U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Wednesday after a mixed opening as speculators bet an escalation of the military conflict between Ukraine and Russia will lead to a disruption in oil supplies.
Comex gold futures are trading nearly flat early Tuesday, but prices remained near the previous session’s over one-week high. Helping to put a lid on gains are rising U.S. Treasury yields and a firmer U.S. Dollar.
Gold futures are trading lower shortly before the mid-session on Thursday, but hovering above a two-week low hit earlier in the session. Putting pressure on the precious metal for a second session are higher Treasury yields and a strong U.S. Dollar.
Gold Forecast: Gold futures are inching lower early Tuesday after bumping up against a key technical resistance level for a second straight session. The short-term fundamentals, however, are bullish and are likely to remain that way until investors get some clarity on the timing of its first rate hike.
Gold Price Forecast: Gold futures finished nearly 2% higher last week, boosted by dovish tones from three prominent central banks – the Reserve Bank of Australia (RBA), the U.S. Federal Reserve and the Bank of England (BoE).
Gold Price Analysis: Gold futures are edging higher early today, mirroring the price action in U.S. Treasury yields and the U.S. Dollar. Nonetheless, the market is still hovering just above a seven-week low that was struck the previous session as Treasury yields jumped on growing expectations of an earlier-than-anticipated interest rate hike by the U.S. Federal Reserve.
Gold Price Forecast: Rising U.S. Treasury yields are driving gold futures lower on Tuesday with the market testing its lowest level since August 11. Sellers took out last week’s low at $1737.50 earlier in the session, signaling a continuation of the current weakness that began at $1836.90 on September 3.
Gold Price Forecast: Gold futures put in a mixed performance before closing slightly higher for the week. The price action was driven by a choppy trade in the U.S. Dollar, but gains were likely limited by a rise in U.S. Treasury yields.
Gold Price Analysis: Gold futures are trading nearly flat early today, mirroring the price action in the U.S. Dollar against a basket of major currencies. The low volume and volatility indicates a few of the major players are sitting on the sidelines ahead of key decisions by the U.S. Federal Reserve and China’s Evergrande.
Oil Price Forecast: U.S. West Texas Intermediate and international-benchmark brent crude oil futures are trading higher today as energy companies continue to struggle with output halted after Hurricane Ida made landfall about two weeks ago.