This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Gold acts firmer on risk-off, while staying below $ 1230
On Thursday, gold kept the revival mode intact in New York for the third straight trading session. However, the struggle moved on with $ 1230 barrier notwithstanding widespread risk-aversion as well as a non-event FOMC minutes publication.
Gold managed to regain 200-DMA, showing $ 1225.42.
Strengthening geo-political tensions as for the North Korean missile launch, puts Russia and China against America that has already weighed down heavily on the traders’ sentiment, thus keeping the safe-haven bids for the primary precious metal underpinned.
Furthermore, gold also derived benefits overnight because the FOMC minutes actually lacked any hawkish bias. As a matter of fact the Fed officials’ views divided on when to launch the balance sheet normalization process and on a December rate lift. Additionally, the Fed officials also showed their deep concerns on softening inflation outlook.
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.
On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.