Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Crude holds revenues in Asia ahead of API estimates
On Tuesday, crude prices held early revenues in Asia with figures on American inventories later in the day supposed to set the market tone in thin regional trade with financial markets in Hong Kong, China India and Taiwan closed for holidays.
In New York, May delivery crude futures ascended 0.08%, being worth $50.328 a barrel. In London, Brent futures soared 0.06%, reaching $53.15 a barrel.
Late on Tuesday, the American Petroleum Institute will issue its estimates of crude stocks at the end of the previous week. The figures are going to be followed on Wednesday by official data from the US Energy Information Administration. Experts expect crude inventories to sag by 530,000 barrels at the end of the previous week, with distillates down by approximately 1.12 million barrels as well as gasoline supplies demonstrating a 1.462 million barrels dip.
Overnight, oil settled lower, as traders fret over surging American shale output while a rebound in Libyan crude output weighed on market sentiment.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.