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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
Gold bulls support the price on the short-term pivot, but the longer-term trend may dominate.
XAU/USD rebounds after its poor weekly start, as the greenback faces headwinds and markets prepare for today’s US Consumer Price Index
The G7 countries pledged over the weekend to phase out Russian oil, while in speech earlier today, Mr Putin did not announce any major policy changes
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