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Gold's hourly chart shows signs of bullishness but momentum needs to pick up.
XAU/USD runs its fourth consecutive profitable week, but the technical landscape gets tougher, while investors brace for another inflation update from the United States
The Organization of the Petroleum Exporting Countries (OPEC) and its allies decided to continue increasing their production next month, but only by 100,000 barrels per day
Gold is inversely related to real rates in the current market environment. This connection may suggest that the recent gold appreciation is a rally in a broader downtrend.
Sentiment is on the defensive on Sino-US jitters, while markets gear up for Wednesday’s meeting by OPEC+ in regards to production levels
Black gold steadies after a volatile day, as investors weighed IMF’s lower economic growth forecasts and API’s stock drawdown, while awaiting the Fed later in the day
XAU/USD posted profits last week for the first time in more than a month, managing to rebound form 1+ year lows, but today it lacks firm direction ahead of Wednesday’s Fed decision
Gold's longer-term trend is influencing its short-term chart.
Oil has benefited from the recent dollar decline, with both UKOil (Brent) and USOil (WTI) CFDs moving into the neutral areas between their blue bands (green rectangles).
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