The commodity extends its gains and pushes for another profitable week, helped by a big draw in US oil inventories

The daily gold chart has charted a series of higher troughs followed by higher peaks (green zig-zags). We regard this as an uptrend. The precious metal may look to chart its next daily impulse up (daily +ve impulse scenario). We consider the hourly chart. Following the BoJ’s announcement that it will defend the 50bps level, up from the 25bps level, the precious metal’s trend-following EMAs and the momentum based stochastic…

USOil started the week with a three-day relief rally on demand optimism, but slides since yesterday after the Fed pointed to more rate hikes ahead

The commodity recovers from Friday’s 2022 lows, helped by the fact that the Keystone pipeline remains closed, as markets brace for the US inflation update and the Fed’s policy decision

XAU/USD makes a cautious start to the week, as markets gear up for the US CPI inflation update and the latest interest rate decision by the Federal Reserve

The daily gold chart trades between its upper blue and red bands in its bullish channel. The longer it maintains this position, the more bullish the precious metal is. The hourly chart has pulled back to a confluence of price support on the central pivot (green-shaded horizontal). To test a price reaction, we want to see both the hourly EMAs and stochastic turn positive. If this happens and the hourly…

The commodity is in a tough spot again this week, despite an easing of the strict Covid-19 rules, as today’s trade data from the world’s biggest importer of oil disappoint

The oil daily chart has moved from its weak area, between the lower blue and red bands, into its neutral zone, between the blue bands (vertical green rectangle). This activity is a relative movement towards strength.

The past month was the best since April 2021, as the metal was boosted by hopes of easier Covid-19 policies in China and prospects of a less aggressive Fed

XAU/USD runs a profitable week helped by softer US PCE inflation and Mr Powell’s signal for smaller rate hikes, but eases today ahead of the US Employment Report

As the real rate appreciated, gold declined (green trendlines). This trend then morphed into a sideways pattern (blue-shaded area). The cc is currently reading a robust -79%, implying a meaningful inverse relationship between the two instruments.