Crude Oil steady around US 120, Price Of Gold under pressure | Oanda

Forex: XAU/USD Is Rising For The 3rd Day In A Row!

Oil steady as European gas prices surge

Oil prices are relatively steady at the end of the week, just shy of USD 120. Despite the correction over the last week or so, the market remains extremely tight and the price risks still remain tilted to the upside. With OPEC+ now reportedly missing output targets by 2.7 million barrels per day and setting unachievable targets for the summer, that gap will widen. The pressure in the market isn’t going to ease any time soon.

Gas prices in Europe on the other hand have been surging as Russia once again appears to weaponise supplies to Germany and Italy, which remain heavily reliant on it. Both are complying with the rouble payment demands and yet have seen their flows hit heavily, with Gazprom blaming repairs as being behind the drop-off. It comes as both countries attempt to fill up reserves ahead of the winter which some suggest is no coincidence.

Gold Price (XAUUSD) struggles after a brief recovery

Gold has had a good run over the last couple of days as central banks have played catchup with the Fed, lifting their currencies and weakening the dollar in the process. US yields easing off their highs have also contributed to the greenback paring gains. The dollar remains king though and we’re very much seeing that today with it trading almost 1% higher which has forced gold back below USD 1,850. No doubt volatility is going nowhere with central banks now in panic mode and every piece of data being poured over for further signs of stubborn inflation and economic vulnerability.

For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/

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Oil steady around US 120, gold under pressure - MarketPulseMarketPulse

Forex: XAU/USD Is Rising For The 3rd Day In A Row!

Craig Erlam

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.