XAU/USD takes advantage of the greenbacks demise and extends yesterday’s gains, after avoiding fresh 2022 lows
WHEATF (WHEATF)
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The underlying instrument for WHEATF is the Wheat Futures contract.
Wheat is one of the largest soft commodities produced globally and its production is spread all around the world, with the largest crops being found in China, the US, India and Russia, France and Australia. Wheat's pricing is heavily impacted by global climate factors in addition to the economies and production output of its largest producers.
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.
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
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