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Crude higher, gold consolidates

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Oil

Crude prices are rising after the stockpiles posted a modest gain and a decent improvement with demand. ​ The EIA crude oil inventory report showed that demand for crude oil and gasoline improved, while distillates softened. ​ Crude exports surged 21.6% as shipments abroad reached the highest levels since November. ​ Gasoline prices have not yet been impacted as stockpiles remain elevated, touching the highest levels since March.

Lately, it seems this oil market has a tendency to lean towards a bullish spin after any major oil event. ​ WTI crude should find resistance ahead of the $83.50 level, but if that does not hold, we could see a mini breakout.

If risk appetite continues to take a big hit from the tech-driven selloff, that should also weigh on crude prices.

Gold

Gold prices are locked into consolidation mode as traders await to see how the Fed reacts to growing fears of a macro slowdown. ​ Risk aversion is running wild but gold is not breaking because a slowdown will confirm disinflation trends will remain and a recession certainty could lead to rate cuts at the end of the year. ​ Gold might trade between the $1935 and $1960 range until we get to the Fed event.

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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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