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Oil rally returns, Gold eyes USD 2k

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Oil 

Crude prices were unfazed after the EIA crude oil inventory report posted the biggest build since March 2021.  Overall, the EIA report was mixed as the massive build was offset by improving gasoline and jet fuel demand, while US production remained steady.  Oil prices are looking very comfortable above the USD 100 level as US and Chinese demand seems to be heading in the right direction.

Gold extends rally, closes in on USD 2000

Gold is knocking on the USD 2000 door and it looks like it might burst through it if traders continue to decrease their aggressive Fed tightening bets.  The inflation story is setting up for a few months of stubbornly high prices that will lead to inflation hedges and safe-haven bets for bullion.  This earnings season will likely be filled with a wrath of cautious commentary and that could be the catalyst that keeps stocks grounded, which is good news for gold.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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