Page 10 of 19
Wheat prices are starting to move, which may add to stagflation worries.
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
Although gold rallied yesterday, following the Fed-perceived dovishness, it remains weak on the daily time frame.
Oil is climbing following a proposal made by European Commission President Ursula von der Leyen to embargo Russian crude oil imports within the next six months. This ban will include both seaborne and pipeline supply. Moreover, refined products will be phased out by the end of 2022.
Gold charts a lower peak followed by a lower trough on its weekly chart.
Gold has bounced to a critical resistance level in a downtrend.
Gold covers earlier losses during the European session, in a backdrop of heightened Western-Russian tensions and persistent USD strength
Gold declines, and the dollar finds a bid as market participants prepare for Fed front-loading.
There is an excess demand for oil, which is likely to support price.
The commodity extends Tuesday’s gains, trying to stop its two-week decline, as we see an escalation in rhetoric from Russia and the West
Exchange: ${getInstrumentData.exchange}
${getInstrumentData.bid} ${getInstrumentData.divCcy} ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%) ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%)
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.