Gold Cautious after its 2nd Straight Losing Month & the Rejection of Key Technical Levels
XAU/USD comes from two straight profitable weeks, but this was not enough to prevent another losing month, while the new one starts with caution
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XAU/USD comes from two straight profitable weeks, but this was not enough to prevent another losing month, while the new one starts with caution
Oil prices went up after European leaders reached a compromise, to sanction most of oil imports from Russia
Oil prices get a boost from the demand and potentially the supply side, if the EU can ratify an embargo on Russian oil.
Oil prices are moving again, with both USOil and UKOil charting a higher trough followed by a higher peak on their respective weekly charts. I.e. the longer-term has reaffirmed its uptrend.
Gold has broken down out of a pattern, suggesting a lower price ahead.
The commodity is in a consolidation pattern this week, but finds support as US EIA stockpiles shrunk and the CEO of oil giant Aramco warned of low spare capacity
Gold finds support in US session after some calendar releases disappoint.
XAU/USD may be flat today, but moves towards its first profitable week in a month, helped by risk aversion and the greenback’s demise
Broader market sentiment remains downbeat after poor quarterly results from US retailers reignited fears of stagflation, which weigh on the commodity
XAU/USD takes advantage of the greenbacks demise and extends yesterday’s gains, after avoiding fresh 2022 lows
The world’s second largest consumer of oil, reported some disappointing economic data earlier, causing the commodity and broader market sentiment to dive
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