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Oil lower on China concerns, gold pops

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Oil edges lower 

Crude prices edged lower after as China continues to struggle with COVID. Bets that China will reopen soon are losing momentum as cases jumped in Guangzhou and other key Chinese cities. ​ Brent crude is still close to the $100 a barrel level for now and it seems short-term risks to supplies have traders looking for a bullish move higher. ​

Gold powers higher

Gold had a great day as the dollar tumbled ahead of the midterm elections and a pivotal inflation report. ​ The weakness in the dollar was more of a short-covering move and potentially on hopes that later this week we will have confirmation that inflation is headed lower. ​

Gold looks like it could be breaking out now and it will just need the macro backdrop to support the move higher. ​ Gold’s rally above the $1700 was impressive as it comes before any exit polling data and well ahead of Thursday’s inflation report. ​ Gold should find major resistance ahead of the $1750 level and that might prove to be difficult to reach before this week’s CPI data. ​

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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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