• Thu. Sep 29th, 2022

Oil remains steady, gold under pressure

ByCraig Erlam

Aug 19, 2022
Oil and gold lose ground


Are oil prices stabilising?

Oil prices are paring yesterday’s gains in what is yet another volatile session and week. The list of downside risks has definitely grown lately, with growth certainly top of it. Iran nuclear talks have not collapsed yet which remains another potential negative for crude prices given the reported potential for a large amount of crude to come to the market relatively soon. ​

We may be seeing oil prices stabilising around these levels, with Brent hovering above $92 and WTI choppy around $90. I can’t imagine it will last long considering how the rest of the year has gone with a conclusion on the JCPOA talks probably having an impact one way or another.

Resurgent dollar weighs on gold

Gold is edging lower again as the dollar continues to see strong support. The resurgence in the greenback has weighed heavily on the yellow metal which was already seeing profit-taking after reaching $1,800. It has shown some resilience though so another run towards here isn’t off the cards. It may just be more difficult if the dollar continues to drive higher and yields don’t ease further.

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

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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.

Craig Erlam

Craig Erlam





Image and article originally from www.marketpulse.com. Read the original article here.