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Crude oil and gold prices at risk on Powell speech, the FOMC protocol



Crude oil prices and gold deposits:

  • Crude oil prices higher in order to challenge two-year trend resistance
  • Gold prices mark the time after the break in the long-term rising support line
  • Fed Chair Powell testimony, FOMC minutes may damage commodities

Crude oil rates reflect a modest recovery in risk appetite pacifying a recovery in the bellwether S & P 500 index. Gold prices lined up in tandem. These movements are likely to reflect pre-positioning ahead of major events ahead as the highly anticipated markets congressional testimony by Fed Chair Powell as well as the release of minutes form June's FOMC political meeting .

The main problem in play is the divergent difference between Fed's own prospects for future monetary policy and financial markets. June's forecast update predicted a 25bps average between now and the end of 2020. Investors are long fashion deaf and see at least two and possibly three cuts (for a total amount of 50-75bps in relief) before the end of this year.

RUDE OIL AND GOLD PRICE may fall on POWELL TESTIMONY, FOMC MINUTES

The markets ahead of the Fed in a deaf-political pivot since the end of 201

8. To the extent that they are already optimized for rapid big-splash easing, commenting proposals to the central bank will continue to follow investors' leads may have relatively little room for further adjustment. Concerns about the violent conditions that would force such actions could, however, increase the mood, but increase the supplement to the US dollar.

On the other hand, rhetoric claiming to push may be deaf in the market's view, forcing traders to return expectations to a more modest attitude. Not surprisingly, Greenback also seems likely to find support in this scenario. It seems to indicate that stasis may be the best case for oil prices, while gold looks pretty vulnerable to selling pressure.

Get the latest crude oil and gold forecasts to see what will drive prices in the third quarter!

GOLD TECHNICAL ANALYSIS

The gold prices are blunted in the digestive state after edging under the trend line support, which controls the movement higher since the end of May. Sellers face a dense support block running through 1346.75 from here. Critical resistance remains at 1433.85, marked by August 2013 high and previous uptrend support from December 2016.

  Gold price chart - daily

TECHNICAL ANALYSIS FOR RED OIL

Crude oil prices edged up to test resistance April, now at . 59.43. A daily seal above which is quickly followed by previous support in the area 60.39-95. Alternatively, a rejection lower than the prices under support at 54.55 goals for the 50.31-51.33 range.

  crude oil price list - daily

COMMODITY TRADING RESOURCES

— Posted by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comment section below or @IlyaSpivak [19659030] on Twitter


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