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Oil’s bloodbath, gold shines

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Oil

The oil market is a blood bath as the crude demand outlook took a major hit after Chinese and US trade data showed global demand is sharply weakening.  It appears the risk of losing Russian energy supplies is no longer keeping oil prices supported and that has energy traders solely fixated on the demand side drivers.

WTI crude could hold $80 given how strong the US economy remains and now that most of the demand shock from China’s deteriorating COVID situation has been priced in.

Gold

Just when you thought gold was out, Wall Street pulls it back in.  Gold is rallying as a surge with Treasury yields ease. The dollar rally is in a timeout until the ECB rate decision and that is welcome news for bullion.  Gold is tentatively holding the $1700 level and that might get tested tomorrow.  Gold is still vulnerable to another massive selloff, but for now it appears to be stabilizing.

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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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