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Gold futures rose in relatively light trading as the dollar and U.S. Treasury yields slipped. But they fell overall this week after a sharp sell-off on Thursday. Analysts at SP Angel said in a report that ETF outflows indicate that traders and investors have taken profits after gold prices rose 21% so far this year. SP Angel said that the cooling of trade tensions is reducing the appeal of gold, while Trump announced that he does not intend to fire Powell. The focus now turns to U.S. employment data due on Friday. If the data is weaker than expected, it will boost optimism about the Federal Reserves interest rate cuts, which is a positive for non-interest-bearing gold.Riccardo Marcelli Fabiani, senior economist at Oxford Economics, said on May 2 that the rise in core inflation in the eurozone in April should not cause concern for ECB policymakers because the rise in the service sector is temporary. Core inflation rose from 2.4% to 2.7%, and service sector inflation rose from 3.5% to 3.9%, partly due to the timing of Easter. But lower oil prices and a stronger euro will pull down energy inflation, leading to lower costs for production inputs and imports. At the same time, the hit to demand will push down core inflation and accelerate the slowdown in wage growth. This anti-inflation trend means that the ECB is likely to cut interest rates at its June meeting and then keep them unchanged.On May 2, Capital Economics economists said in a report that the rise in eurozone service sector inflation in April may not worry ECB officials because it was mainly driven by the Easter timing effect. The core inflation rate rose from 2.4% in March to 2.7% in April, an increase that exceeded expectations, which was entirely due to the increase in service sector inflation from 3.5% to 3.9%. But service sector inflation will start to fall again in the coming months, and US tariffs will have a disinflationary effect on the eurozone. This will pave the way for two more interest rate cuts this year.Spotify spokesperson: Apple has approved Spotifys app update in the United States.The Hong Kong dollar strengthened to 7.75 against the U.S. dollar, hitting the strong side of the convertibility guarantee level.

Yesterday's gains in WTI Oil are reversed

Alina Haynes

Aug 31, 2022 11:25

截屏2022-08-26 下午5.07.34_1024x576.png

 

WTI oil prices decline as Iraqi demonstrations pose little threat to oil production. Gold settles below $1730 as a stronger currency and rising Treasury yields exert downward pressure on precious metals. Copper tests support around $3.55 as market participants continue to focus on recession worries.

 

As yesterday's protests in Iraq failed to cause instability in the country, WTI oil prices returned to the $93 level. There is no threat to oil output, therefore following yesterday's gain, traders opted to take profits.

 

In the meantime, commodity markets experienced widespread pressure as the U.S. dollar approached its annual highs. Concerns over the robustness of economic growth were sparked by a stronger currency and rising Treasury yields, which was unfavorable for oil markets.

 

As the decline in European markets continues, natural gas prices are attempting to settle below the $9.00 mark. The aforementioned recession concerns act as a further adverse impetus for the U.S. natural gas markets.

 

Gazprom recently alerted Engie of its intention to decrease natural gas delivery due to a contractual dispute. Interestingly, this action did not support European natural gas prices further. Traders currently expect that Europe will attain the required natural gas storage levels prior to winter, which acts as a bearish catalyst.

 

In the United States, traders will continue to monitor the natural gas markets in Europe. In addition, they will remain focused on the outlook for economic growth. If markets remain concerned about the possibility of a recession, natural gas prices will likely fall below $9.00.

 

Strong dollar and rising Treasury yields exerted further pressure on gold prices, which fell below the $1730 support level. If gold settles below this level, it will move toward the $1715 level, the next support. A successful challenge of the support level at $1715 will drive gold towards the support level at $1700. If gold falls below $1700, it will seek support near the $1680 lows for the year.

 

A rise above $1730 will take gold towards the $1755 resistance at the 20-day exponential moving average. If gold settles back above the 20-day exponential moving average, it will move toward the 50-day moving average at $1,770.

 

Silver, which is vulnerable to economic forecasts, is attempting to settle below $18.50 per ounce. The gold/silver ratio has reached annual highs at 94, and the pressure on silver markets continues to be intense. Platinum fell toward the $830 mark, while palladium fell to the $2075 mark.

 

Copper continues to decline amid a widespread commodity market sell-off. Copper is currently attempting to fall below the $3.55 support level. Copper will get extra negative momentum if this attempt is successful. RSI remains in the moderate region, therefore there is possibility to gain extra momentum if the appropriate catalysts materialize.


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