Gold Prices Eye Fed Commentary After Sinking on US Jobs Data

Talking Points:

  • Gold prices eyeing Fed-speak yet follow-through competence wait for US CPI report
  • Crude oil prices looking to OPEC/non-OPEC assembly for new instruction cues
  • What will expostulate longer-term wanton oil and bullion trends? See a forecasts here

Gold prices declined as expected after July’s broadly better-than-expected US jobs report triggered a supportive change in a Fed process outlook. Scheduled comments from St. Louis and Minneapolis Fed bend presidents Jim Bullard and Neel Kashkari now enter a spotlight.

Both policymakers are comparatively dovish so their remarks competence cold tightening bets a bit and offer a salvation to a yellow metal. Significant trend growth seems doubtful for now however, with traders substantially demure to dedicate until Friday’s US CPI data is released.

Crude oil prices are watchful for a uninformed carrying stalled after a WTI benchmark tested a $50/bbl figure. All eyes now spin to Abu Dhabi, where member of tip producers participating in OPEC-led prolongation cuts are scheduled to accommodate to plead correspondence with a scheme.

Growing outlay in OPEC countries free from concurrent supply rebate – particularly Libya – have bedeviled efforts to pull down a supply tummy and boost prices. Comments indicating how a bid competence be nice to comment for this competence revitalise volatility, yet either that means gains or waste is unclear.

Have a doubt about line trading? Join a QA webinar and ask it live!

GOLD TECHNICAL ANALYSISGold prices pennyless by support running a one-month uptrend. From here, a daily tighten next a 23.6% Fibonacci enlargement during 1252.62 targets a 38.2% spin during 1239.33. Alternatively, a spin behind above a draft rhythm indicate during 1260.85 paves a approach for a retest of a Aug 1 high during 1274.11.

Gold Prices Eye Fed Commentary After Sinking on US Jobs Data

Chart combined regulating TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to symbol time next a 61.8% Fibonacci retracementat 50.19. Negative RSI dissimilarity still warns a spin reduce competence be ahead. Breaking next a 50% spin during 48.65 on a daily shutting basement opens a doorway for a exam of a 47.10-29 area (38.2% Fib, Jul 4 high). Alternatively, a pierce above 50.19 exposes a 76.4% retracement during 52.11.

Gold Prices Eye Fed Commentary After Sinking on US Jobs Data

Chart combined regulating TradingView

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

To accept Ilya’s research directly around email, greatfully SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

About author

How the nation’s cities will look

Video Image Animated fly-through of Brisbane’s proposed Cross River Rail. Source: Queensland Government Artist’s impression of Brisbane’s Cross River Rail. AUSTRALIAN cities are getting ready ...