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Oil higher, gold skyrockets

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Oil

Crude prices were heavy early as concerns grew over China’s COVID situation. ​ Energy traders were quick to jump back on the oil trade after a cool inflation report brought hopes back to life that the US economy could still have a soft landing. ​

The inflation report showed fuel oil prices surged 19.8% before the cold weather arrives. ​ The oil market is going to remain very tight this winter and that should keep oil prices heading higher. ​

Gold surges as US inflation dips

Gold prices are surging after a cool inflation report has made markets confident that the Fed can downshift to a  half-point-rate-hiking pace and possibly be done with tightening after the March FOMC meeting. ​ It looks like the dollar died today and chaos in crypto has made good ol’ gold very attractive again. ​

Gold is breaking out here and it could have a steady path towards the $1800 level if dollar weakness remains.

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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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