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Gold Prices Back to Gains

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Oil

Oil prices bounced back yesterday to $43, a day after sliding to a 10-month low. Despite OPEC-led efforts to support prices, market sentiment remained negative due to the ongoing pressure from a persistent supply glut.

  • Oil prices have fallen as much as 20% since late February, erasing gains made at the end of last year after OPEC and other countries agreed to cut crude output by 1.8 million barrels for the first six months of 2017. Technically, U.S. crude could trade under pressure as crude output is still increasing in the United States.

Gold

Gold prices traded above $1,250, as investors turned towards safe havens, after oil prices declined to multi-month lows. Gold prices had a large correction yesterday due to lack of economic data and the decline in US Treasury yields. Technically, the precious metal could move to $1,255 during the day.

USD

The U.S. dollar index (DXY), which measures the Greenback against a basket of currencies, settled at 97.20 pips yesterday as subdued weekly initial jobless claims data went against expectations. The U.S. weekly jobless claims rose 3,000 to a seasonally adjusted 241k for the week ended June 17.

EUR

Despite Eurozone consumer confidence jumped much more than expected to a 16-year high in June, the common failed to manage its gains vs. the Greenback. Technically, the single currency could trade sideways during the day. Markets are awaiting BME Germany Manufacturing PMI and EUR Market Eurozone Manufacturing PMI (Jun P), which will be released by today.

The most important economic events:

  • USD Markit US Manufacturing PMI (Jun P): (GMT 13:45) – Important – Forecast (52.9) – Previous (52.7).
  • USD Markit US Services PMI (Jun P): (GMT 13:45) – Important – Forecast (N/A) – Previous (53.6).

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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