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Oil consolidates, gold dips ahead of FOMC

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Risks remain tilted to the upside in oil

Oil prices are continuing to consolidate around the upper end of their trading range over the last couple of months. Concerns about Covid cases in Beijing and global growth are continuing to prevent a much larger rally in oil prices as a result of the undersupply in the market, a potential EU ban on Russian imports and the reopening in Shanghai.

We’re seeing gains again today of around 1% but these are still relatively small and represent a slowing of momentum in the rally. Risks still remain tilted to the upside, even after the recent moves, but it just may not be as explosive as we’ve seen at times before. ​

Gold slips ahead of the FOMC minutes

Gold is making small losses ahead of the Fed minutes as the dollar claws back some of the recent declines. There’s clearly some nerves around what the minutes will contain which is why we appear to be seeing a little profit-taking.

The yellow metal is seeing some support around USD 1,850 after peaking near USD 1,870 on Tuesday. Assuming the minutes don’t contain anything too shocking, we could see it continue to push higher as economic fears push investors back towards safe-havens.

For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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