Crude Oil Prices Look to API Inventory Data for Direction

Talking Points:

  • Crude oil prices drop, clearly editing after Friday’s surge
  • Gold prices arise amid pre-positioning for Friday’s Yellen speech
  • API register upsurge report, Trump convene in Arizona now in focus

Crude oil prices forsaken even as Libya halted delivers from a Shahara field, a largest. Compliance with a OPEC-led prolongation cut settle reportedly enervated to 94 percent in Jul from 98 percent in a before month, though that tidbit crossed a wires hours after a WTI benchmark set a event high and began to sink. On balance, it seems a advise waste were visual after Friday’s assertive upswing.

Gold prices rose as US Treasury bond yields and a US Dollar weakened, boosting a relations interest of non-interest-bearing and anti-fiat assets. The pierce echoes softening of Fed rate travel expectations, with a priced-in luck of another boost in 2017 down from 36 to 32.5 percent. A singular matter for a change is not straightforwardly apparent however, hinting during pre-positioning for this week’s Yellen speech as a culprit.

Looking ahead, wanton oil traders will concentration on register upsurge information from API. It will be totalled opposite a 3.2 million tub pull approaching to be seen in central EIA total on Wednesday. A incomparable outflow is expected to pull prices higher, and clamp versa. As for gold, it might onslaught to find follow-through though – as ever – a change of US politics is a wildcard as President Trump binds a convene in Arizona.

Retail traders design bullion to rise. Find out here what this hints about where prices might indeed go!

GOLD TECHNICAL ANALYSISGold prices sojourn stranded next insurgency in a 1295.46-1300.46 area (double top, 38.2% Fibonacci expansion), with disastrous RSI dissimilarity warning that a spin reduce might be ahead. A daily tighten next 1267.21 (August 15 low, trend line) exposes a 38.2% Fib retracement during 1258.82. Alternatively, a pull by insurgency targets a 50% enlargement during 1310.74.

Crude Oil Prices Look to API Inventory Data for Direction

Chart combined regulating TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices recoiled from support-turned-resistance during 48.76 (range floor, trend line), hinting a near-term bearish disposition stays intact. From here, a daily tighten next a 38.2% Fibonacci enlargement during 46.62 exposes a 50% turn during 45.46. Alternatively, a crack of insurgency paves a approach for a retest of a Aug 1 high during 50.40.

Crude Oil Prices Look to API Inventory Data for Direction

Chart combined regulating TradingView

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

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