236.66.

Gold cost draft - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are still struggling to find instruction after settling during trend support determined in early February. A daily tighten above a 23.6% Fibonacci enlargement during 70.99 exposes a 38.2% turn during 73.49. Alternatively, a dump next trend support – now during 66.86 – opens a doorway for a exam of a 63.96-64.26 area.

Crude oil cost draft - daily

COMMODITY TRADING RESOURCES

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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